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The global rough ruby market is expected to grow at a CAGR of 5.00% between 2024 and 2032, owing to the growing demand for jewellery and ornaments made with ruby stones.
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Rough rubies are the uncut and unfaceted form of the ruby gemstone, as they are naturally mined from the earth's crust. Ruby, a variation of aluminium oxide, is a highly sought-after coloured gemstone known for its vibrant shades of red. These raw ruby stones are created under intense pressure and heat deep within the earth, where atoms of aluminium and oxygen combine in the presence of chromium to form these precious rubies.
The growth of the rough ruby market can be primarily attributed to the increasing demand for ruby jewellery and ornaments. The allure of ruby in the jewellery industry, coupled with its aesthetic appeal and symbolic significance, is driving consumers towards rough rubies.
Increasing demand for luxury ruby ornaments, technological advancements in ruby grading and certification, and diversification of ruby applications are propelling the rough ruby market growth
June 2023
The largest ruby ever auctioned, a 55.22-carat gem named "Estrela de Fura," sold for a record USD 34.8 million at Sotheby's in New York due to its exceptional colour and clarity. Fura Gems, the company behind the discovery, allocated 2% of the proceeds to establish a technical training academy.
September 2022
Fura Gems revealed the "Estrela de Fura," a rare 101-carat gem-quality ruby. The rough ruby, discovered in Mozambique, yielded a faceted stone over 50 carats, ultimately worth USD 50 million. It was showcased in Dubai and surpassed the auction records set by the 25.59-carat "Sunrise Ruby."
April 2022
A record-breaking 8,400-carat rough ruby, named Burj Alhamal, was unveiled in Dubai by British actor Tamer Hassan. Mined in Winza, Tanzania, this gem with a purplish-red hue was valued at USD 120 million. Dubai's gemstone market was further solidified by the arrival of this unique gem.
Emphasis on sustainable and ethical sourcing
Another key trend influencing rough ruby market development is the increasing emphasis on sustainable and ethical sourcing practices. As a result, market players are under pressure to ensure that their rough ruby supply chains adhere to responsible mining practices, fair labour conditions, and transparency in the sourcing process.
Increasing demand for luxury ruby jewellery
As consumers' disposable incomes rise, particularly in emerging economies, they are more inclined to invest in high-end jewellery pieces. Ruby, known for its rarity, beauty, and symbolic significance, is becoming increasingly popular among affluent consumers seeking to showcase their wealth and style.
Technological advancements in ruby grading and certification
The rough ruby market is also witnessing the impact of technological advancements in ruby grading and certification. Advanced gemological techniques, such as laser inscription and spectroscopic analysis, are enabling more accurate and reliable grading of rough rubies.
Diversification of ruby applications
There is a trend towards the diversification of ruby applications beyond traditional jewellery as rubies are increasingly being used in watches, pens, and accessories. This trend is opening new revenue streams for market players and expanding the overall market potential.
The growing trend of crystal collection is extending to rough rubies as well, with consumers investing in them as collectors' items. Believers of healing crystals also purchase rough rubies with the aim of improving their overall health and promoting positivity. In addition, the rapid rise in consumer belief in astrology along with increased use of rough rubies in astrology and fashion jewellery, are anticipated to fuel the rough ruby market expansion over the course of the forecast period.
Moreover, blockchain technology is being used to create transparent and tamper-proof supply chain records, further enhancing consumer confidence in the authenticity of ruby jewellery. Additionally, the unique properties of rubies, such as their hardness and thermal conductivity, are making them attractive for use in industrial applications like electronics and aerospace, which is aiding in market growth.
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The EMR’s report titled “Rough Ruby Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Carat
Market Breakup by Sales Channel
Market Breakup by Region
Rubies up to 8 carats are more commonly used by jewellers as they comparatively cost less
Rubies up to 8 carats constitute the largest share of the market due to their abundance and widespread availability. These smaller rubies are commonly used in distinct type of jewellery, such as rings, earrings, and pendants. Rubies over one carat are considered rare, while those over two carats are even rarer and more valuable than sapphires of the same size. The rarity and cost increase exponentially for rubies larger than 3 carats as they are difficult to find. As a result, jewellery pieces often incorporate multiple smaller rubies rather than a single large one, due to the excessive cost of larger rubies.
In contrast, rubies in the 8-12 carat range are less common and highly sought after for their rarity and potential to yield larger polished stones. As per rough ruby market analysis, these rubies are often used in high-end jewellery pieces and command higher prices due to their scarcity. Meanwhile, the rarest and most valuable segment of the market comprises rubies in the 13-15 carat range. These larger rubies are highly coveted for their potential to yield exceptionally large and high-quality polished stones, making them desirable for collectors, connoisseurs, and luxury jewellery brands.
Direct auction channels hold a significant market share as they provide transparency and direct engagement with buyers
Direct auction sales channels are a significant component within the rough ruby market report as they provide a platform for direct transactions between sellers and buyers. These auctions offer transparency, enabling competitive bidding for rough rubies. Companies utilising direct auction sales channels benefit from reaching a diverse range of potential buyers, including collectors, jewellery manufacturers, and investors.
On the other hand, indirect sales channels play a vital role in distributing rough rubies globally through intermediaries like wholesalers, retailers, and online platforms. These channels offer convenience and accessibility to a broader consumer base, catering to individuals seeking rough rubies for personal use or investment purposes.
Market players are actively engaged in offering high-quality rough rubies while also emphasising responsible business practices.
Gemfield Plc, a renowned provider of coloured gemstones from ethical sources, has its global headquarters in London, United Kingdom. At its facility in Mozambique, Gemfields unveiled one of the most cutting-edge coloured gemstone sorting centres in the world. The company also has interests in emerald, amethyst, and pink tourmaline gemstones.
FURA Gems, established in 2017 is a mining and marketing firm for coloured gemstones with its main office in Dubai, United Arab Emirates. The company is involved in the purchase and exploration of coloured gemstone resources. Its emeralds, rubies, and sapphires are mined in Australia, Mozambique, and Colombia, respectively.
Gem Rock is an emerging company in the market for mining of coloured gemstones. The company focuses on exploration, development, and mining of coloured gemstones. With an extensive presence in Mozambique since 2004 for ruby mining, the company has expanded to develop projects for gold, graphite, and emerald.
Mwiriti Limitada was founded in 2005 and its headquarters are in Cabo Delgado, Mozambique. It offers services related to geological exploration. The company’s focus areas include mining, agriculture, tourism, and energy. In the mining sector, they specialise in precious stones and metals.
Other key players in the global rough ruby market include Gem Bridge, among others.
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Asia Pacific has a prominent market for stones, driven by rising export levels and demand for jewellery
In Asia Pacific, the market expansion is being supported by the rising production of precious stones and increasing demand for jewellery and accessories from developing nations like China and India. This demand is driven by the rising disposable incomes, presence of high-net worth individuals, and widespread popularity of gemstones in jewellery in the region.
Leading jewellery brands in the region are also experimenting with ruby-based offerings, which is increasing the rough ruby market share in the region. Additionally, increasing disposable income of women workforce in countries like India is anticipated to increase the demand for rough rubies over the coming years.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Carat |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The rough ruby market value is expected to grow at a CAGR of 5.00% between 2024 and 2032.
The major drivers of the market include the rising demand for jewellery and decorations featuring rubies and rising consumer disposable incomes.
The popularity of ruby stone in crystal healing, rising consumer belief in astrology, and growing demand of rough rubies in gemstone collections are the key trends propelling the growth of the market.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The value of a raw ruby depends upon the clarity and carat, with raw rubies of fine quality estimated to be worth USD 1,000 per carat.
The hue of the finest rubies ranges from bright, pure red to slightly purplish red. In most marketplaces, rubies with only red overtones sell for less money than those with orange and purple undertones.
Rubbing a rough ruby across a hard yet smooth surface such as glass can be an indication of authenticity as real rough rubies would not leave colour behind, whereas imitations may leave a colour residue.
Based on carat, the market can be segmented into up to 8 carat, 8-12 carat, and 13-15 carat, among others.
Based on sales channel, the market is segmented into direct auction and indirect, among others.
Key players in the market are Gemfield Plc, Gem Bridge, Mwriti Limitada, FURA Gems, and Gem Rock, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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