Spinel price: what a spinel is worth per carat
Once mistaken for ruby, spinel is now prized in its own right — especially vivid hot-pink/red Mahenge and cobalt blue. A key selling point: it is almost always untreated.
What drives spinel price
Spinel's headline advantage is that fine colour occurs naturally, without heat or treatment, so "natural and untreated" is the expected default rather than a premium add-on. Colour is the main value driver.
Colour
- Vivid red & hot pink (Mahenge, Burma) — the most valuable.
- Cobalt blue — intense blues are rare and command strong premiums.
- Lavender, grey, mauve — fashionable but generally more affordable.
Origin
Burma (Mahenge in Tanzania for hot pinks), Vietnam, Tanzania and Sri Lanka are the notable sources. Clean, bright Mahenge material set off a surge in spinel demand.
Clarity & size
Spinel is typically clean (Type II), so eye-clean is expected. Fine reds and cobalt blues are rare in larger sizes, lifting per-carat prices with size.
Spinel price — frequently asked questions
Is spinel a good investment compared to ruby?
Spinel offers ruby-like reds at a lower price and is almost always untreated, which collectors value. Fine Mahenge and cobalt-blue spinel have appreciated strongly, though it remains less established than ruby.
Is spinel treated or heated?
Almost never. Fine spinel colour is natural, so untreated is the default and there is no treatment discount to worry about — a major part of its appeal.
What is Mahenge spinel?
Spinel from the Mahenge region of Tanzania, known for exceptionally vivid, glowing hot-pink to red colour that helped drive modern spinel demand.
How much is spinel worth per carat?
Vivid red, hot-pink and cobalt-blue stones command the highest per-carat prices; greys and lavenders are more affordable. Use the calculator to estimate your stone.
Indicative trade information from the Gem Index universal pricing engine — not a formal appraisal or laboratory certificate. Wholesale, USD. Species, treatment and origin should be confirmed by an accredited gem laboratory before sale.