Asia dominates the ruby trade, with China being a major contributor to its robust demand. According to dealers interviewed by JNA Asia Jewellery, Burmese rubies remain the most sought-after in China. However, limited supply has pushed the market to embrace Mozambican ruby deposits, discovered in Africa in 2008, which have bolstered China’s ruby trade growth.
With the rise of China’s affluent class and shifting consumer preferences, rubies have emerged as the colored gemstone of choice for discerning buyers in recent years.
The Cultural Appeal of Rubies in China
Rubies hold deep cultural significance for Chinese consumers. In traditional Chinese culture, the color red symbolizes luck, prosperity, and joy. The vibrant hues of rubies align perfectly with these values, making them an ideal choice for those seeking meaningful luxury.
The Chinese market is a key focus for World Corundum Co Ltd, a Thai gemstone manufacturer and wholesaler. Tarnan Pattaratara, the company's general manager, explains, “The Chinese market is unique. People seek rare, high-quality gemstones, with a strong preference for unheated stones.”
Chinese buyers typically favor vivid red rubies, while pinkish or medium-red hues attract less interest. PN Gems (HK) Co Ltd CEO Tang Kefei agrees, noting that color remains the top priority for Chinese buyers, surpassing considerations like cut, clarity, and size.
Bridging the Knowledge Gap
While interest in rubies is strong, there remains a significant knowledge gap among consumers. According to a January report by Gemfields, many Chinese consumers are eager for more comprehensive information about rubies, including their pricing, certification, origin, and treatment processes.
The report, titled “Rubies: Stepping Out of the Vault and Into the Lives of China’s Middle Class”, was conducted in late 2023 and surveyed individuals aged 25–60 from major cities in mainland China. The findings highlight the growing demand for ruby-related education and transparency.
“Some buyers are knowledgeable about gems and even specific certification standards,” Tang notes. “However, the majority of the market remains at a beginner level. There is a clear need for education to help consumers better understand natural ruby characteristics and accept minor imperfections.”
A Growing Market and New Opportunities
China’s burgeoning middle and upper classes are increasingly interested in understanding the gemstones they purchase, especially in terms of origin, color, and clarity. Many are willing to pay for educational courses and actively seek knowledge through online and offline channels.
Tang emphasizes the growing popularity of gemology training programs in China, offered by labs and institutions. “These courses cultivate informed buyers who are better equipped to appreciate high-quality rubies,” he explains.
The Future of Rubies in China
The Chinese ruby market holds immense potential, with untapped segments emerging beyond the traditional high-end sector. Previously, demand was concentrated in major cities for top-quality stones. Over the years, customers in smaller cities have begun to show interest in medium- and low-quality stones, focusing on affordability over perfection.
Additionally, jewelry manufacturers are increasingly seeking smaller-sized rubies for mass-market jewelry collections. However, declining availability of high-quality stones has led to price increases, which are expected to persist.
Despite recent slowdowns due to global economic uncertainty, Honghe International Supply Chain Ltd. chairman Chen Yongchu remains optimistic. “The demand for rubies is still strong in China,” he says. “To unlock further growth, the industry must invest in consumer education and marketing.”
Tang adds, “The high price of premium rubies boosts consumer confidence, encouraging investment in these precious gemstones.”