Ruby Costs Ruby stone prices in India can range from Rs 450 to 2 lakhs ($12 to $1,600) per carat, and much higher. Because of its excellent color quality, Burmese ruby is the most costly ruby origin. The lowest price we found for an average-size ruby was Rs 453 ($12), while the highest was Rs 2,074 ($55). We also found one diamond that sold for more than rubies - it was a 1.5-carat diamond ring that sold for about $40,000. Ruby Quality When you shop for ruby jewelry, you have three main qualities to consider: cut, clarity, and color. Cuts There are four main cuts for diamonds: round, pear, oval, and heart. Round diamonds make up the majority of gem-quality stones and are the best choice for most people. They are classic and popular because they are easy to fit into other jewelry items. Pear diamonds have a slender pointy shape that is perfect for bringing out the beauty of their surrounding stones. They go with almost everything and never need any additional decoration. Oval diamonds are longer and narrower than round diamonds, and hearts have shapes that vary by brand; but generally they are shaped like a heart beat on paper. All of these cuts are acceptable when buying rough diamonds as long as you do not mind having some that are not round.