2024 The Most Expensive Gemstones in the world

Gemstones have been symbols of wealth and status since ancient times. Diamond, ruby, sapphire, emerald... These precious stones have long been a favorite with collectors. How can such a small gem be worth so much? Here we take a look at the world's most expensive gemstones in 2024 and find out the stories behind them and what they are worth.

2024 World's Most Expensive Gemstones

Diamond - A Diamond is forever

The April birthstone, diamonds have long been revered as the ultimate symbol of luxury and beauty, and are consistently among the most expensive gemstones in the world. Known for their unparalleled brilliance and durability (ranking 10 on the Mohs hardness scale), diamonds come in various colors, sizes, and cuts, each with a different price tag. In general, fancy color diamonds, such as pink, yellow, blue, and red, are significantly more expensive than colorless diamonds. According to the Gemological Institute of America (GIA), over the past 20 years, only 0.4% of natural diamonds have been classified as natural-colored diamonds.

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Estimated Price Ranges for Different Quality Diamonds

The World's Most Expensive Diamond Rings

• The Pink Star Diamond: A 59.60-carat pink diamond sold for a record-breaking $71.2 million.  
• The Oppenheimer Blue Diamond: A 14.62-carat fancy vivid blue diamond sold for $57.5 million.
• The Cullinan I Diamond: A 530.2-carat rough diamond, the largest ever found, was cut into several smaller diamonds, including the Great Star of Africa.

Click here to learn more about the most expensive gemstone rings in the world.

Tanzanite - Gem of a Generation

The December birthstone, Tanzanite is a rare and highly sought-after gemstone known for its mesmerizing blue-violet color. Discovered in Tanzania in the late 1960s, Tanzanite has quickly become one of the most sought-after gemstones in the world. Tanzanite is found in only one place in the world, the Merelani Hills of Tanzania. This limited supply contributes to its value. Tanzanite’s price can be up to $1,200 per carat. At 6.5 to 7 on the Mohs scale, Tanzanite is a relatively durable gemstone. Its unique color and limited supply have made it a favorite among collectors and enthusiasts, commanding high prices in the marketplace.

Oval-Cut Tanzanite Engagement Ring Diamond Cluster December Birthstone Ring Rose Gold

Interesting Facts About Tanzanite

• Due to its limited supply and increasing popularity, Tanzanite is often referred to as the "Gem of a Generation".
• In 2020, Tanzania made a blockbuster gemstone discovery. A miner named Saniniu Laizer unearthed three huge blocks of tanzanite in a row, two weighing 9.27 kg and 5.103 kg, the largest in the world. Laizer sold the two giant tanzanite stones to the Tanzanian government for 7.74 billion Tanzanian shillings (about $3.35 million).

Black Opal - Australia's National Treasure

Black Opal is considered the most valuable type of Opal, known for its dramatic play of color against a dark background. Because of its unique color and rarity, Black Opal is considered the most valuable black gemstone in the Opal family. It is Australia's national gem and almost all of its production comes from Australia's Lightning Ridge region. The "Royal One" is a famous black opal weighing over 300 carats and estimated to be worth around $3 million. Known for its intense blue and green colors, it's considered one of the most valuable opals ever discovered. In 2020, a remarkable black opal weighing 819.50 carats and valued at nearly $8.2 million was owned by Medici Collection, LLC.

Price of Black Opal: High-quality black opals can range from $500 to $15,000 per carat.

Musgravite - The Rarest of the Rare

Musgravite is a rare and precious gemstone known for its exceptional brilliance, hardness, and rarity. It was first discovered in 1967 in the Musgrave Ranges of South Australia, from which it takes its name. Due to its extreme rarity, it's often called "the rarest of the rare".

It has a Mohs hardness of 8-8.5, making it quite durable for use in jewelry. Musgravite is one of the most expensive gemstones, with prices often exceeding those of diamonds and other popular colored gemstones. It's generally estimated to be around $30,000 to $35,000 per carat.   

Red Beryl - King of Gemstones

Red beryl, also known as bixbite or red emerald, is a rare and highly prized gemstone known for its bright red to raspberry pink color. Red beryl is one of the rarest gemstones in the world, with a hard formation and only a few known deposits found in select locations in the United States, including Utah, New Mexico, and the Wah Wah Mountains. The hardness of red beryl is high, usually around 8.5, which makes it wear-resistant and suitable for use in high-end jewelry. A high-quality red beryl can cost between $10,000 and $100,000 per carat.

According to the British Gem Association, the largest known faceted red beryl weighs approximately 8 carats. 8-carat red beryl is quite a large size for a red emerald. Usually, the red beryls we see tend to be smaller, so the 8-carat size is noticeable enough.

Alexandrite - The Chameleon Gemstone

The June birthstone, Alexandrite is a rare and fascinating gemstone known for its color-changing properties. Often described as "emerald by day, ruby by night," it changes from a beautiful green in daylight to a vibrant red under incandescent light. This unique phenomenon is known as the alexandrite effect. Originally discovered in the Ural Mountains of Russia in the 1830s and named after Tsar Alexander II, alexandrite is now found in various locations around the world, including Brazil, Sri Lanka, Tanzania, and Madagascar.

Average alexandrite prices can range from $10,000 to $50,000 per carat. Exceptional Alexandrite specimens with vivid and dramatic color, minimal inclusions, and larger carats can fetch $50,000 to $100,000 per carat or more, especially for top-quality Russian Alexandrite.

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Emerald - The Stone of Cleopatra

The May birthstone, emerald is one of the most precious gemstones with a value of up to $305,000 per carat. It belongs to the beryl family of minerals, including aquamarine and morganite. Emeralds with a rich, deep green hue are the most sought-after.

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World's Most Expensive Emerald

• The Rockefeller Emerald weighs 18.04 carats and was given to his wife Abby by John Davidson Rockefeller Jr. In 2017, this emerald was unveiled at a Christie's auction and sold for $5.5 million, setting a new world record of more than $300,000 per carat and becoming the most expensive emerald ever sold at auction.
• The Chalk Emerald is an extremely rare large emerald weighing 37.8 carats.
• The Stoteesbury Emerald is a 43.4-carat Colombian emerald that sold for $1 million in 2017.
• Catherine the Great's Emerald Necklace weighs 107.67 carats and was unveiled at a Christie's auction in Geneva and sold for £3.3 million in 2019.
• Elizabeth Taylor's 5-piece Bulgari Emerald Suites sold for $24.79 million at Christie's in 2011.

Ruby - The King of Gemstones

The July birthstone, ruby, is a precious gemstone known for its rich red color. It is often associated with passion, love, and power. Rubies belong to the corundum family of minerals. Along with diamonds, sapphires, and emeralds, rubies are one of the "Big Four" gemstones.

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The Most Valuable Rubies in the World

• The De Long Star Ruby is a 100.32-carat star ruby, it's one of the largest star rubies in the world.
• The Rosser Reeves Ruby is a 13.85-carat Burmese ruby known for its exceptional color and clarity.
• The Sunrise Ruby holds the record for the most expensive ruby. This 25.59-carat Burmese ruby sold for $30.42 million in 2015.  
• The most expensive ruby ever sold at auction is the 55.22 carat Estrela de Fura Ruby, which was sold by Sotheby's in 2023 for a staggering $34.8 million, holding the record for the most expensive colored gemstone ever sold at auction.

Factors That Influence Gemstone Prices

• Gemstones' "four elements" - weight, color, clarity, and cut.
• Rarity - Origin, difficulty of mining, and production.
• Historical and Cultural Factors - Famous gemstones in history and cultural symbolism.
• Market demand - Driven by collectors, investors, and jewelry brands.

Final Thoughts

Since you've learned about some of the most valuable gemstones in the world, we don't have millions of dollars to shell out. Shop at Juyoyo Jewelry for a variety of high-quality and affordable gemstone rings!

World's Most Expensive Stone FAQs

What is the Most Expensive Stone?

The most expensive stone is the Pink Diamond, which sold for a record-breaking $71.2 million.

What are the Most Expensive Gemstones?

The most expensive gemstones include diamonds, tanzanite, black opal, musgravite, red beryl, alexandrite, emerald, ruby...

What is the Most Valuable Jewel?

The most valuable jewel in the world is the Hope Diamond, a 45.52-carat fancy dark gray-blue diamond. Its estimated value is approximately $250 million.