+1 (212) 382-1314
Alexandrite is one of the scarcest gemstones available to collectors today. Its rarity comes from a combination of geological difficulty, narrow formation conditions, tight global supply, and a natural optical effect that very few minerals possess. Quality alexandrite color change will evolve from chrysoberyl with the presence of both chromium and the absence of iron during formation. These conditions rarely occur in the same geological environment. As a result, fine Alexandrite is far rarer than ruby, emerald, sapphire, and even most fancy color diamonds.
Alexandrite’s signature trait is its ability to change color under different lighting conditions. Daylight usually reveals a green or bluish green tone while incandescent or warm light reveals a pink, purplish red, or purple tone. The strength of that color change influences value more than almost any other factor. A stone that shifts 80 to 100 percent between two distinct hues is significantly more desirable than stones with only mild or partial change.
Untreated Alexandrite with strong color change is rare across all sizes. Above 2 carats, supply becomes limited. Above 4 carats, true fine material becomes exceptionally scarce. Once a stone reaches 6 to 8 carats, it falls into a category that only a handful of collectors in the world can pursue.
Comparatively speaking, prior years had stronger Alexandrite sales per carat, and larger sizes. This further supports evidence that the gem continues to dwindle in availability. Collectors seem to show more interest in Brazilian Origin Alexandrites, yet the presence of Alexandrites from Africa continue to show a slight increase in demand as buyers are ready for other sources. Below you will find some of the rarest Alexandrites sold this year based on quality, origin, and shape. Pairs are hard to find. Ring or Jewelry design was given little weight. Some prices were higher due to brand prestige. We just considered the gemstone itself (not any diamonds included with it when listing price per ct).
1. 8.97 Carat Brazilian Alexandrite Ring (Christie’s Online)
Date: December 5, 2025
Estimate: HKD 200,000 to 300,000
Sold: HKD 1,778,000 (USD ≈ 227,600)
Price Per Carat: ≈ 25,380 USD per carat
Details:
This stone was one of the largest Alexandrite sold at auction in 2025. At 8.97 carats with Brazilian origin(dual reports from SSEF and GIA). The stone achieved one of the more modest prices per carat for its origin class. The color shift was described as moderate green blue to reddish purple. The stone had inclusions and a small chip which may have accounted for the price discount.
2. 6.23 Carat Sri Lankan Alexandrite Ring (Sotheby’s Hong Kong)
Date: September 19, 2025
Estimate: HKD 150,000 to 350,000
Sold: HKD 698,500 (USD ≈ 89,800)
Price Per Carat: ≈ 14,410 USD per carat
Details:
Accompanied by SSEF, Gübelin, and GRS, this Ceylon Alexandrite displayed a distinct color change from yellowish green to reddish purple. Almost eye clean at over 6 carats, the stone performed well above expectations. Non-Brazilin Alexandrite remain under the radar and will continue to see a climb in 2026.
3. 5.22 Carat Brazilian Unmounted Alexandrite (Sotheby’s High Jewelry)
Date: December 9, 2025
Estimate: 30,000 to 50,000 USD
Sold: 57,150 USD
Price Per Carat: ≈ 10,950 USD per carat
Details:
Certified by AGL with no treatment and Brazilian origin, this unmounted gem offered strong color change from bluish green to reddish purple. It showed moderate inclusions and minor abrasions. The visual appeal lacked the green expected from Alexandrites of top caliber, and the cut did not bring out the highest visual appeal which is why it fell right in line of estimates.
4. 5.07 Carat Sri Lankan Unmounted Alexandrite (Sotheby’s Geneva)
Date: November 14, 2025
Estimate: 8,000 to 9,500 CHF
Sold: 21,590 CHF (USD ≈ 23,750)
Price Per Carat: ≈ 4,685 USD per carat
Details:
This Ceylon Alexandrite showed a distinct color change and medium strong saturation. It was very slightly included with a small girdle chip. Even with these conditions, the stone exceeded its estimate by a wide margin, showing an increase in demand for untreated Sri Lankan material above 5 carats. Slightly lighter to medium saturated Alexandrites will underperform their bluish-green counterparts. A great deal for whoever found this rare gem!
5. 4.13 Carat Brazilian Alexandrite Ring (Sotheby’s Hong Kong)
Date: September 19, 2025
Estimate: 350,000 to 550,000 HKD
Sold: 635,000 HKD (USD ≈ 81,300)
Price Per Carat: ≈ 19,680 USD per carat
Details:
Gübelin issued two separate reports for this stone spanning more than a decade. The color change was distinct from greenish blue to purple. Strong saturation and an attractive oval cut made it one of the more desirable mid size Brazilian stones sold this year. Although color appears to have a muted presence of green, the demand for Brazilian Alexandrites over 3 carats remains steady regardless of color quality.
6. 4.03 Carat Brazilian Alexandrite Ring (Sotheby’s Hong Kong)
Date: April 25, 2025
Estimate: 800,000 to 1,500,000 HKD
Sold: 1,143,000 HKD (USD ≈ 146,300)
Price Per Carat: ≈ 36,320 USD per carat
Details:
This was one of the strongest price per carat results of the year. The strong bidding reflected the stone’s distinct color change, medium deep tone, and classic Brazilian profile. Dual reports from Gübelin and GIA added credibility, and the platinum setting enhanced the presentation. Compared to 4.13 ct above, it is apparent the green color was stronger leading to a higher price sold.
7. Brazilian Alexandrite Ring Totaling 4.55 Carats (Phillips Hong Kong)
Date: 2025
Estimate: HKD 600,000 to 800,000
Sold: HKD 645,000 (USD ≈ 82,560)
Price Per Carat: ≈ 18,140 USD per carat
Details:
This ring featured three Brazilian Alexandrites weighing 1.79, 1.43, and 1.33 carats. Each stone had its own Gübelin certificate. Matching three untreated Brazilian stones of this size is extremely uncommon, which led to strong competitive bidding. Matching sets of Alexandrite are tough to come by!
8. Tiffany and Co. Alexandrite Earrings Approx. 3.70 to 4.10 ct Total (Christie’s Online)
Date: June 18, 2025
Estimate: 30,000 to 50,000 USD
Sold: 126,000 USD
Price Per Carat: approx. 32,310 USD per carat
Details:
AGL reported no treatment and a color change rating of 90 to 100 percent with excellent quality. Tiffany provenance made the earrings especially appealing to collectors. Even though the stones were smaller than others on this list, the per carat price was among the year's highest. Brand power is always associated with quality and long term investment value. As noted above, pairs and suites are hard to come by and are considered especially rare.
9. 3.07 Carat Tanzanian Alexandrite Ring by Tiffany and Co. (Christie’s Jewels Online)
Date: October 23, 2025
Estimate: 40,000 to 60,000 USD
Sold: 57,150 USD
Price Per Carat: ≈ 18,615 USD per carat
Details:
Tanzanian Alexandrite is uncommon at larger sizes. This piece combined a clean oval cut, excellent color change, and Tiffany craftsmanship. Collectors responded well to the pairing of rare origin and luxury house branding. A very underrated piece acquired by the buyer, as this origin seldom produces Alexandrites anymore!
10. 2.92 Carat Brazilian Alexandrite Multi Gem Ring (Christie’s Magnificent Jewels)
Date: November 25, 2025
Estimate: HKD 120,000 to 180,000
Sold: HKD 406,400 (USD ≈ 52,020)
Price Per Carat: ≈ 17,820 USD per carat
Details:
Certified by SSEF with no indications of heating, the stone showed a distinct shift and bright appearance. Although surrounded by additional gemstones, the Alexandrite remained the primary value driver and achieved a strong per carat result.
The 2025 auction season reaffirmed Alexandrite’s position as one of the most investable and supply constrained gemstones in the world. Stones above 4 carats performed exceptionally well, and any untreated Brazilian or Sri Lankan gem with a high quality color shift attracted global competition. Tiffany and Co. provenance proved influential, and strong lab documentation remained essential for value.
Collectors should continue monitoring availability. The volume of significant Alexandrites entering the market remains extremely limited. This scarcity supports a stable long term price trajectory, especially for stones above 3 carats with strong color change.
.svg)
