Diamonds are the undisputed kings of jewelry, gracing everything from diamond engagement rings to gold diamond studs for women. But are they the most expensive stones out there? Not always. While a 5 carat diamond ring or flawless engagement ring can fetch a fortune, some gemstones outprice even the priciest GIA certified stones. Let’s explore these rare contenders, their geological origins, and why they might eclipse your next 1 carat diamond ring in value—and dazzle.

The Diamond Benchmark

First, let’s set the stage. Diamonds’ value hinges on the four C’s of a diamond—cut, color, clarity, and carat. A 3 carat diamond price can range from $20,000 to $100,000+ depending on quality (GIA diamond color grades like G or F push it higher). Their rarity—formed under extreme pressure 100 miles beneath the Earth’s surface—combined with marketing (thanks, De Beers) cements their status. But rarity alone doesn’t make them the costliest.

Pricier Gems: The Elite List

1. Pink Diamonds
   • Value: Up to $1–2 million per carat for top-tier stones (pink diamonds).
   • Why?: Found mainly in Australia’s Argyle mine (now closed), their scarcity and vivid hue (gemstone by color chart) drive prices. A gia diamond cert for a flawless pink diamond is a collector’s holy grail.
   • Compare: A 1 carat diamond in white might cost $5,000; a pink one could hit $100,000+.
2. Alexandrite
   • Value: $10,000–$70,000 per carat (alexandrite engagement ring).
   • Why?: This chameleon gem shifts from green to red under different light, a phenomenon called pleochroism. Discovered in Russia’s Ural Mountains in the 1830s, its limited deposits make it rarer than lab grown diamonds.
   • Compare: A 5.5 carat diamond ring might rival it, but alexandrite’s uniqueness wins.
3. Jadeite
   • Value: $20,000–$3 million per carat for imperial green.
   • Why?: Prized in Chinese culture for millennia, jadeite’s finest grades (gemstone fluorescence chart shows its glow) outshine diamonds. A 27-carat jadeite necklace sold for $27 million in 2014.
   • Compare: A gold band white diamond engagement ring pales in cultural weight.
4. Musgravite
   • Value: $35,000+ per carat.
   • Why?: A silicate mineral was discovered in 1967, and only a few hundred carats exist globally. Its greyish-green or purple tones (gemstone by color) make it a unicorn among gems.
   • Compare: Even a flawless diamond price per carat struggles to match this.
5. Painite
   • Value: $50,000–$60,000 per carat.
   • Why?: Once the world’s rarest gem, with just two crystals known by 1950, its deep red-orange hue (gem color names) is mesmerizing. Today, a few more exist, but it’s still elusive.
   • Compare: Outprices a 3 ct diamond ring by weight.

Why Are They So Expensive?

• Geological Rarity: Unlike lab created diamonds, these gems form under unique conditions—pink diamonds need specific lattice defects; alexandrite requires beryllium and chromium in harmony.
• Mining Limits: Jadeite deposits in Myanmar and musgravite finds in Australia are finite, unlike diamonds, which have a broader reach.
• Cultural Cachet: Fire ruby gemstone and jadeite carry historical heft—ruby was the “king of gems” in ancient India; jadeite adorned emperors.
• Aesthetic Edge: Yellow sapphire or sapphire for engagement rings offer hues diamonds can’t match naturally (gia diamond color tops out at colorless).

Diamonds vs. Alternatives: A Deeper Look

Diamonds shine with a refractive index of 2.42, scattering light brilliantly (diamond clarity chart). But alexandrite’s color shift (1.75–1.76 refractive index) or jadeite’s translucence offer distinct allure. Hardness matters too—diamonds score 10 on the Mohs scale, while jadeite’s 6.5–7 or musgravite’s 8–8.5 lag but still endure. Cost per carat often trumps size—a 1-carat musgravite beats a 5 carat diamond ring in raw value.

Historical Gems That Prove the Point

• The Pink Star: A 59.6-carat pink diamond sold for $71.2 million in 2017—proof of diamond’s ceiling.
• Hutton-Mdivani Jadeite Necklace: $27.4 million for 27 carats in 2014—price per carat rivals top diamonds.
• Painite’s Discovery: Once a single specimen, its value soared as more surfaced, yet it remains pricier than most diamond jewelry.

Should You Choose Them?

• Investment: GIA certified stones like pink diamonds hold resale value, but musgravite or painite are niche bets.
• Style: A gemstone engagement ring with sapphire or alexandrite stands out vs. a real diamond engagement ring.
• Budget: Gold engagement rings cheap with jadeite accents might outshine a modest 1 ct diamond ring.

Liori Diamonds’ Spin

At Liori Diamonds, we offer diamond engagement rings for women alongside rare beauties like sapphire and diamond rings and gemstone gold stud earrings. Can’t afford a pink diamond? Our lab grown diamond ring mimics the look at a fraction of the cost. Whether it’s a gold cluster diamond ring or a yellow sapphire, we’ve got stones that rival—or exceed—diamonds in price and personality.