State of Colored Stones: The Big Three in the Modern World

Editor’s Note: This story first appeared in the print edition of the 2025 State of the Majors. Click here to see the full issue.

Sapphires, emeralds, and rubies, the Big Three of the colored gemstone world, have long been revered for their beauty and rarity, coveted for centuries by consumers worldwide.

It wasn’t long ago that the designation of “precious” was reserved for only these three gemstones and diamonds, with everything else deemed to be “semi-precious.”

With a long history of association with royals, the terms Burmese ruby, Colombian emerald, and Kashmir sapphire are familiar references to the most valuable gemstones to exist, and many gem dealers still argue it’s simply just the truth.

The landscape around trading the Big Three is evolving, however, as mining technology advances, sources dry up (and new ones are discovered), tastes change, and the industry navigates complex global politics.

The U.S. market, driven in part by higher prices post-COVID and the lack of super-fine material available, has seen dealers recently adjust what they define, and can market, as valuable.

However, the finest untreated sapphires, rubies, and emeralds still command the highest prices of any gemstone, and the appetite for the best and the rarest remains strong.

A Matter of Price

A simple understanding of the law of supply and demand can explain why prices of the Big Three, in the finest quality, are skyrocketing, but there is some nuance.

Gemstone dealer and bespoke jeweler Simon Dussart of Asia Lounges explains, “There used to be three prongs in the market—the low, the mid-range, and the high range. One could argue there was a fourth one, the super high end, but that’s like, an oddity of the high end.

“But the mid-range is dying.”

The loss of interest in this category, which he describes as eye-clean material, the bread-and-butter for the average self-purchaser, is affecting the mining business, Dussart says.

“A lot of the mines are no longer profitable. They needed to have all three segments in order to produce, and now they are stuck producing for the low end, which demands increasingly lower prices, but they can’t really do it [that way], so you’ve got more and more treated materials.

“The trade has an increased demand for higher-quality material that is untreated, which is one of the reasons—but not the only reason—why the price of the material is skyrocketing.”

Since the pandemic, untreated fine sapphires have tripled in price, and Dussart says ruby was inaccessible for him even before the pandemic.

“I seldom go anywhere above 3 carats in the red and blue department,” he says. “Rubies, pre-COVID, that was out of my range anyway because it was already in the six figures, but now it’s like, forget about it. It’s impossible.”

Red-Hot Ruby

Today, untreated fine-quality ruby is exceedingly rare, making it basically a specialized market.

A museum-worthy set of rubies ranging in weight from 7.11-17.88 carats sourced from five different countries—Myanmar, Tajikistan, Thailand, Mozambique, and Madagascar—took longtime collector Jack Abraham more than 40 years to curate, he said in an interview with the American Gem Trade Association’s Prism magazine.

To many in the trade, material from Myanmar’s (formerly Burma) Mogok Valley remains incomparable in quality, but production has decreased significantly.

Earlier this year, Gemfields published “Understanding the Global Supply of Emerald, Ruby and Sapphire.”

The research reviews the evolution of colored gemstone supply over the past 40 years. It’s also an update to the mining company’s 2022 global market analysis of the Big Three.

The report stated that, as of 2009, more than 90 percent of the rubies with a price above $50,000 per carat auctioned at Christie’s were from Mogok, a testament to the material’s popularity and value.

According to Gemfields’ report, the drop in production can be explained by the depletion of the deposits—the Mogok Valley mines as well as the deposit discovered in 1992 in nearby Mong Hsu—but also the increase in privately owned mines, which aren’t obligated to report production.

The main source of ruby production today comes from deposits in northeast Mozambique, which were discovered in the late 2000s.

Although Gemfields announced a record per-carat price ($321.94) from its December 2024 auction of mixed-quality rough rubies from its Montepuez mine, those who have been attending rough sales in the region report that, generally, the quality and quantity of the material are decreasing.

However, the mine remains the sole option for bigger brands that require coherence in material, such as precisely calibrated melee-size ruby with consistent color.

Rubies are also mined, on a much smaller scale, in pockets across several other countries, such as Vietnam, Tanzania, and Sri Lanka, as well as Afghanistan, though trading involving the latter poses some challenges for U.S. dealers.

Last year in Afghanistan, the Taliban, which took control of the country in 2021, indicated it was going to focus on minerals to help Afghanistan’s economy.

In 2022, the U.S. government issued a license allowing for economic activity in Afghanistan, as long as it was not linked to the Taliban or any persons or entities on the Office of Foreign Assets Control’s sanctions list.

So, if a dealer or a company is not connected to the Taliban and not sanctioned, they could trade legally, though it is not likely, according to the Jewelers Vigilance Committee, because it would be very difficult to prove a business is unlinked to the Taliban, as the entity is the government of Afghanistan.

However, during a presentation on the colored gemstone market in Tucson, GemGuide Editor-in-Chief Brecken Branstrator said one of her sources confirmed that rough gemstones are still flowing out of Afghanistan, largely through Pakistan.

International and at-source politics are an unavoidable aspect of dealing in gemstones, from years-long U.S.-imposed sanctions banning Burmese rubies to current-day criticisms of the mining concession in Mozambique as Gemfields navigates heightened illegal activity amid the country’s civil unrest.

Still, there are vendors committed to ethical practices, a surging area of interest within the industry, that are leaning into alternative ruby sources.

A few years ago, wholesaler Columbia Gem House launched its “Pomme Ruby,” collection, featuring “apple red” gemstones produced by artisanal miners in Madagascar.

“For sourcing-conscious designers, Pomme Ruby is the dream gemstone. Its untreated nature and traceable supply chain make it a standout choice for those seeking luxury with responsibility,” says Natasha Braunwart, the company’s brand and corporate social responsibility manager. 

At the Ethical Gem Fair in Tucson this year, Virtu Gems debuted rubies mined and cut in Kenya.

While the quality of rubies from these alternative regions tends to be lower, options like these can offer interesting, non-traditional ruby color and peace of mind regarding responsible sourcing.

The Other Corundum

When it comes to sapphires, many consumers are likely to first visualize a classic Kashmir blue.

History, along with mainstream media and pop culture, influence what consumers, many of whom are far removed from the complex business of gemstone trading, believe gems should look like.

When asked about blue sapphire, “[Consumers] most likely tell you that it’s supposed to look like Princess Diana’s sapphire,” says Dussart, who added that the vast majority of the dealers in the trade agree that the beloved British royal’s stone is “too dark.”

Sapphire represents a smaller market value than ruby and emerald, according to Gemfields’ report, and it’s an outlier in the Big Three because it’s available in a rainbow of colors.

The average consumer who assumes sapphires are out of reach for their budget may be surprised at the range of options available to them.

“A lot of sapphires are not that expensive. It depends what color you want,” Dussart says. “A lot of people are exclusively looking at sapphire for the royal blue color … If you’re looking at that, then yes, prices are princess-only department.”

Fine quality, untreated sapphire is still in limited supply, and therefore, pricey. Gemfields’ report stated that its sources indicate that more than 90 percent of sapphires are treated.

New discoveries have been offset by the depletion of existing mines, leading to inconsistency in overall sapphire supply over the last few decades.

Production of the gemstone is relatively stable, though the overall quantity of sapphires available has decreased significantly since the 1980s, according to Gemfields’ report.

Quality is dwindling as well, according to Dussart, and less material is filtering down into the market.

With ultra-high prices for classic blue sapphires posted throughout the Tucson shows in 2024, buyers shifted focus to other shades of blue, opting for teal sapphires from Australia and the earthy, denim-blue material from Montana.

However, several vendors at the 2025 trade shows in Tucson and at the Bangkok Gems & Jewelry Fair in February reported that buyers appear to be leaning back into the Ceylon blue tones. 

Not surprisingly, many are still hunting for top-quality material. For these untreated stones, dedicated collectors and investors appear willing to face the sticker shock. 

Dealers who have the material are keenly aware that even if they are able to sell, replacing the stone will be a challenge.