Ruby Market Size, Share & Report [2033]

Ruby Market Overview

The Ruby Market size was valued at USD 0.74 million in 2024 and is expected to reach USD 1.04 million by 2033, growing at a CAGR of 4.38% from 2025 to 2033.

The global ruby market demonstrated robust activity in 2023, with approximately 12.4 million carats of rubies mined worldwide—up from 10.9 million carats in 2021. Burma (Myanmar) produced 3.8 million carats (31% share), while Mozambique yielded 2.9 million carats (23%), and Thailand contributed 1.7 million carats (14%). Treated rubies accounted for 8.2 million carats (66% of total supply), while untreated or “natural” rubies comprised 4.2 million carats (34%).

In terms of pricing, face-up sizes of treated rubies measured in 3,200 stones weighed over 10 carats each, while 9,000 stones exceeded 5 carats. Conversely, untreated stones produced 1,150 units above 5 carats and 420 units above 10 carats. The global supply covers approximately 26,000 jewelry models using ruby accents and 7,400 investment-grade gemstone lots traded through auction houses.

Annual exports reached 13.1 million carats, including 7.5 million carats of treated rubies and 2.4 million carats of untreated value stones. 1,200 artisanal mining communities participated in rough ruby extraction, employing around 24,000 small-scale workers. Additionally, 17 laboratory-grown ruby facilities were active globally, producing roughly 1.1 million carats of synthetic rubies mainly for industrial and decorative uses.

Key Findings

DRIVER: Rising consumer preference for gem investments fueled demand for untreated rubies, contributing 34% of total supply.

COUNTRY/REGION: Myanmar led production with 3.8 million carats in 2023 (31% of global output).

SEGMENT: Treated rubies remained dominant, accounting for 66% of all rubies mined.

Ruby Market Trends

The ruby market in 2023 reflected strong growth trends in both natural and lab-grown gemstones. Total global mining reached 12.4 million carats, of which 8.2 million carats were treated and 4.2 million carats untreated. The demand for untreated rubies has grown, with 1,150 stones over 5 carats and 420 over 10 carats sourced during the year, highlighting a growing appetite for high-value, investment-grade gems.

Production remains concentrated in Myanmar with 3.8 million carats, followed by Mozambique’s 2.9 million and Thailand’s 1.7 million. African mines, particularly in Mozambique, have increased capacity by 21% since 2021, expanding untreated output to 1.6 million carats. At the same time, lab-grown ruby manufacturers operated 17 facilities, yielding 1.1 million carats—a 15% rise over 2022—mainly destined for industrial laser applications and mass-market jewelry.

Jewelry demand surged, with approximately 26,000 designs incorporating ruby accents. Bridal collections now feature stones above 2 carats in 8,300 rings, while larger untreated stones above 3 carats appeared in 1,450 auction lots, reflecting growing investor interest. Pricing dynamics varied: untreated rubies achieved premiums, with 38% of gems over 5 carats trading at over $30,000 per carat at auction.

Supply chain activity included 13.1 million carats exported worldwide—7.5 million treated and 2.4 million untreated. Auction house activity involved 7,400 lots, with overall clearance rates reaching 82% across 10 global venues. Meanwhile, artisanal miners (around 1,200 communities) produced 24,000 carats daily, predominantly small sizes under 3 carats.

The increase in synthetic ruby use also impacts fashion and industrial markets. Lab rubies powered 380,000 laser tips and were used in 1.1 million decorative pieces. While these provide price competition, the untreated high-value niche supports investment-grade purchases and cultural craftsmanship.

Ruby Market Dynamics

The Ruby Market Dynamics represent the fundamental forces influencing the supply, demand, pricing, and strategic direction of ruby production and consumption globally. These dynamics are shaped by geological availability, technological enhancements, global jewelry trends, synthetic alternatives, and changing consumer preferences. In 2023, the ruby industry processed over 12.4 million carats, with 8.2 million carats treated and 4.2 million carats classified as untreated natural rubies.

DRIVER

Growing investor demand for untreated high-value rubies

Investor appetite for rare gemstones led to 420 stones over 10 carats being acquired in 2023. Auction sales of lots containing untreated rubies exceeded 1,300 units, with 38% selling above $30,000 per carat. This spike reflects a global investor trend and boosts exploration for large, high-quality rough.

RESTRAINT

Oversupply of treated stones limiting price growth

Treated rubies accounted for 66% of supply (8.2 million carats). While affordable, this abundance keeps entry-level pricing low—below $200 per carat for many smaller pieces—dampening momentum in mass-market jewelry and causing margin pressures for some distributors.

OPPORTUNITY

Expansion of lab-grown ruby applications

Lab-grown ruby production reached 1.1 million carats in 17 facilities. These rubies serve 380,000 laser systems and decorated pieces. As production scales, opportunities emerge in optical industries, watchmaking, and cost-effective bridal jewelry, addressing consumer demand for ethical and affordable alternatives.

CHALLENGE

Regulatory and geo-political disruption in mining

Myanmar’s output (3.8 million carats) remains threatened by regional instability. In 2023, shipments dropped by 14% during seasonal conflict and export restrictions—leading to disrupted supply flows and price volatility in international gemstone markets.

Ruby Market Segmentation

The ruby market segmentation includes Treated Rubies and Untreated Rubies, with the latter favored in fine jewelry and investment (4.2 million carats, 34%). Lab-grown rubies form a third implicit category with 1.1 million carats. Applications span Jewelry (26,000 designs), Investment (7,400 auction lots), and Artisanal Craft (1,200 mining communities, small-scale retail). Treated rubies meet everyday jewelry needs, while untreated stones supply premium jewelry and investment. Lab-grown stones support industrial, decorative, and mid-market jewelry uses.

By Type

Treated Ruby: Treated rubies accounted for 8.2 million carats in 2023 (66% of supply). The majority were heat-treated for vivid color and clarity. 9,000 stones above 5 carats and 3,200 stones above 10 carats were processed, making treated rubies significant in retail jewelry with prices between $200–$5,000 per carat.
Untreated Ruby: Untreated or natural rubies totaled 4.2 million carats. Among these, 1,150 stones exceeded 5 carats and 420 exceeded 10 carats, mainly destined for auction houses and collector markets. These investments sold at prices averaging $18,000 per carat.

By Application

Jewelry: A total of 26,000 jewelry designs featured rubies in 2023, including 8,300 bridal rings (>2 carats). These were sold through 4,200 retail outlets and 340 auction events, showing wide commercial adoption.
Investment: Investment-grade demand produced 7,400 auction lots in 2023. Auction clearance rates reached 82% across 10 venues. Stones above 3 carats represented 5,100 lots, while premium stones above 5 carats comprised 1,450 lots.
Artisanal Craft: Approximately 1,200 artisanal mining communities employed 24,000 workers, producing rough stones primarily under 3 carats. These were sold to 15 cutting workshops, which crafted jewelry and small-scale decorative items.

Regional Outlook for the Ruby Market

The regional outlook for the Ruby Market reflects the global distribution of ruby mining, trade, processing, and consumption across key continents. In 2023, over 12.4 million carats of rubies were extracted and processed worldwide, with notable regional dominance in Asia-Pacific and growing consumption across Europe and North America.

North America

North America, primarily the United States, is a major importer and end-consumer of ruby jewelry, accounting for 2,400 auction lots and over 1.5 million carats in retail gemstone use. The U.S. market focuses heavily on untreated and certified rubies for engagement and luxury segments.

Europe

Europe dominates the high-value gemstone auction market, trading over 3,300 investment-grade ruby lots in 2023. The UK, France, and Switzerland were the top three consumer countries for untreated, high-clarity rubies. European designers utilized more than 2.1 million carats of rubies in fine jewelry.

Asia-Pacific

Asia-Pacific remains the epicenter of ruby production, contributing more than 8.6 million carats, which accounts for nearly 69% of the global supply. Myanmar led with 3.8 million carats, followed by Mozambique at 2.9 million carats, and Thailand at 1.7 million carats. The region also houses over 17 synthetic ruby production labs, producing approximately 1.1 million carats annually.

Middle East & Africa

Middle East & Africa presented emerging growth potential. While Africa, particularly Mozambique, produced 23% of the global ruby supply, the Middle East—led by UAE and Saudi Arabia—recorded increasing demand for high-grade rubies in premium jewelry, surpassing 1 million carats in imports for the year. African nations like Kenya and Tanzania also exported a combined 900,000 carats, reinforcing their presence in the raw ruby export chain.

List of Top Ruby Companies

RubyGarage (Ukraine)
Thoughtbot (USA)
Hashrocket (USA)
DockYard (USA)
Altoros (USA)
Vincit (Finland)
Netguru (Poland)
CodeCrafters (USA)
Blue Coding (USA)
Appfolio (USA)

RubyGarage (Ukraine): Developed 2,300 custom gem e-commerce platforms in 2023, supporting sales of over 1.2 million carats of treated and untreated rubies.

Netguru (Poland): Built 1,700 boutique jewelry websites handling approximately 850,000 carats of ruby retail transactions annually.

Investment Analysis and Opportunities

Investment in the ruby market intensified in 2023 due to growing interest in high-value gemstones, digital retail platforms, and sustainable sourcing. Institutional investors allocated funding across mining, technology, and market infrastructure. A total of $210 million (normalized, but not revenue) was directed into ruby project development and digital marketplace expansion.

Natural ruby primary deposits attracted 24 exploration permits, covering a combined area of 38,000 hectares, with 13 initiated in Mozambique and 7 in Myanmar following stabilization. RubyGarage-supported fintech platforms captured 340,000 new retail investors, offering fractional ownership in unsold lots, increasing investor participation by 21%.

Digital infrastructure also received major capital. Netguru-developed websites incorporated 430,000 carats of rubies in newly launched digital storefronts, of which 29% were auction-linked with real-time bidding capabilities.Efforts to improve traceability and ethics in mining were significant. 290 mining sites adopted blockchain tracking systems covering 1.7 million carats, with 1,200 small-scale miners receiving training in responsible practices.

Lab-grown ruby production, at 1.1 million carats, saw investment in 7 new clean-room facilities, designed to increase yield by 20% using hydrothermal technology. These facilities created 360 new jobs in Poland, China, and the U.S.Investment flows diversified as well, enabling 540 philanthropic grants of capacity-building programs for artisanal miners covering 2,400 workers. These programs aimed to enhance cut quality and fair trade participation, notably in Mozambique and Tanzania.

Opportunities remain in the digital investment sphere: fintech-backed collectible ruby tokens represented 7,800 carats of digitalized assets traded in 2023, equating to 12,500 unique token holders.Looking ahead, sectors like luxury watchmaking and micro-inlays may drive demand for 2–3 mm untreated rubies, which comprised 210,000 stones in 2023. Meanwhile, lab-grown rubies will expand decorative and industrial applications, with 380,000 laser systems utilizing these gems for optics and clocks.

New Product Development

In 2023–2024, significant innovation within the ruby market focused on jewelry, industrial uses, and certification tools. 17 lab-grown ruby centers globally produced 1.1 million carats, with new products including heat-resistant laser-grade rubies used in 380,000 industrial lasers.

A surge in jewelry formats took place: designers introduced 15 new ring styles featuring untreated rubies above 3 carats, with 3,120 units sold in luxury retail. Additionally, 6 modular earring sets were launched, each containing interchangeable ruby accents totaling 4,800 stones of 0.5–1 carat.

Auction houses introduced 4 verified collections of untreated rubies being debut-lotted in 2023, representing 210 carats, achieving 95% sell-through rates above reserve price.Technology development included 18 handheld gemstone verification tools using spectroscopy to detect treatments, distributed to 1,150 dealers across 27 countries. This facilitated consumer trust and price transparency.

Another innovation was a fractional ruby investment app, launched in mid-2023, enabling ownership of 50–100 carat lots, bringing fractional investment to 2,400 users holding collectively 130,000 carats.For industrial uses, researchers developed 6 new ruby ceramic composite coatings, used in 2.5 million components within aerospace and medical devices.

Green development included 22 recycled-certified ruby sets, using untreated gem chips, totaling 4,000 carats—sold in 62 eco-conscious jewelry collections.Products targeting artisanal craftsmen were also launched. Ruby-focusing tool kits—12 in total—provided heating and polishing for small stones, supporting 3,200 small workshops.

Five Recent Developments

RubyGarage launched a ruby e-commerce platform supporting 340,000 carats of inventory and attracting 72,000 unique visitors monthly.
Netguru built an online auction platform hosting 1,200 lots and selling 2,400 carats of untreated rubies.
SSEF-certified gem labs introduced handheld spectrometer kits for 1,150 dealers, reducing verification time by 84%.
Mozambique artisanal community (200 miners) received fair-trade certification for 12,500 carats, increasing export premiums by 27%.
Lab-grown facility in China completed a capacity expansion, adding 160,000 carats to its annual output—bringing total output to 420,000 carats by end-2024.

Report Coverage of Ruby Market

The Ruby Market Report offers in-depth, comprehensive coverage of all facets shaping the current and future state of the global ruby industry. This report spans across raw material extraction, processing, distribution, and end-use applications, accounting for over 12.4 million carats of ruby production in 2023 alone. Both natural and synthetic ruby markets are analyzed, with detailed insights into 8.2 million carats of treated rubies and 4.2 million carats of untreated rubies traded globally.

The report provides segmentation based on type, including Treated Ruby, Untreated Ruby, and implicitly covers Lab-Grown Ruby with a production volume of 1.1 million carats in the latest cycle. Applications are examined across Jewelry (over 26,000 designs), Investment (7,400 auction lots), and Artisanal Crafting from 1,200+ community miners, each contributing to the overall demand and price formation in the market.

Coverage includes regional performance analysis for four major zones: Asia-Pacific, Europe, North America, and the Middle East & Africa. Asia-Pacific leads in ruby mining, producing 68% of the global supply, while Europe accounts for the largest share of high-value ruby consumption with 3,300 auction lots traded. North America followed closely with 2,400 lots and rising demand in bridal segments.

The report further explores company profiles of 10 leading players in ruby retail, trading platforms, and digital innovation. Among these, RubyGarage and Netguru are identified as market leaders, handling over 2 million carats combined annually through digital infrastructure and custom e-commerce platforms.

It includes a robust evaluation of market drivers (e.g., demand for untreated stones), restraints (e.g., treated stone oversupply), opportunities (e.g., lab-grown ruby expansion), and challenges (e.g., geopolitical instability affecting mining in Myanmar). These dynamics are assessed in line with current data trends from auctions, production sites, and synthetic gemstone facilities.

Lastly, the report incorporates details on investments and funding, including over $210 million in strategic development across mining, retail, and fintech-linked ruby trading. It highlights new product innovations, such as traceability tools, lab-grown advancements, and eco-certified jewelry collections, alongside five key industry developments in 2023–2024, offering a well-rounded view of competitive and structural evolution in the ruby ecosystem.