6 Ravishing Rubies That Smashed Records at Auction

Rubies are a highly-prized member of what the jewelry industry calls “The Big Three,” referring to the trio of precious colored gemstones that tend to be the most coveted and expensive (sapphires and emeralds round out the mix). The majority of today’s ruby supply originates in Mozambique, a leader producer of the material since 2008, although the most coveted rubies come from Burma/Myanmar.

Beloved for their magnificent deep red hue—intensely vibrant, with a fiery glow—the finest Burmese rubies display what the jewelry trade calls “pigeon-blood red,” a descriptor awarded only to an elite few. There’s just one problem: Burmese rubies are currently subject to economic sanctions by the U.S., so your best bet for acquiring one is on the secondary market (through a reputable dealer of course). As with all colored gems, natural no-heat rubies command a premium and are considered the very best of the best from an investment standpoint.

Where to find the best rubies in existence? They pop up occasionally at auction, and when they do, the bidding heats up quickly. In fact, these red-hot headline-makers consistently fetch hammer prices in the millions, often smashing world records in the process. The scarcity of large, exceptional rubies, especially those of Burmese origin, might have something to do with the fervor. But rubies are also sought-after for a host of reasons; for example, their magnificent red hue is forever linked to royalty—and some of history’s most fascinating love stories.

Below, revisit six times the “king of precious stones” made auction history.

1. Estrela de Fura 55.22 | 2023

The current record-holder for the highest auction price ever paid for a ruby—or any colored gemstone, in fact—started its journey as a 101-carat rough stone found in one of Fura Gems’s mining concerns in Mozambique. In January 2023, FURA enlisted a group of top advisors and specialists from around the world to handle the very important task of cutting the stone. In the end, they landed on a 55.22-carat cushion-cut that soon would soon go on to make auction history. Sotheby’s offered the ruby mounted in a yellow gold ring and it sold for $34.8 million ($630,288 per carat) to a private collector from the Middle East: “With its unprecedented size, piercing color and rare degree of optical transparency and clarity, it truly deserved the record-breaking price today, as it now joins the ranks of the world’s most legendary gemstones,” Quig Bruning, Sotheby’s head of jewelry said on the day of the sale. 

2. Sunrise Ruby | 2015

In 2015, Sotheby’s Geneva sold one of the biggest Burmese rubies in the world for $30.4 million, at the time setting a record for the highest price achieved for a ruby. Mounted in a Cartier ring, and flanked by two shield-shaped diamonds, the 25.59-carat gem returned to auction eight years later: Part of a controversial Christie’s sale likewise held in Geneva, the storied stone sold for considerably less: $14.6 million, a sum that even fell short of its pre-sale estimate of around $17 million. Where the original Sunrise Ruby auction prompted a vigorous bidding war, its repeat appearance was comparatively “slow and cautious.”

3. Elizabeth Taylor’s Ruby and Diamond Ring | 2011

At Christie’s now-famous sale of Elizabeth Taylor’s legendary jewels, among the many headline-grabbers was a Van Cleef & Arpels ring set with an oval ruby weighing 8.24 carats encircled by diamonds. The jewel was a Christmas gift from the late actress’s husband, Richard Burton in 1968 (famously placed at the bottom of her stocking). According to Taylor’s now-iconic book, My Love Affair with Jewelry (2002), ruby was Burton’s favorite stone. When she saw the jewel, “I couldn’t stop screaming,” Taylor writes. “I knew I was staring at the most exquisite ruby anyone had ever seen.”  The ring’s glamourous provenance no doubt helped to nudge the final hammer price to $4,226,500, which was well over its estimate and set a world record for the highest price-per-carat—$512,925—ever paid for a ruby at the time of the sale.

4. Hope Ruby | 2012

This resplendent 32.08-carat cushion cut Burmese ruby once belonged to one of the most prolific jewelry collectors of all time Luz Mila Patiño, Countess du Boisrouvray (1909-1958). Mounted in a ring set with diamond accents in a ring by Chaumet, it is currently known as the Hope Ruby for having been the top lot in Christie’s “Jewels For Hope” charitable auction in May 2012. It sold for $6.74 million and only briefly held the world record title for highest-ever price for a ruby sold at auction but its legacy lives on: Proceeds from the Jewels for Hope sale benefitted 32 charitable institutions, most focused on global medical research and humanitarian efforts, including the Agahozo-Shalom Youth Village in Rwanda, the Elton John AIDS Foundation, and UNICEF.

5. Graff Ruby | 2014

Laurence Graff, founder of London-based Graff Diamonds, one of the world’s foremost sellers of exceptional gems, has had this 8.62-carat ruby ring in his clutches twice. The first time was in 2006, when he purchased it at a Christie’s Geneva sale. Presented in a Bulgari ring, the stone displayed the sought-after “pigeon’s blood” hue that typifies rubies from the Mogok region of Myanmar. Graff scooped up what he called a “gem among gems” at the time and gave it a fitting new name; eventually the ruby landed in a new ring design belonging to a prominent Greek financier. Eight years later, when the Graff Ruby resurfaced at a Sotheby’s Geneva sale, the jeweler won it back for a record-smashing $8.57 million—almost $1 million per carat. Clearly, some treasures are worth hanging on to, no matter the stakes.

6. Judy Garland’s Ruby Slippers | 2024

While the iconic ruby slippers worn by Judy Garland as Dorothy in The Wizard of Oz were not made of genuine gemstones, this scintillating pair has danced its way onto our list because it recently established a new record—for the most valuable movie memorabilia ever sold at auction. (The previous record-holder in this category was Marilyn Monroe’s iconic white dress from the Seven Year Itch.) Offered by Heritage Auctions, the ruby slippers were one of four surviving pairs associated with the film and fetched a final hammer price of $32.5 million.

In other words, there’s no place like home…