What actually moves the price
A coloured stone is not priced the way a diamond is. Diamond grading is a near-universal scale where colour and clarity are read off a chart, and two stones with the same four grades are close to interchangeable. Coloured stones have no such scale, and the trade prices them on colour first, by a long distance. Within colour, what is being judged is hue, how pure the colour is; saturation, how strong it is; and tone, how light or dark. A ruby can be unambiguously red and still be worth a tenth of another ruby because its saturation is weak or its tone has gone towards brown.
Clarity comes second, and what counts as good clarity is different for every species. Emerald is expected to contain visible inclusions and is graded on a scale that assumes them. Sapphire and ruby are expected to be eye clean at commercial grades. A pearl is judged on nacre and lustre and not on clarity at all. Applying a diamond buyer’s instincts across species is the most common and most expensive mistake we watch people make.
Cut, carat and origin follow. Cut matters more than most buyers expect, because a stone cut for weight retention rather than for light return will look dull no matter how good the rough was. Weight is not linear: price per carat steps up at the sizes where good rough becomes scarce, so a single five carat stone is worth considerably more than five one carat stones of the same quality. Origin matters where it correlates with a real gemmological difference, and is worth nothing where it does not.


















