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Ruby gems are known for symbolising wealth and power. They are one of the most historically significant coloured stones. Its colour represents intense emotions like anger, passion and love. Some cultures cherished rubies because its colour was similar to the redness of blood that flowed through their veins, which led them to believe that rubies had the ‘power of life’.
Coloured gems made in rubies are the new engagement rings, just for beginners as these represent passion, accomplishment, and stability. Millennials are switching to coloured gemstones for a variety of ethical and meaningful reasons. Coloured gemstone market continues to grow where the international money into the diamond market that was at $80 billion is now going into the coloured section, where the jewellery integrated into precious metals make most pre-eminent luxury asset collection. The Market research analysts predict the value will gain over $292 billion in the year( Technaviot).
Young buyers are attracted to the Big Three – emeralds, rubies, and sapphires, popular with high net worth luxury investors and fashion industry. The genuine, perfectly shaded and flawless untreated ruby can get over $1 million per carat at auctions. The untreated 25.59-carat Sunrise Ruby is one such piece that fetched $30.3 million at Sotheby’s in Geneva in May 2015, surpassing the value earned by colourless diamonds. The natural rubies are peculiar and limited, where the buyers seek the top ones that can be sold for more price per carat than white diamonds. The red stones are moving towards centre stage investment category, making a dent in the popularity of diamonds.
Rubies are scarce as it is said - Rubies are on fire. In the gem jewellery world, they have now become the main attraction as per the New York-based fine-jeweller Mish Tworkowski (Financial Times), hence, the top seller at an auction at Hong Kong Sotheby's in October 2017 was a ruby and diamond ring that fetched $10.5 million, compared to only $2 million for a fancy yellow diamond ring.
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