HS Code:
Rubies, classified under HS Code 7103.10 (unworked or simply sawn or roughly shaped) and HS Code 7103.91 (worked rubies), are among the most valued gemstones in the global market due to their rarity, vibrant color, and cultural significance. They are primarily used in high-end jewelry, with demand driven by luxury markets, investment purposes, and industrial applications (e.g., in lasers). The ruby trade is heavily influenced by mining locations, quality of stones, and geopolitical factors affecting key producing regions.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$320 million USD
26.7% of total trade of total trade
Increasing
$250 million USD
20.8% of total trade of total trade
Stable
$200 million USD
16.7% of total trade of total trade
Decreasing
$150 million USD
12.5% of total trade of total trade
Increasing
$100 million USD
8.3% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect local markets)
Lowest Rate
0% (under free trade agreements like EU-Switzerland or USMCA)
Rising demand for ethically sourced rubies
Increased scrutiny on supply chains has boosted demand for certified stones from regions like Mozambique, pushing prices up by 10-15% for traceable rubies.
2021-2023
Growth in synthetic ruby production
Lab-grown rubies are capturing a growing share of the lower-end market, reducing demand for low-quality natural stones by approximately 8% annually.
2020-2022
Shift in consumer markets to Asia-Pacific
Rising wealth in countries like China and India has increased regional demand for luxury jewelry, contributing to a 20% growth in ruby imports to these markets.
2019-2023
The United States renewed sanctions on ruby imports from Myanmar due to ongoing human rights concerns, impacting global supply chains as Myanmar accounts for a significant portion of high-quality rubies.
April 2023
Trade volume from Myanmar dropped by 15%, with alternative suppliers like Mozambique and Madagascar gaining market share.
New ruby deposits in Mozambique’s Montepuez region have positioned the country as a major supplier, with production increasing by 25% over the past two years.
June 2022
Global ruby prices stabilized due to increased supply, benefiting jewelers but pressuring smaller producers.
The European Union implemented new due diligence requirements for gemstone imports, mandating proof of ethical sourcing to combat conflict funding.
January 2023
Compliance costs for exporters rose by 5-10%, potentially reducing trade volumes from non-certified sources.