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We have always invested the bulk of our ‘ruby-funds’ between one and two carats. I chose the verb ‘invested’ on purpose .... read more ... on video: our all-natural rubies on a sunday afternoon excursion. They are free range and they never get fried.

GRS certified unheated oval ruby in 1.55 carat with an orange tint (perhaps)

Unheated Mozambique Ruby 1.01

Price:	$9,500.00

1.01 Carat
Fresh Berry Red
Medium Dark 65
Lightly Included

Unheated Mozambique Ruby 1.06

Price:	$7,500.00

1.06 Carat
Silky Neon Pink Red
Medium Dark 60
Lightly Included

Unheated Mozambique Ruby 1.52

Price:	$19,900.00

1.52 Carat*
Neon Pink Red
Medium Dark 65
Lightly Included

Unheated Tanzanian Ruby 1.09

Price:	$4,900.00

1.09 Carat
Intense Pink Red
Medium Dark 60
Lightly Included (silk)

Unheated Burmese Sapphire 1.19

1.19 Carat (sold)
Deep Neon Pink
Medium Dark 70
Very Lightly Included

Unheated Mozambique Ruby 1.23

Price:	$8,900.00

1.23 Carat
Deep Red-Red
Medium 75
Lightly Included

neon pink red no-heat ruby square rounded square

Unheated Mozambique Ruby 1.29

Price:	$12,500.00

1.29 Carat
Neon Pinkish Red
Medium Dark 75
Free of Inclusions (silk)

Unheated Burma Ruby 1.50

Price:	$22,500.00

1.50 Carat
Neon Pink Red
Medium Dark 75
Lightly Included (silk)

Unheated Tanzanian Ruby 1.45

Price:	$6,800.00

1.45 Carat
Fire Engine Red
Medium Dark 70
Lightly Included

Neon PInk-red Vietnamese Ruby above one carat

Unheated Vietnamese Ruby 1.06

Price:	$16,500.00

1.06 Carat
Neon Pink Red
Medium Dark 70
Free of Inclusions (!)

Unheated Ceylon Sapphire 1.06

Price:	$2,400.00

1.06 Carat
Multicolor Pink
Medium Dark 65
Free of Inclusions

bubble gum pink brilliant unheated sapphire from Ceylon, unheated and natural, no window, no visible

Unheated Ceylon Sapphire 1.05

Price:	$7,500.00

1.05 Carat
Deep Hot Pink
Medium Dark 60
Lightly Included

Purple red true Kashmir ruby unheated and full sized

Unheated Kashmir Ruby 1.93

Price:	$12,500.00

1.93 Carat
Deep Purple-Red
Medium Dark 75
Lightly Included

Unheated African Ruby 1.93

Price:	$24,000.00

1.93 Carat
Intense Pinkish Red
Medium Dark 70
Very Lightly Included

Shield of white gold diamonds hold two carat unheated burma ruby

2.00 Unheated Burma Ruby & 0.60 in White Gold

Price:	$48,000.00

From the David Jerome Collection:
Unheated 2.00 ct Burma Ruby
in 18k White Gold
with 0.60ct Diamonds
Intense Pinkish Red

Unheated Ceylon Sapphire 1.01

Price:	$1,400.00

1.01 Carat
Reddish Purple
Medium Dark 65
Free of Inclusions

round untreated Tanzanian Ruby near 2 carat

Unheated Tanzanian Ruby 1.65

Reg. Price:	~~$5,100.00~~
Sale Price:	$3,900.00
Save:	$1,200.00

1.65 Carat
Deep Rose Red
Medium Dark 75
Moderately Included

free of inclusion untreated natural ruby

Unheated Mozambique Ruby 1.59

1.59 Carat (sold)
Neon Orange Red
Medium Dark 60
Free of Inclusions (!)

Unheated African Ruby 1.02

Price:	$9,500.00

1.02 Carat
Neon Pinkish Red
Medium Dark 70
Lightly Included

Untreated ruby from Tajikistan with GIA origin report

Unheated Tajik Ruby 1.07

1.07 Carat (sold)
Electric Red Red
Medium Dark 75
Lightly Included

Unheated Burma Ruby 1.32

1.32 Carat (sold)
GRS Pigeon Blood
Medium Dark 75
Lightly Included

Unheated African Ruby 0.99

Price:	$6,900.00

0.99 Carat
Traffic-Light-Red
Medium Dark 70
Lightly Included

yellow and white gold and diamonds surrounding one and half carat carats unheated ruby

1.54 Unheated Ruby & 1.00 in White/Yellow Gold

Price:	$22,000.00

From the David Jerome Collection:
Unheated 1.54ct Ruby
in 18k White & Yellow Gold
with 1.00ct Diamonds
Rich Rose Red

Unheated African Ruby 1.01

Price:	$7,500.00

1.01 Carat
Fresh Pinkish Red
Medium Dark 60
Very Lightly Included

Unheated Ceylon Ruby 1.68

Price:	$13,400.00

1.68 Carat
Rose Red
Medium Dark 70
Lightly Included

Unheated Burma Sapphire 1.47

Price:	$18,500.00

1.37 Carat
Neon Purplish Red-Pink
Medium Dark 70
Lightly Included

Unheated African Rubies Pair 1.40

Price:	$8,800.00

1.40 Carat (pair)
Deep Rose Red
Medium Dark 70
Lightly Included

Unheated Tanzanian Ruby 1.41

Price:	$5,600.00

1.41 Carat
Dense Red Red
Medium Dark 75
Lightly Included (silk)

1.43 Unheated Burma Ruby & 0.74 in Platinum

Price:	$29,500.00

From the David Jerome Collection:
Unheated 1.43ct Burma Ruby (video)
in 950 Platinum
with 0.74ct Diamonds
Pigeon Blood

Unheated Mozambique Ruby 1.06

Price:	$6,500.00

1.06 Carat
Deep Rose Red
Medium Dark 75
Lightly Included

Unheated Tanzanian Ruby 1.31

Price:	$4,900.00

1.39 Carat
Fresh Pink Red
Medium Dark 60
Lightly Included (silk)

Unheated Ceylon Sapphire 1.41

Price:	$4,500.00

1.41 Carat
Rose Purple-Pink
Medium Dark 60
Lightly Included

Unheated Mozambique Ruby 1.19

Price:	$14,200.00

1.19 Carat
Vivid Red
Medium Dark 75
Lightly Included

Unheated Madagascar Ruby 1.70

Price:	$8,600.00

1.70 Carat
Fresh Rose Red
Medium Dark 65
Lightly Included

Unheated Burma Ruby 1.00

Price:	$17,500.00

1.00 Carat
Vivid Neon Red
Medium Dark 70
Lightly Included

precision cut emerald shaped noheat ruby

Unheated Mozambique Ruby 1.16

Price:	$12,500.00

1.16 Carat
Deep Vivid Red
Medium Dark 75
Very Lightly Included

Unheated Ceylon Sapphire 1.36

Price:	$2,800.00

1.36 Carat
Neon Reddish Purple
Medium Dark 75
Lightly Included

neon red untreated ruby pear shaped with potential pair at 2.06 carat

Unheated Tanzanian Ruby 1.03

Price:	$9,600.00

1.03 Carat
Neon Red
Medium Dark 70
Lightly Included

Unheated Mozambique Ruby 1.61

Price:	$17,500.00

1.61 Carat
Rich Rose Red
Medium Dark 75
Very Lightly Included

Unheated Kashmir Sapphire 1.62

Price:	$7,200.00

1.62 Carat
Rich Reddish Purple
Medium Dark 75
Lightly Included

Unheated Ceylon Ruby 1.36

Price:	$9,500.00

1.36 Carat
Hot Pink/Red
Medium Dark 65
Lightly Included

Unheated Burma Ruby 1.07

1.07 Carat (sold)
Neon Red
Medium Dark 65
Free of Inclusions

Unheated Mozambique Ruby 1.38

Price:	$18,500.00

1.38 Carat
Vivid Red
Medium Dark 70
Lightly Included

Unheated Mozambique Ruby 1.55

Price:	$15,000.00

1.55 Carat
Deep Orangish Red
Medium Dark 75
Lightly Included

Unheated African Ruby 1.53

Price:	$15,300.00

1.53 Carat
Vivid Red Red
Medium Dark 75
Lightly Included

crystal shaped long untreated ruby pendant shape and size

Unheated African Ruby 1.61

Price:	$8,550.00

1.61 Carat
Fresh Red Red
Medium Dark 70
Lightly Included

Unheated African Ruby 1.44

Reg. Price:	~~$9,800.00~~
Sale Price:	$8,000.00
Save:	$1,800.00

1.44 Carat
Fresh Rose Red
Medium Dark 70
Lightly Included

Unheated Winza Ruby 1.50

Price:	$5,260.00

1.50 Carat
Silky Neon Pinkish Red
Medium Dark 70
Moderately Included

Unheated Mozambique Ruby 1.03

Price:	$15,000.00

1.03 Carat
Intense Pinkish Red
Medium Dark 60
Very Lightly Included

Unheated African Ruby 1.16

Price:	$13,000.00

1.16 Carat
Deep Red-Red
Medium Dark 75
Lightly Included

GRS certified pigeon blood ruby no-heat and Burmese origin

Unheated Burmese Ruby 1.01

1.01 Carat (sold)
GRS 'Pigeon Blood'
Medium Dark 70
Very Lightly Included

emerald shaped no heat ruby from east africa GIA and IGI report

Unheated Mozambique Ruby 1.06

Price:	$9,500.00

1.06 Carat
Lively Rose Red
Medium Dark 70
Lightly Included

fine purple red ceylon ruby without treatments

Unheated Ceylon Ruby 1.14

Price:	$6,590.00

1.14 Carat
Rich Purplish Red
Medium Dark 70
Lightly Included

Unheated Burmese Ruby 1.26

Price:	$12,600.00

1.26 carat
Traffic Light Red
Medium Dark 65
Lightly Included

Unheated Ceylon Ruby 1.04

Reg. Price:	~~$6,700.00~~
Sale Price:	$4,500.00
Save:	$2,200.00

1.04 Carat
Fine Rose Red
Medium Dark 70
Very Lightly Included

Unheated African Ruby 1.00 Carat

Price:	$7,500.00

1.00 Carat
Neon Pinkish Red
Medium Dark 60
Lightly Included

Unheated Ceylon Ruby 1.41 Carat

Price:	$12,400.00

1.41 Carat
Fire-Engine Red
Medium Dark 70
Lightly Included

Unheated Mozambique Ruby 1.50

Price:	$19,000.00

1.50 Carat
Pure Red-Red
Medium Dark 75
Very Lightly Included

Unheated Thai Ruby 1.32

Price:	$6,500.00

1.32 Carat
Rich Rose Red
Medium Dark 75
Lightly Included

Unheated Afghani Rubies 4.744 gram

Price:	$1,775.00

Total 4.744 Gram
Five Rubies
on Pyrite and Mica
Red on White and Gold

Unheated Burma Ruby 1.30 Carat

Price:	$17,000.00

1.30 carat
Deep Violetish Red
Medium Dark 75
Very Lightly Included

orange red sapphire without treatments and inclusions

Unheated African Sapphire 1.52

Price:	$4,800.00

1.52 Carat
Mild Orange Red
Medium Dark 75
Lightly Included

Unheated Kashmir Sapphire 1.23

1.23 Carat (sold)
Rich Reddish Purple
Medium Dark 75
Lightly Included

Unheated Burmese Star Sapphire 1.79

Price:	$3,900.00

1.79 Carat
Orange Pink-Red
Medium Dark 70
Semi-Translucent

Ceylon rhodolite garnet 1.61 carat, free of treatments, oval dark red purple in deepest tone

Untreated Ceylon Rhodolite 1.61

Price:	$850.00

1.61 Carat
Deep Purplish Red
Medium Dark 80
Free of Inclusions

Ceylon garnet 1.66 carat, free of treatments, oval deep red with fiery glowing brilliancy

Untreated Ceylon Rhodolite 1.66

Price:	$850.00

1.66 Carat
Deep Purple-Red-Pink
Medium Dark 75
Lightly Included

hot pink Ceylon sapphire without inclusions or treatments oval hot pin-purple

Unheated Ceylon Sapphire 1.62

Price:	$9,000.00

1.62 Carat
Neon Purplish Pink
Medium Dark 70
Lightly Included

Pair Untreated Red Italian Corals 1.40

Price:	$800.00

1.40 Carat (sold*)
Intense Orange Red
Opaque
Free of Inclusions
*others available on demand

peach pink orange unheated Madagascar Sapphire

Unheated Madagascar Sapphire 1.22

Price:	$5,000.00

1.22 Carat
Pink-Orange-Red
Medium Dark 70
Free of Inclusions

Unheated African Sapphire 1.31

Price:	$3,900.00

1.31 Carat
Purple Reddish Orange
Medium Dark 60
Lightly Included

Unheated Vietnamese Sapphire 1.06

Price:	$16,500.00

1.06 Carat
Neon Pink Red
Medium Dark 70
Free of Inclusions (!)

Title

...

One-plus carat is a solid ring size and budget requirement still compare well with diamonds. Hence, the market demands choice and we have always invested the bulk of our ‘ruby-funds’ between one and two carats. I choose the verb ‘invested’ on purpose. To survive trading in rubies one must think into the future like an investment manager. Here is why:

In our maiden year, 2003, five-digit tickets for 1+ carat rubies were a rarity, even in retail. Wholesale, meaning parcels over, say, ten gems, per-carat-prices did rarely reach $1K/ct. In the following decade, however, replacement costs have driven unheated rubies dazzling high and fast. Why "replacement cost"? Because, in our trade, perhaps uniquely so, replacement costs are more important than buying prices.

Have you noticed the many new website starting with a big dream and terrifically low prices only to go belly up after a year and lay abandoned till the domain-name is for sale? Ever wondered why? Because they started their business by selling at buying prices plus margin. In the initial sales rush, their fresh inventory was quickly bought up, sales were good, and for a while all seemed great. Each sold ruby brought in x% margin, or $X-dollar of pure profit.

Great! “Open the champagne. We've successfully entered one of the most fought-over markets. Prost!”

Not so fast.

What was too good to be true turns into a headache soon. After the champagne, came a time to re-fill inventories. But, alas, buying prices had gone up sharply. Their old margin could not cover expenses AND new prices. Suddenly there was no cash left to buy new stones. Oops! Many tears later they may have realized that only future replacement cost plus margin would have been sustainable in an ever-upwards rushing market.

The underlying reason for these bankruptcies lays in relative slow turn-over of gemstones combined with rapid price changes of an unperishable product. The average ruby may need 12 or even 18 months to sell. At the time of sale, its cash-flow must finance the now higher market price plus expenses. In many perishable goods, the issue is exactly the opposite. Future buying prices may be lower, but turnover MUST be fast (or the banana is mush). Understood the problem? No? Ask. I'm happy to explain (within limits).

BTW: This is not a new web-only problem. Experienced traders have always mastered this issue. The web has only lowered entry barriers for new businesses. Inexperienced start-ups with no professional trading background are more likely to run into minus. This is also one of the reasons why the big old-world traders are often more expensive than web-based new-comers or hobby traders. Higher overhead aside, they sell with NEXT year's prices in mind.

What then is the future of the ruby market? Get a magic ball. The only thing that is safe to assume is an upward movement. By how much, nobody can say. New mines may be discovered, current mines may run dry, wars may interrupt trade with some countries, governments may take over or limit important mining areas, the possibilities are endless.

As I write this, President Obama has lifted the ban on Burma ruby and jade. The next administration will probably care less about human rights infliction against the Rohingya, so I assume it is safe to say that no new ban will be issued (unless Burma refuses to build Trump golf courses). This is good news for free trade devotees but we do not expect any major price shifts, which, by the way, shows that the ban did not have much effect in the first place.

Great books have dealt with rubies for decades. There is little I can add without copying or rephrasing old masters. The behavior of rubies in front of the camera, on the other hand, was a topic of new importance in the web-age. Several hundred photographed rubies gave me the idea to separate them into “The Mild” and “The Wild”. That was over a decade ago. The principle is still valid and I’m proud to see others using the terms to distinguish between neon pink-red and the famous but darker pigeon-blood rubies.

Title

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