Spinel is the gemstone world's best-kept secret — and that secret is getting out. Historically confused with ruby (the Black Prince's 'Ruby' in the British Crown Jewels is actually a spinel), this gemstone is finally receiving recognition for its exceptional qualities: vivid colors, high brilliance, no treatments, and increasing rarity. Prices for fine spinel have appreciated 10-15% annually over the past decade, making it one of the strongest performers in the colored gemstone market.
GemstoneAI market index, updated October 4, 2026
$522 per carat
A market-wide average across qualities and sizes, refreshed weekly. What your spinel is worth depends on its carat, color, clarity, cut, treatment and origin.
See the live spinel marketSpinel Price Chart
| Quality | Price/Carat | Notes |
|---|---|---|
| Common gray/dark, under 1ct | $20–$100 | Commercial grade |
| Good pink/purple, 1-3ct | $200–$1,000 | Fine jewelry |
| Fine hot pink (Mahenge/Burma) | $1,000–$5,000 | Collector quality |
| Cobalt blue, vivid | $3,000–$15,000 | Premium tier |
| Red 'Jedi' (Burma), 2ct+ | $5,000–$20,000+ | Ultra-premium |
Red and Pink Spinel Values
Fine red spinel from Burma is the most valuable variety, with vivid 'Jedi' red stones from Mogok and Man Sin commanding $5,000-$20,000/ct for stones over 2 carats. The term 'Jedi' refers to a specific neon quality in Burmese red spinels that's unlike anything else in gemology. Hot pink spinels from Burma, Tanzania, and Tajikistan range from $500-$5,000/ct. Mahenge (Tanzania) produces vivid hot pink to neon pink spinels that have become extremely sought-after, with prices rising dramatically since their discovery. A significant advantage of spinel is that fine stones are almost never treated — what you see is entirely natural.
Cobalt Blue Spinel: The Rising Star
Cobalt-colored blue spinels, primarily from Vietnam, Sri Lanka, and Tanzania, have seen explosive price growth. Fine cobalt blue spinels with vivid saturation now sell for $3,000-$15,000/ct — up from $500-$1,000/ct a decade ago. The cobalt-induced neon blue is reminiscent of Paraíba tourmaline at a fraction of the price (for now). Non-cobalt blue spinels are more affordable at $200-$2,000/ct. Gray-blue and lavender spinels from Sri Lanka and Burma offer accessible beauty at $50-$500/ct. GemstoneAI can help you distinguish cobalt blue from non-cobalt varieties through color analysis.
- Cobalt blue (Vietnam/Sri Lanka): $3,000–$15,000/ct — rapidly appreciating
- Non-cobalt blue: $200–$2,000/ct — fine jewelry quality
- Lavender/gray-blue: $50–$500/ct — accessible beauty
- Purple: $100–$800/ct — niche collector market
The Spinel Appreciation Trend
Spinel is experiencing a significant market correction upward. For decades undervalued due to confusion with other gems and lack of consumer awareness, spinel prices have appreciated 10-15% annually for fine quality stones. Key drivers include: growing recognition among collectors and jewelry designers, very limited supply of top-quality material, the fact that spinels are virtually never treated, and increasing difficulty sourcing fine stones from traditional origins. Several gemological authorities have added spinel as an August birthstone, boosting retail awareness. For collectors, fine spinel represents one of the strongest value propositions in the market today.
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