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Buying an alexandrite can be an exciting journey – this rare color-changing gemstone is often called “emerald by day, ruby by night” for its remarkable ability to shift hues. Whether its your birthstone, anniversary, or center for an engagement ring, it is imperative that you understand the gemstone market generally. For instance, purchasing an alexandrite is quite different from buying a typical diamond ring. How do you become well informed? we outlined the five most important things you should consider before you buy an alexandrite. These tips will help you find the best alexandrite for your needs, whether you’re shopping for an alexandrite ring, a collector’s piece, or an investment-grade gem.
It’s crucial to understand that buying a colored gemstone such as alexandrite is a very different process from buying a diamond. Diamonds have standardized grading systems and pricing. In the diamond world, the 4 Cs (color, clarity, cut, carat) are quantified by labs (usually GIA), and market prices are guided by the Rapaport List. This means diamonds of a given grade and size have fairly predictable prices, making them more of a commodity[1]. Members of the trade rely on discounts from this list to buy and sell diamonds.
Colored gemstones, on the other hand, do not follow a universal grading or pricing system – each colored stone is unique. There is no “Rapaport” equivalent for alexandrite or other colored gems; pricing varies from stone to stone. In colored gems, factors like the exact shade and intensity of color, treatment, size and clarity are among characteristics in rarity that play a huge role in value.
What this means for you as a buyer is that personal preference and expert judgment are key. One alexandrite might have a slightly stronger green color but no change, while another might be a smaller size or fewer inclusions with greater color change. As a result, buyers might value these factors differently. Labs can identify and describe a colored gem’s features (and reputable ones will give an opinion if it’s natural and untreated), but they don’t “grade” colored gems the way diamonds are graded[3]. Ultimately, you’re not just checking boxes on a report; you’re looking for a color that captivates you. Alexandrite in particular is prized for the extent and quality of its color change. A well-trained jeweler or gemologist can help interpret an alexandrite’s color quality, but unlike with diamonds, you can’t simply compare two stones on paper by grades – you’ll need to see the gemstone’s color in person or in photos and decide if it speaks to you.
Finally, be aware that sourcing an alexandrite is not as easy as sourcing a diamond. Fine alexandrite is extremely rare in today’s market. Diamonds are mined in large quantities and widely distributed and hoarded. This leaves finding a specific size/quality of diamond relatively easily and straightforward. Alexandrite, by contrast, comes only from a few sources in the world and high-quality stones are found sporadically. Geographic conditions are also uncommon for ideal alexandrite discovery beneath the earth. Most quality alexandrites “are not readily available anywhere”[4] In short, expect a more involved and personalized shopping process when hunting for an alexandrite.
For many colored gemstones, the geographic origin (where the stone was mined) can have a big impact on price – and alexandrite is no exception. Certain origins have an almost legendary status among collectors. In the case of alexandrite, historical sources like Russia’s Ural Mountains and high-quality deposits in Brazil command premium prices in the market. In fact, an alexandrite from Russia or Brazil will typically be valued higher than an equivalent-looking stone from another origin[5]. This is partly due to rarity and historical prestige: the first alexandrites discovered in the 19th century were from Russia. Brazilian alexandrites, are known in the trade for having spectacular color change and high quality as well. Because of this reputation, “one stone can cost more than an identical stone without confirmed origin” just because it comes with proof of a prized origin[6].
While origin can influence value, it’s important to keep it in perspective. A fine alexandrite is a fine alexandrite, regardless of where it was mined – but if you specifically require a documented Russian or Brazilian origin, be ready to pay more for that pedigree. Also, proving origin isn’t always straightforward. Generally, only specialized gemological laboratories can determine geographic origin by examining trace elements and inclusions in the stone. This usually comes as an additional lab service (for example, GIA and other major labs will provide an “Identification & Origin Report” upon request)[3]. Such origin reports often cost extra, but they are the only way to authenticate origin if a seller is claiming the gem is from a premium location[7]. For a casual buyer, origin may not be a make-or-break factor – a beautiful alexandrite from, say, Sri Lanka or Tanzania can be more affordable than an equally beautiful one from Russia. It is also worth noting that lab reports are just stated opinions and can be inaccurate.
In summary, origin can drive up the price significantly. Russian alexandrites, when they rarely appear on the market today, are extraordinarily expensive for their size. Brazilian stones also carry a premium. Other sources like Sri Lanka, East Africa (Tanzania, Madagascar), or India have produced alexandrites as well often at slightly lower price points for similar quality, simply because they lack the “name appeal.” Decide how important origin is to you. If it matters a great deal (for example, you want the story and prestige of owning a Russian Alexandrite), be prepared for the premium and insist on proper documentation. If you care mostly about the gemstone’s appearance and value, you might find a non-Russian alexandrite that offers a better bang for your buck. Either way, a reputable lab report or expert opinion on origin is essential when origin is being used to justify a higher price tag.
Colored gemstones and fine jewelry are luxury goods, and alexandrite is no exception. Before diving into the search, it’s important to set a realistic budget for yourself. Alexandrite is one of the most expensive gemstones on a per-carat basis (especially for top quality), so prices can range widely. It helps to know what you are comfortable spending, so you and your jeweler can align your expectations with the market. For example, if you walk into an investment firm and say “I want to buy stock,” the first question would be how much you want to invest – some stocks are just a few dollars, others cost thousands per share. The same concept applies here: there are small alexandrites under 0.25 carat that might be a few hundred dollars, and there are investment-grade gems of several carats that can cost tens of thousands of dollars. A clear budget will focus your search on the stones you can reasonably consider.
Keep in mind that with gemstones, quality and size trade-offs are very common. As one industry guide explains, “Consumers must reconcile their budget with their tastes. A smaller gem of finer quality will cost as much or more than a larger gem of lesser quality.”[8] This is excellent advice for alexandrite shoppers. For instance, a top-quality alexandrite of 0.50 carat might cost the same as a mediocre-quality stone of 1.00 carat. Nature produces far fewer large, high-quality alexandrites than small or average ones, so prices rise exponentially for size and quality. If your heart is set on a vivid color change and near-flawless clarity (the traits of a top-tier alexandrite), you may need to opt for a smaller stone to stay within budget – or be prepared for the higher cost of a larger one that ticks all those boxes. On the other hand, if you mainly want a genuine alexandrite gemstone for sale as an accent or a more affordable engagement ring alternative, you might choose to compromise a bit on color change or clarity to get a slightly bigger stone for your money.
Having at least a ballpark budget in mind also helps gem dealers source appropriate options for you. Alexandrite prices can vary from a few thousand dollars per carat up to $20,000–$100,000+ per carat for top-quality. So, do some research on current alexandrite price ranges (keeping in mind the factors of color change strength, carat weight, clarity, origin) and decide what price range you’re aiming for. And remember, this is a luxury purchase – much like buying a piece of fine art or high-end furniture, the “best” piece is one that brings you joy and falls within what you are willing and able to spend. If you’re ever unsure, a reputable dealer can help guide you through options in your range. At The Rare Gem Collection, for example, we categorize our Certified Alexandrites by quality/grade and can work with virtually any budget, from entry-level natural alexandrites to ultra-rare collector pieces. The key is to communicate your budget and priorities, so you end up with an alexandrite that you love and are comfortable investing in.
When it comes to alexandrite (or any valuable gemstone), insist on a reputable laboratory report. Alexandrite is a gem that has seen many imitations and synthetic alternatives over the years, so you want to be absolutely sure that the stone you’re buying is natural and as described. A proper lab report – from an independent, well-known gemological laboratory like GIA, AGS, AGL, Gübelin, or GRS – will confirm the identity of the gem as natural alexandrite, note any treatments (alexandrite is rarely treated, but it’s good to be sure), and often describe the quality of the color change. As the Gemological Institute of America advises buyers: “When in doubt, get a lab report. For a significant purchase an independent laboratory report can confirm that the alexandrite you are buying is natural.”[10] In other words, the lab certificate is your guarantee that you are indeed getting a genuine alexandrite and not a synthetic or look-alike stone.
This is especially important because lab-created or simulated stones do exist in the market. There are synthetic alexandrites (grown in a lab to have a color-change effect) and also other minerals like color-change sapphire or garnet that can be misleadingly sold as “alexandrite” if you aren’t careful. A “real” lab report from a trusted gem lab will explicitly state the stone is a natural chrysoberyl var. alexandrite, and will disclose if the stone is laboratory-grown or treated. It’s wise to avoid any expensive alexandrite purchase that does not come with such documentation.
In practical terms, when a seller presents a gem with a lab report, look for details like the lab name/logo, report number, and the specifics: it should identify the stone as natural alexandrite, list the carat weight and measurements, comment on color change (sometimes labs will say “changes from green to purplish red” for example), and list any detectable treatments. Optionally, and at extra cost, the report may also give an opinion on origin (as discussed above, this is often a separate add-on service).
Alexandrite is famous for its color-changing ability, and this is something you truly need to see to appreciate. Whenever feasible, try to view the actual gemstone in person. Alexandrite’s appearance can vary dramatically under different lighting conditions – daylight, incandescent light, LED light, etc. Photos on websites might show the stone in one lighting condition, or even side-by-side comparisons, but your eyes in real life are the best judge of whether you love the color change. If you can visit a jeweler or dealer to examine the stone, do so; if you’re ordering remotely, consider requesting a video of the alexandrite being moved between lighting environments. Lighting makes a huge difference. Under natural daylight or fluorescent light, a fine alexandrite will typically appear green to bluish-green, and under warm indoor lighting (like an old-style incandescent bulb or candlelight) it should shift to a purplish red or raspberry tone. The degree of change can be subtle or strong depending on the stone. A top-quality alexandrite might display a distinct green in daylight and a rich red/purple/pink in incandescent light, essentially giving you “two gemstones in one.”
Another reason to see the gem is that color perception is subjective. Some people prefer an alexandrite that’s more bluish-green, others love a pure emerald-green in daylight. Likewise, you might find you favor a stone that turns a deep purple-red as opposed to cherry red under incandescent light. These nuances won’t fully come across unless you observe the gem directly. Additionally, keep in mind that modern lighting (like LED bulbs) may not trigger as strong a color change as old incandescent bulbs – so it’s good to test the stone in various settings (for example, try viewing it by a window in daylight and also in a dim room with a warm light). A trustworthy seller will understand the importance of this. In fact, many online gem dealers offer an approval period: they ship the gem to you so you can examine it in person for a few days, and you can return it if it doesn’t meet expectations. Take advantage of such policies if you’re buying sight-unseen. At The Rare Gem Collection, we strive to provide high-quality images and even a special “Alexandrite Lightbox” viewing tool on our website, but we also offer a return policy because we know how crucial it is for clients to see the alexandrite with their own eyes.
In summary, don’t solely rely on pictures or descriptions. Whenever possible, look at the alexandrite directly (and in different lights) to ensure you’re happy with both of its “personalities.” This gemstone is a chameleon; that’s its magic. You want to make sure you love the way it looks by day and by night. If a personal viewing isn’t possible due to distance, work with a seller who will give you plenty of visual evidence (photos/videos under multiple lighting conditions) and who has a fair return or exchange policy. That way, you can confidently evaluate the stone’s color change and overall beauty once it’s in your hand.
Purchasing an alexandrite can be one of the most rewarding experiences for a gem lover. It is a rare privilege to own a gemstone that displays different colors – essentially a natural marvel. By keeping in mind these five considerations – the unique nature of colored gems vs. diamonds, the effect of origin on price, the importance of budgeting for a luxury item, the necessity of a lab report to ensure you’re getting a genuine alexandrite, and the value of seeing the stone in person – you will be well prepared to make an informed decision. Always remember that education is your ally in the world of rare gems. We encourage you to continue your research with trusted sources; for example, GIA’s Gem Encyclopedia and industry guides are great for learning more[8][1].
If you have any questions or need guidance, The Rare Gem Collection is here to help. We have over 40 years of experience in dealing with alexandrites and other exceptional gemstones, and we take pride in our quality you can trust. Feel free to reach out to us for personalized assistance in finding the right alexandrite. We also invite you to explore our in-depth Alexandrite Guide on our website, which goes even deeper into alexandrite’s history, grading, and care. Our goal is to make your gem-buying journey as transparent and enjoyable as possible. With the right knowledge and a reliable partner by your side, you’ll soon be able to secure the best alexandrite gemstone for your needs – one that you will cherish for a lifetime. Happy hunting, and may your new alexandrite bring you “luxury, luck, and light” every time you gaze at it!
Sources:
[1] [2] [6] Buying Guide: Gemstones – Chalmers Jewelers
[3] [10] Alexandrite Gemstone | Natural Alexandrite Stone - GIA
https://www.gia.edu/UK-EN/alexandrite/buyers-guide
[4] Alexandrite Guide | The Rare Gem
[5] [9] [12] How Much Does A Real Alexandrite Ring Cost? - Joshua Kodner Auctions
https://joshuakodner.com/real-alexandrite-ring-cost/
[7] Colored Gemstone Value Factors
[8] [13] Gemstone Buying Guide - Gemworld International
https://www.gemguide.com/learning/education-colored-gemstones/gemstone-buying-guide/
[11] Real Alexandrites - a Guide on Value, Price. Properties and Authenticity – Safiya Alexandrites
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