Editor’s Note
This article highlights the inaugural release of the Gemports Ruby Index (GPI), a significant collaborative effort to bring greater transparency and data-driven insight to the global colored gemstone market. The partnership between key industry bodies in China and Thailand underscores the report’s international credibility and the growing importance of standardized trade information.
In late June, the international colored gemstone trading information platform “Gemports” jointly released the first quarter 2025 “Gemports Ruby Index (GPI)” report online with the China Gems & Jewelry Trade Association (GAC), the National Gems & Jewelry Quality Supervision and Inspection Center (NGTC), the Thailand Gems & Jewelry Trade Association (TGJTA), and the Thailand Gems & Jewelry Precious Metals Association (GJPCT).
The report indicates that the ruby market exhibits characteristics of structural differentiation, with significant divergence in price trends for rubies of different qualities and treatment methods. Prices for high-quality, unheated rubies (hereinafter referred to as “unheated rubies”), especially large-carat (5-10 carats) unheated rubies, have risen substantially. In contrast, prices for low-quality unheated rubies and heat-treated rubies (hereinafter referred to as “heated rubies”) have shown a downward trend or remained largely flat.
This market differentiation trend is driven by the dual impact of supply-demand dynamics and the macroeconomic environment. On the supply side, the supply of high-quality rubies, particularly those from Myanmar, remains tight. On the demand side, collectors and the high-end jewelry sector continue to have strong demand for premium rubies. Simultaneously, global economic uncertainty has increased pressure on the mid-to-low-end ruby market, causing prices for lower-quality rubies to bear downward pressure.
The first quarter 2025 ruby market price index showed divergent trends: unheated ruby prices rose overall, with Myanmar-origin prices up 3.8% and non-African and other origin prices up 4.0%. Heated ruby prices declined overall, with Myanmar-origin prices down 3.9% and non-African and other origin prices down 2.3%.
Market analysis shows that high-quality unheated rubies will lead market growth. Among them, unheated rubies over 5 carats from Myanmar and non-African and other origins have shown relatively outstanding price performance, with prices rising significantly. This is mainly due to limited new mine output and sustained demand from auction houses and high-end jewelry brands. It is worth noting that although prices for some small-carat Myanmar rubies have retreated, Myanmar rubies still possess a certain market premium due to their profound historical reputation and the scarcity of top-tier unheated rubies.
At the same time, affected by global economic uncertainty, consumer spending tends to be cautious, putting downward pressure on prices for mid-range and commercial-grade heated rubies. Furthermore, some wholesalers and retailers, in order to alleviate cash flow pressure, have accelerated the pace of selling existing inventory, further pushing down market prices. From the supply side, mines in major ruby-producing regions such as Myanmar, Mozambique, and Madagascar have all reported a decline in the output of high-quality unheated rubies, making the supply situation in the high-end market increasingly tight. Overall, the price divergence between scarce high-quality products and mid-to-low-end products in the ruby market is becoming increasingly evident.
Looking ahead to the second quarter market of 2025, high-quality rubies are expected to maintain a firm price trend under the dual support of continued tight supply and strong collector demand, and the possibility of further increases cannot be ruled out. Especially certified large-carat rubies are expected to remain the focus of the auction market and maintain relatively high market activity. However, the outlook for the mid-to-low-end ruby market is relatively cautious. If the global economic situation does not improve significantly, this market may continue to face pressure and risks of further price adjustments. This polarized market situation reflects that the current ruby market is undergoing structural adjustments, and the performance gap between collector-grade products and mass consumer-grade products may further widen.