There is no price chart for a ruby, a sapphire or an emerald. Two stones of the same size and type can be worth wildly different amounts, and some stones sold as rubies, sapphires or emeralds are lab grown or something else entirely. What a ring, pendant or pair of earrings set with colored stones is worth when you sell depends on what the stones actually are, how good they are, whether they have been treated, what the setting is made of, and what paperwork comes with the piece.
This guide explains the questions a buyer works through when evaluating a complete piece of jewelry, using the quality factors the Gemological Institute of America (GIA) describes for each gem. It also covers pearl jewelry, which is often found in the same jewelry box and is evaluated in a similar way.
First question: is it what you think it is?
Before quality comes identity. A red, blue or green stone in a ring could be one of three things.
- A natural gem. A ruby, sapphire or emerald that formed in the earth.
- A lab grown gem. The same mineral, made in a laboratory. GIA notes these are usually sold as “laboratory grown,” “laboratory created” or with the maker’s name followed by “created.” They are valued differently from natural stones.
- A different stone, or glass. Many red, blue and green materials look similar to the eye.
You cannot sort these at home, and the answer shapes everything that follows. A gemologist identifies the stone with magnification and instruments while it is still in its setting, and a laboratory report can document it.
The quality factors that matter for each stone
Once a stone is identified, its value comes from quality. GIA calls color the most important quality factor for sapphire and for emerald, and its ruby guidance starts with color too. Beyond color, each stone has its own priorities.
Rubies
- Color. GIA describes the finest ruby as a pure, vibrant red to slightly purplish red.
- Clarity. GIA notes that the trade expects rubies to have at least some inclusions, because inclusion free rubies are rare.
- Size. GIA notes that fine quality rubies over one carat are very rare, and the price per carat rises significantly with size.
- Origin. GIA notes that a ruby from a famous mine is not automatically good quality, but fine rubies with laboratory documentation of Myanmar origin command a premium.
Sapphires
- Color. GIA describes the most highly valued blue sapphires as velvety blue to violetish blue in medium to medium dark tones. Sapphires also come in many other colors, which are valued on their own terms.
- Clarity. Very clean blue sapphires are rare and valuable, and GIA notes that price can drop when inclusions threaten the stone’s durability.
- Size. GIA notes that most commercial quality blue sapphires weigh less than five carats.
- Origin. GIA names Kashmir as receiving the highest premium, with Myanmar, Sri Lanka and Madagascar also producing top quality stones.
Emeralds
- Color. GIA describes the most desirable emerald colors as bluish green to pure green, with vivid saturation and a tone that is not too dark.
- Clarity. Emeralds typically have inclusions visible to the unaided eye, and the trade accepts this. GIA notes that eye clean emeralds are especially valuable because they are so rare.
- Size. Quality for quality, GIA notes that emerald prices can rise dramatically as size increases.
For all three, cut matters too. GIA notes that cut quality makes a big difference in a sapphire’s beauty and brilliance, and that a well cut emerald shows off its color while minimizing the impact of fissures.
Treatments change the picture
Treatment is common in all three gems, and it has a large effect on value. GIA states that anyone selling a gem is legally required to disclose treatments.
- Heat on rubies and sapphires. GIA notes that most rubies have been heated and that heating is an accepted treatment for sapphire. A heated stone is normal. For fine quality sapphires, GIA notes that laboratory confirmation of no evidence of heat adds to rarity and value.
- Glass filled rubies and diffused stones. Some rubies have fractures filled with lead glass, and some stones have color diffused into them. GIA states that diffused or glass filled rubies are worth less than heated rubies, and that sapphires treated by lattice diffusion generally cost less than heated sapphires.
- Fillers in emeralds. GIA notes that surface reaching fractures in emeralds are sometimes filled with oils, waxes or artificial resins. A GIA report confirms whether an emerald has been treated and quantifies the amount of filler.
Treatment also affects care. GIA warns that filled emeralds can be damaged by hot water, such as dishwashing water. If you own an emerald ring, take it off before washing dishes and do not try to clean the stone with anything harsh before having it looked at.
Paperwork that helps
Documentation does not set a price on its own, but it makes a stone easier to evaluate and can matter a great deal for a fine stone. Bring anything you have:
- A laboratory report from GIA or another gemological laboratory, which can document identity, treatment and sometimes origin.
- An appraisal or receipt, which shows how the stone was described when it was bought.
- Original boxes or maker’s paperwork for signed jewelry.
The dollar figure on an appraisal is not a sale price, but the way an appraisal describes the stone is still useful to a buyer.
If your jewelry includes pearls
Pearl necklaces, earrings and rings follow their own rules. GIA describes natural pearls as forming around a microscopic irritant inside certain mollusks, and cultured pearls as the result of a bead or piece of tissue being placed in the mollusk deliberately, which the mollusk then coats with nacre. Imitations also exist, and like colored stones, the difference has to be checked in person.
GIA lists seven value factors for natural and cultured pearls: size, shape, color, luster, surface quality, nacre quality and, for jewelry with two or more pearls, matching.
- Luster. GIA says luster might be the most important of the seven, because it is what gives a pearl its unique beauty.
- Nacre. Luster and nacre quality are closely linked. GIA notes that a dull, chalky look, or a bead nucleus showing through, suggests thin nacre.
- Matching. For strands, pairs of earrings and other pieces with several pearls, GIA says the pearls should match in all of the quality factors, so a strand is judged as a whole.
Pearls are delicate. GIA notes they can be damaged by heat and by hair spray, perfume, cosmetics and acid perspiration, and recommends putting pearls on after perfume and makeup and wiping them with a soft cloth after wear. Bring a strand as it is, clasp and all, rather than restringing or cleaning it first.
Why the complete piece matters
A ring, pendant, bracelet or pearl strand is evaluated as a whole. There are several things to look at together: the stones or pearls, the metal of the setting or clasp, the condition of the piece, and who made it. When a gold piece also has diamonds or gemstones, we look at the stones separately from the metal, so it helps to bring the complete piece rather than taking anything apart. Removing a stone or cutting a strand can cause damage, and the setting, clasp and any maker’s marks can help identify the piece and its era.
If the piece came to you through a family estate, our guide on what to do with inherited jewelry walks through sorting, paperwork and next steps.
Having your jewelry evaluated at Clark Pawners & Jewelers
We evaluate complete pieces of jewelry set with rubies, sapphires and emeralds, as well as pearl jewelry. Bring each piece as it is, with any reports, appraisals or boxes. We will look at the stones or pearls, the metal and the overall piece, and talk you through what we see, with no obligation to sell. Our page for people who want to sell jewelry in Chicago explains how we evaluate rings, necklaces and other pieces.
Questions people ask about selling gemstone and pearl jewelry
There is no single price. A ruby’s value depends on whether it is natural or lab grown, its color, clarity, size and cut, any treatment, and in some cases its documented origin. Two rubies of the same size can be worth very different amounts.
They are real gem material made in a laboratory, and they are valued differently from natural stones. A lab grown stone set in gold still has its metal value, and the setting is valued separately from the stone.
Heating is an accepted and very common treatment for sapphire, so a heated sapphire is normal. For fine quality stones, laboratory confirmation that there is no evidence of heat adds to rarity and value.
Emeralds often have surface reaching fractures, and filling them with oils or resins makes those fractures less visible. A laboratory report can confirm the treatment and how much filler is present.
No. Bring the complete piece. Removing stones risks damaging them and the setting, and the setting can help identify the piece.
Yes. Bring pearl necklaces, earrings and other pearl jewelry as complete pieces, clasp included. Strands are judged as a whole, so do not restring, cut or clean them first.
Have your jewelry evaluated in Lincoln Park
Bring your ruby, sapphire, emerald or pearl jewelry to our Lincoln Park store as complete pieces, and we will evaluate each one with you and explain what we see. An evaluation is information, not a commitment, and you are free to take everything home.
Clark Pawners & Jewelers
2626 N Clark Street
Chicago, IL 60614
773-528-7900
