Why This Gemstone Is Suddenly Everywhere

Rubies have surged in popularity, and their prices have risen as well, Bloomberg Businessweek reports.

That’s largely because the Chinese have taken a liking to them. Red is the “color of choice” in China, representing good luck.

“That has had a major impact on pricing and design around the world,” said Greg Kwiat of Fred Leighton.

On a per-carat basis, the price of rubies has increased by a factor of four over the past four years. The best ones can now bring $1 million per carat.

Another factor driving the increases has been the discovery of a new seam  in Mozambique in 2009 yielding ultrapremium rubies. Bloomberg Businessweek notes that “in the efficient gemstone market, prices surge when supplies become abundant and reliable.”

The popularity extends beyond rubies to other gemstones such as red diamonds, spinel and even rubellite, according to Bloomberg Businessweek.

Read more at Bloomberg Businessweek