Rubies
Ruby is the red variety of transparent corundum and is one of the most prized precious gemstones. All colors of corundum, except red, are known as sapphires, which has can cause doubt about where ruby ends and sapphire begins, particularly in pink shades. However, lighter shades of reddish hues should be included in the ruby category. The finest rubies are more costly than diamonds of the same size, and are exceeded in value only by the emerald. Today, rubies are still more rare and valuable than even the top quality colorless diamonds. In 1998 a 16-carat ruby sold at auction for $227,301 per carat! In contrast, the largest of eight D-color internally flawless diamonds over 50 carats sold in the past nine years fetched a mere $125,000 per carat.
Thailand is the world’s most important ruby trading center, with up to 80% of the world’s supply going through Thailand during the trading cycle. However, Bangcock is generally where the world’s buyers go to purchase ruby.