Natural alexandrite commands sky-high prices, especially for fine quality stones. So what determines the price per carat for this elusive gem?
Color Change
The more dramatic and distinct the color change exhibited by alexandrite, the more valuable the stone. Stones that shift from a rich forest green in daylight to a vivid purplish-red under incandescent light are the most sought after. The more muddy or indistinct the color change, the lower the value per carat. Fancy colored alexandrites in blue or pink are also exceptionally rare and expensive.
Clarity
As with other precious gems, the more flawless and clear the alexandrite, the greater its worth. Eye-clean stones with few inclusions and high clarity ratings fetch premium prices. Flaws and cloudiness can detract from Overall beauty and color change.
Cut
Well-cut alexandrites display a brilliance and "fire" that showcases the dramatic color change. Fine faceting and precision cuts like round, cushion, or emerald cuts enhance the stone's presentation and drive up the price per carat. Poor cut quality will reduce value even if the color change is strong.
Carat Weight
Larger alexandrites are exponentially rarer and more valuable. A one carat stone could be worth over $5,000 while a five carat stone could command $200,000 or more. Premium prices are paid for flawless, finely colored alexandrites over one carat. Even poor quality tiny stones under one carat can run several hundred dollars per carat due to scarcity.
Source
The vast majority of alexandrite comes from Russia, where it was first discovered in the 19th century. Russian alexandrites, especially old mine stones from the Urals region, are generally the most prized worldwide. Some fine alexandrite has also been mined in Brazil, Sri Lanka, India, Tanzania and Zimbabwe. However, Russian stones still tend to command the highest market value.
With its incredible color-changing properties, natural alexandrite is considered one of the most fascinating gems in the world. For collectors and gem aficionados seeking this rare chameleon stone, the rewards are worth the often steep price per carat, which can rival even the cost of a fine ruby or emerald.
