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The ruby is one of the world's rarest and most expensive of gemstones.
Ruby is the name given to the red variety of corundum and the color should be fairly intense red or else it will be a pink sapphire. The finest color of ruby will be the pigeon-blood red color that is intensely red with no overtones of purple.
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Strong overtones of purple will affect the price of the ruby rather quickly. Most rubies will contain inclusions. Stones of strong red color and very few inclusions are quite rare and expensive. Most, however, will contain inclusions that are visible to the unaided eye. As part of the customary finishing process, virtually all rubies are heated to permanently improve their color and appearance. When shopping for rubies always look for color first, clarity second. When looking at the stone it should appear bright and intensely rich. Pass on the stones that are dull or overly dark or overly light. Ruby tends to be more included than sapphire, look for stones that are " eye-clean " ( no inclusions visible to the unaided eye) Though an exception to this is extremely fine silk throughout the stone which can actually enhance the beauty of certain rubies. This silk is necessary to create the star effect, see below. The cut of the stone is important. It should be symmetrical, free of nicks and scratches. When light hits the stone the center should not have a dark patch or a washed out appearance. If these appear it means the cut of the stone is either too shallow or too deep. In rubies the most common cuts are oval, cushion and round.
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Less common are heart and emerald cut. Due to the rule of supply and demand slight premiums are paid for round stones, while slight discounts apply for pear and marquises. A well cut Ruby of deep red color seems to have an inner glow about it, which is why many ancient religions held the ruby in high esteem.
Many factors are considered when pricing a ruby, size is one of these factors. Rubies of fine gem quality are rare. Small, low quality rubies can be found for a few dollars a carat. These are usually not clean enough to facet, are of poor quality, fracture easily and are disappointing to say the least. A large fine gem quality Ruby above two carats is an extremely rare stone, and untreated fine quality rubies above 5 carats are considered "world-class". Between these two extremes lie the fine quality rubies found in jewelers cases today.
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