Rubies are the most valuable members of the corundum family. Large gem quality rubies can be more valuable than comparably sized diamonds and are certainly rarer. There is a relative abundance of smaller, (1-3 carat,) blue sapphires compared to the scarcity of even small gem quality rubies, making even these smaller stones relatively high in value.

Stones of Burmese origin generally command the highest prices. The vast majority of rubies are "native cut" in the country of origin. High value ruby rough is tightly controlled and rarely makes its way to custom cutters. Occasionally, such native stones are recut to custom proportions, albeit at a loss of weight and diameter. Custom cut and recut stones are usually more per carat, and my own bias is that they are worth it.

Sinkankas and Miller in the Standard Catalog of Gem Values, 2nd. Ed. list a wide range of wholesale prices for faceted gem rubies. Prices are dependent on origin, color, size, and clarity: from a low of $100 to $15,000/ ct maximum.

Burmese stones in 1/2 to 1 ct sizes with slightly purplish red color and light inclusions range from $300 to $3000/ ct, for example. The price survey done by the International Gem Society reports that clean, top color gems in the 1/2 to 1 ct size range are being sold, retail, on the Internet with a range of $1000 - $3000/ct.