A Real Red Wave

Rubies and their scarlet siblings have never been more expensive or more ubiquitous

- Mark Ellwood

At an auction of rough rubies this summer in Singapore, a staggering 95 percent of the stones sold—almost 589,000 carats in all—for $71.8 million. The ruddy gems have seen a more-than-fourfold price increase per carat in the past four years, with the finest rubies fetching $1 million per carat for the first time, as much as top-tier diamonds.

If a person had bought rubies a decade ago, says Seth Holehouse, co-chief executive officer at auctioneer Fortuna, it would be “like someone who bought Google stock in Year 3 vs. buying it now.” The stones have become a staple for many jewelers, including Harry Winston, Bulgari, Tiffany, and Cartier.