Loose Alexandrite Gemstones

The remarkable color-shift in alexandrite occurs due to its unique chromium content interacting with light. This precious stone contains chromium ions that selectively absorb wavelengths differently depending on the light source. In daylight, which is rich in green-blue wavelengths, alexandrite appears green; under incandescent light, which contains more red wavelengths, the same stone transforms to raspberry red. This rare phenomenon, called pleochroism, exists in few natural gemstones, making alexandrite particularly valuable for collectors seeking genuine color-change specimens.

Experts grade alexandrite using several key criteria, with color change being paramount. The most valuable specimens show a complete transformation from vibrant green to raspberry red. Clarity ranks second, as flawless alexandrite commands premium prices. Size significantly impacts value, as natural alexandrites over one carat are exceedingly rare. Origin also matters—Russian alexandrites typically fetch the highest prices per carat due to their historic significance and optimal color change. GIA certified stones provide assurance of authenticity, especially important when purchasing investment-grade alexandrite where prices can range from $10,000 to over $100,000 per carat for exceptional specimens.

Alexandrite earned its poetic nickname “emerald by day, ruby by night” because of its dramatic transformation between these two precious colors. Under natural daylight, high-quality alexandrite displays a vivid green reminiscent of fine emeralds, while the same stone shifts to a deep red similar to ruby when viewed under incandescent lighting. This description was popularized when the stone was first discovered in Russia’s Ural Mountains in the 1830s and became associated with the imperial family. The pure, distinct color change remains the most sought-after characteristic when buying alexandrite, with stones exhibiting this perfect transition commanding the highest worth in the market.

Historically, Russia’s Ural Mountains produced the original alexandrite specimens of exceptional quality, characterized by strong color change and excellent clarity. Today, these Russian stones remain the gold standard but are extremely rare. Brazil has emerged as a significant source, yielding alexandrites with slightly more bluish-green to purplish-red transitions. More recently, East African sources—particularly Tanzania and Madagascar—have produced conflict-free alexandrite with impressive color change. Sri Lankan (Ceylon) alexandrites are prized for their larger sizes, though their color shift may be slightly less dramatic. The origin significantly impacts cost, with Russian alexandrite typically commanding the highest price per carat due to its historical significance and superior aesthetic qualities.