r-s-bk-prices

8/8/2019 r-s-bk-prices

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Note: The follow ing are excerpts from Richard Hughes' book,

Ruby & Sapph i re . If you like w hat you see, order a copy direct

from the publisher.

T h e g o ld e n g u e s s is t h e m o r n i n g -s t a r t o t h e f u l l r ou n d o f t r u t h .

L o r d A l fr e d T e n n y s o n [18 0 9 18 9 2 ] , Co l u m b u s

WHAT'S THE PRICE? That is the question on everyone's lips. Unfortunately, the answer seems only to springfrom the lips of the seller. [1]

Lack of a universally-accepted system of quality analysis and the numerous non-quality factors which can affectprice make it extremely difficult to come up with logical price tables for ruby and sapphire. But difficult does notequal impossible. In an attempt to bring ruby and sapphire pricing in from the cold, the author, together withDonald A. Palmieri ofPalmieri's GAA Market Monitor, [2] has compiled the following tables. Consider this abrave attempt at bringing order to chaos. And when you find inconsistencies and mistakes, just remember that oldsaying about how you can tell the pioneers by the arrows in their backs.

Market memos May, 1995Ruby

Burma (Mogok & Mong Hsu). Mogok rubies continue to bring top prices in the wholesale trade and at auction.There is an ample supply of heat-treated commercial stones, but most of these originate from the Mong Hsu area,not Mogok. Approximately 7075% of the better-quality Mogok rubies going through certification reveal eitherlow temperature heat or no evidence of heat treatment at all. According to the markets monitored, there is nodifference in value for these categories. Of the 2530% heated to high temperatures, most will sell for up to a 40%discount below the price for the untreated and low temperature heated stones.

Thailand/Cambodia. More than 99% of all Thai/Cambodian rubies have been subjected to high-temperature heattreatment. Fine goods are scarce and Far East demand continues to put upward pressure on prices. Many finegoods remain in the inventories of American dealers.

Blue sapphire

Kashmir. As more heat-treated Kashmir sapphires are found in the market, the question of value differencesbetween heated and unheated Kashmir stones becomes ever-more important. Fine Kashmir sapphires aredistinctive in color, texture and inclusions and so can often be positively identified as to country of origin. Heat-treatment makes origin determination more difficult, with heated Sri Lankan stones being confused with Kashmir,and vice versa. Extreme caution is recommended when buying, selling or appraising. Market values listed are foruntreated stones only. Some dealers will charge the same for a treated stone, and some discount a treated stone upto 3040%. One thing is certain a dealer will not pay as much for a treated Kashmir sapphire.

Burma (Mogok). Supplies of Mogok sapphires are as tight as for Mogok rubies. There is little fine materialaround. Prices are relatively stable, and those who deal in better sapphires buy all they can. Mogok sapphires arebeing heat treated with increasing frequency. Like their ruby cousins, heat-treated Mogok sapphires are worth lessthan unheated stones.

Sri Lanka. Today, most Sri Lankan sapphires have been heat treated to improve their color. From about 19751985, the market heat treated stocks ofgeuda sapphire which had built up over the centuries. These stocks are now

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depleted. In addition, heavy rainfall in the early 1990s also hurt production. While mining is today proceedingnormally, little fine material is available. In historical terms, this is the normal state of affairs for sapphire miningin Sri Lanka. Thus, barring development of new treatments/new mines, we cannot expect to see the availability ofSri Lankan sapphire ever again reach the levels of the early 1980s.

Other blue sapphire sources. This includes sapphires from many localities, including Australia, Thailand,Cambodia, Laos, Nigeria, China, etc. Virtually all sapphires from these sources have been heat treated. Stonesfrom these sources tend to be iron-rich, and of darker, inky-blue colors. Thus they are of lower value than the

better stones from Kashmir, Burma and Sri Lanka. Many stones found in investment and barter scams come fromthese sources. But keep in mind that good and bad come from every mine. A small quantity of fine sapphires arefound in Australia, and it would be far better to have a fine Australian sapphire than a poor piece from Kashmir orBurma.

Fancy sapphires

The termfancy sapphire is used to describe corundums other than red or blue. When it comes to fancy sapphires,Sri Lanka is king of the hill. Within this small island are found sapphires of virtually every color, including somefor which the island is the definitive source (such as the lovely pink-orangepadparadscha). Tanzania's UmbaValley is also noted for fancy sapphires, as are Montana's non-Yogo mines. But again, Sri Lanka is King, with acapital K. The sizes and colors found on that island are enough to make any Montana or Tanzanian miner cryuncle.

Yellow & orange sapphire. Yellow sapphires from Sri Lanka are generally of a light to medium hue, withoutany brownish overtones. Like Sri Lankan blues, deeper hues are reached only in larger sizes, or via heat treatment.Heat treatment produces deeper yellows, golds and oranges that are virtually unknown, or rare in nature. The veryrare pinkish orangepadparadscha sapphire is found mainly in Sri Lanka and at Vietnam's Quy Chau mines. Whilesimilar gems are sometimes found at Tanzania's Umba mines, most from this locality tend towards the brownishorange. Padparadschas from Sri Lanka sometimes fetch prices that rival even ruby.

Thailand and Australia both produce fine yellow sapphires, with the stones from Chanthaburi in Thailand gradinginto the highly desirableMekong Whisky golden yellow to orange colors. These bring high prices locally inThailand and are quite beautiful. Australian yellow sapphires tend to be overly greenish, although fine goldenyellows are found in the Anakie, Queensland mines. Sri Lanka, Thailand and Australia are the only sources whichproduce deep yellow sapphires in any quantity, although Montana and the Mogok area produces the occasionalstone.

Green sapphire. The finest green sapphires come from Sri Lanka, but are extremely rare. These stones tend to beof a lighter and more lively green than the Fe-rich stones from Thailand and Australia. The latter two countries doproduce good green sapphires, but most tend towards an impure blue-green or yellow-green which is not veryattractive. Green sapphires of good color and clarity over 10 ct in size are relatively scarce.

Violet and purple sapphire. Violet and purple sapphires are found mostly in places which produce both rubyand blue sapphire. The finest stones come from Mogok, Sri Lanka and Vietnam. Purple stones bordering on rubycolor are most valuable and may reach prices approaching those of ruby. Star stones are possible, but relativelyrare.

Color-changing sapphire. Among the most unusual sapphires are those which display a change of color. Theseare judged by the quality of color change, the best ranging from the green side of blue in daylight to a reddishpurple in incandescent light. A number of sources produce such stones, but fine examples are rare. The best are

colored by vanadium (just like the Verneuil synthetic corundums) and come from Mogok and Umba, Tanzania.These are extremely rare. More common are Sri Lankan gems which contain a mixture of chromium (red) and iron-titanium (blue). Such stones appear bluish violet in daylight and purple under incandescent light. In the author'sopinion, these are marginal as color-change sapphires. Most tanzanite shows a similar color shift.

Star stones & cabochons

Prices of star stones and cabochons are generally slightly lower than their faceted brethren of the same quality, butmay approach those of faceted stones in the highest qualities. Good quality stars and cabochons must display finetransparency and color (see 'Judging stars & cabochons', p. 222).

Treatments

Virtually all rubies and sapphires sold today have been subjected to high-temperature heat treatment for color

and/or clarity enhancement (the exception is stones mined prior to 1975 and not subsequently treated). Today, it isthe rare stone which has notbeen heat treated. Telltale signs of this treatment can often be found by experiencedgemologists (see page 116). Market values for Thai/Cambodian rubies and most sapphires are based on theassumption that all have been heat treated. Conversely, market values for Mogok rubies and blue sapphires and




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Kashmir blue sapphires are based on positive gemological proof of country of origin and no detectable trace ofany treatment (beyond ordinary cutting and polishing). Flux-healed rubies are showing up more frequently than inthe past, particularly from Mng Hsu (Burma). For blue stones, be aware of surface-diffusion treatments. Whileexperienced gemologists can easily identify this material (via magnification and immersion), it can fool theunwary. Also be aware of synthetic corundums treated by the surface-diffusion process (synthetic colorlesssapphire is far cheaper than naturally-mined material).

Buying/Selling/Appraising

The buying, selling and appraising of rubies and sapphires must be undertaken with the utmost care and caution.Know whatyou are buying and from who you are buying. Ask about treatments, heat, fracture-filling andotherwise. It may not be important to you until your client finds out from another jeweler or appraiser that the rubyhe/she purchased from you has glass-filled cavities. According to the law, ignorance is no excuse. When selling,fully disclose everything, including things you take for granted that a judge or consumer affairs reporter wouldinterpret as misrepresentation (even if by omission). When appraising, never identify a stone unless positiveevidence is found. If doubt exists, get a second opinion locally or obtain your client's permission to send it to acompetent lab for further analysis. This goes for natural vs. synthetic, treated vs. untreated and/or country oforigin. The appraisal fee is never high enough to risk one's integrity and reputation on a brief moment ofmisjudgment. In summary, report everythingyou would want to know ifyou were purchasing the gem.

Category notes

Categories represent broad, integrated quality grades, based on a combination of color, clarity and cutting quality.

ExceptionalThese stones are seen only in the finest jewelry, and are rarely encountered. High-end prices for categoryA represent the highest prices paid at auction. Stones fetching the highest prices are generally thosecertified as being untreated and of preferred origin (Burma for ruby; Kashmir and Burma for sapphire). Allstones in this category will feature exceptional color, with good clarity and cutting.

Very goodThese gems are found in high-quality jewelry, but are also rarely seen. Such stones feature fine color, withgood clarity and cutting.

GoodThis category includes stones found in most jewelry. They represent the vast majority of stones traded.Such stones may feature good color, with slight clarity or cutting problems, or be clean and well cut, but

have slight color problems (generally lower saturation or overly dark color).Fair

The upper end of this category represents stones traded in inexpensive jewelry. Such stones often haveserious clarity problems, or feature color that is overly dark or light.

PoorHigh-end prices for this category represent the lowest quality of stones found in the cheapest jewelry. Low-end prices for this category represent material of little or no gem use. Typically, stones in this category arefar too heavily included, or possess the lowest in color saturations.

Price notes

Prices quoted should be considered average world prices. [3] They represent average cost to retailers from

dealers for net cash single-stone or small lot purchases. Net cash means payment by bank wire

immediately after receipt, or a check within 15 days of receipt. In general, large lot purchases are lessexpensive, while memo and term transactions are more expensive. Matched pairs or suites of any size or

shape will almost always cost more than single stones of the same quality.

All prices are for uncalibrated stones, unless otherwise noted.

The prices provide only a crude estimate; accurate estimates of the price of individual stones can only be

made by an experienced dealer via personal examination (no pictures or lab reports!).

Quality is determined by a combination of color, clarity and cut, relative to probable origin and size. Most

stones used in jewelry will fall into the Fairto Goodrange.

In certain local markets, where there is high demand and appreciation for a particular local stone, the price

may dramatically exceed that found in the above tables. For example, a fine Yogo sapphire of 2 ct or more

may fetch $30005000/ct when sold in Montana. If the same stone were taken to Bangkok, it would be

difficult to get $1000/ct. Similarly, a fineMekong Whisky golden sapphire of 510 ct from Chanthaburi

could fetch as much as $1000/ct or more in the local Thai market, but would receive only a fraction of that

price elsewhere.




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Due to the extreme rarity of exceptional rubies and sapphires of 10 ct or more, it is far more difficult to

give accurate pricing information. Basically, the price is whatever the market will bear, and non-quality

factors (such as those discussed on page 217) begin to influence the price to a far greater degree than

stones available in quantity.

Table B.1: Ruby (including p ink) prices cut stones

Origin Size (ct)Quality & price per carat (in US$; K=1000)

Poor Fair Good Very Good Exceptional

Burma, Mogok

(certified, untreated)

< 0.49

0.50.99

1.01.99

2.04.99

5.0 +

125

160

1400

1900

11.2K

2550

60350

400800

9001.5K

1.5K6.1K

50300

350700

8003.5K

4K5.3K

6.1K13.2K

300600

7003K

3.5K4.6K

5.3K11.5K

13.2K144K

-

3K4K

4.6K10K

11.5K125K

144K225K

All other sources*

Afghanistan,

Jagdalek

Burma, Mogok, MongHsu

Kenya

Sri Lanka

Tanzania

Thailand / Cambodia

Vietnam

(all generally heat

treated)

< 0.49

0.50.99

1.01.99

2.04.995.0 +

125

160

1400

170011K

2550

60350

400650

7.5K3K1K5.3K

50300

350575

6502.6K

3K4.6K5.3K8K

300500

5752.3K

26004K

4.6K7K8K23K

-

23003.5K

4K6K

7K20K23K100K

* Note: Due to their lack of fluorescence and light-scattering silk inclusions, Thai/Cambodian rubies will rarely

fall into the exceptional category.

Table B.2: Blue sapphire prices cut stones

Origin Size (ct)Quality & price per carat (in US$; K=1000)


Kashmir, India

Mogok, Burma

(certified, untreated)

1.01.99

2.03.0

3.04.99

5.0 +

1300

1500

1700

11K

3002K

5003.9K

7006K

1K11.5K

2K3.4K

3.9K5.2K

6K10K

11.5K14.6K

3.4K4.5K

5.2K8.7K

10K12.7K

14.6K15.5K

4.5K7.55K

8.7K11K

12.7K13.5K

15.5K45K

All other sources

Australia

China

Montana, USA

Nigeria

Sri Lanka

Tanzania

Thailand / Cambodia

Vietnam

(all generally heat

treated)

< 0.49

0.50.99

1.01.99

2.04.99

5.0 +

135

1200

1250

1500

1975

35175

200225

250450

500850

9751.1K

175200

225350

400575

650800

1.1K2K

200300

350500

575700

8001.7K

2K3.5K

-

7001.5K

1.7K3K

3.5K10K

Table B.3: Fancy sapphire prices cut stones

Origin Size (ct)Quality & price per carat (in US$)





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Orange sapphire -Generally similar to higher end yellow sapphires.

Certified Sri Lankan padparadschas can reach

prices close to those of ruby.

Yellow sapphire >2.0

2.04.99

5.0 +

140

150

175

2560

50125

75125

75125

125200

150225

100200

200300

300450

125250

275375

4001200

Purple/ violet sapphire 1.01.99

2.04.99

150

1100

50200

100400

140175

400500

175250

500600

200500

6001000

Green sapphire 1.0

>1.04.99

5.0 +

310

1050

30100 (golden stars may reach 200)

Notes

See 'Pricing factors', p. 217, for a full discussion of the issues involved in pricing. [ return to text ]1.Palmieri's GAA Market Monitoris a monthly report on gemstone prices in the US. For subscriptioninformation, contact the Gemological Appraisal Association, Inc., 658 Washington Rd., Pittsburgh, PA15228, USA; Tel.: 412-344-5500; Fax: 412-344-4910. [ return to text ]

2.

It may be a cruel reality for some, but prices do not vary too much from country to country, unless heavygovernment duties apply. [ return to text ]

3.

This page is http://www.ruby-sapphire.com/r-s-bk-prices.htm

Page updated 28 April, 2008


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