Rubies gemstone are the rarest gemstones in the world and of course are extremely valuable. They are form via a geological method that occurs over a rather long period of time and which occurs at exceedingly high temperature and pressure beneath the Earth’s outer surface. The rarity of rubies is due to several factors:
The rarity of rubies is due to several factors:
Limited geological formations: Rubies are scarce in particular kinds of rock like marble and basalt. The points listed under show that different rocks contains rubies in rare amt.
Rare chemical composition: Rubies are made of chromium, iron, and titanium; however, they have to have particular quantities of the three to appear red.
High pressure and temperature: Ruby mineral is formed when these conditions; high temperature and pressure are applied and in the process of forming these stones form a crystal lattice structure.
The availability of rubies is since they are classified as precious stones, and due to this there is high demand and price of the good.
Sensational Gems are highly demanded, more so in jewellery especially Silver and engagement rocks.
Aesthetic appeal: Rubies have gained the reputation of having the deep red color and the red color is well-acknowledged as one of the well-known precious colors in the rare gemstone.
Emotional significance: Rubies Gemstones associated as love,so representing passion, love and commitment they are traditionally used in engagement and anniversary .
Investment potential: As for Rubies people find them more like a good investment because they are known to be scarce and therefore have limited supply.
Luxury branding: Rubies also continue to be desired personal adornments and are incorporated into the best jewelers’ and luxury goods trademark offerings thereby fueling rubies’ demand even further.
There is a stiff demand for the stones especially within the USA market and what is available in the market become very scarce hence the high charges by the jewelers as both the users and sellers know well that there is a scarcity of the stones.
Geographical constraints: They are rare and are mined in certain areas only like the Burma, now officially known as Myanmar, Mozambique, and Sri Lanka.
Mining challenges: The mining of rubies most of the times is not easy and sometimes dangerous as many of the mines are located in the most remote and hard to access regions.
Quality control: Only 2-3% of dug rubies correspond to the rates and quality of the ‘American’ market.
Conflict and political instability: Unfortunately, some of the ruby producing countries suffer from politics instability, war, or sanctions that leads to interference of their supply chain and escalating price of ruby.
Technological advancement and easier access to information have enabled the US market to be keen on the ruby gemstone that has the least imperfections. This means that only rubies with specific characteristics are considered valuable:This bibliographic note implies that only those rubies possessing certain qualities may be regarded as valuable:
Color: Historically, the requested shades of red hue, which are deep red-dark red to pinkish red, are considered to be of the best quality.
Clarity: Thus, when making perfect gems with the least internal characteristics, they are among the most expensive ones.
Cut: Hemishes are not preferred; they should be transparent, no crack or any sort of inclusion and nice cut ruby to give out a maximum of fire and brilliance.
Carat weight: Rubies found by size or the carat weight are rare and they are among the most valued gemstones.
Us consumer have set high quality standards only a few rubies mined are able to meet these standards and hence the high price.
This desire to get certified and authenticated from such bodies as the GIA (Gemological Institute of America) or AGTA (American Gem Trade Association) adds on to the costs of the rubies. This certification process involves:
Gemological testing: Thus, during the identification of rubies they study the chemical composition of the stone, the disposition of the material, the optical properties of the stone.
Origin verification: Thus, the origin of the country and the exact location of the mining is also scrutinised to eliminate the use of counterfeit items.
Quality evaluation: Rubies are values according to the four Cs which are colour, clarity, cut and weight.
Hence certification and authentication enhances the believably of the quality and source of the ruby and therefore the price.
Brand prestige: Jewellery can therefore be divided into luxury and non luxury; luxuries such as the tiffany & Co or Cartier will always have a higher price because of the labels attached to them.
Marketing campaigns: Today, promotions of ruby jewelry are done through the use of promotional campaigns that come at very steep prices to brands.
Retail markup: Cutters and manufacturers follow the wholesale price of rubies and put a premium on it to cover expenses and profits for the jewelers and retailers.
Import duties: There are duties on imported rubies by the US government and they are levied on proportions of 5-20% of the value of the said gemstone.
Taxes: Rubies also have expenses which include state and local taxes, which increases their cost.
