A less expensive version of Ruby
Red spinel can look very similar to ruby, and they often look even better because of their stronger luster (light reflected from the surface of the gem) and brilliance (light reflected from interior of the gem). Spinels are also much rarer than rubies but amazingly, they cost much less.
So, are spinels valuable?
Spinel gemstones are rising in price as demand continues to grows. It's a win-win at this point - they're still less expensive than sapphires or rubies, but as a rising star, their value will continue to go up (making them a great investment). So, considering their rising values, and their generally better brilliance, I would recommend a spinel for clients torn between ruby and spinel.
One detail to consider: the nicest red spinels usually have a touch of pink. So, if you’re looking for a deep dark red hue, a ruby would be the better choice.
Too Rare for Mass-Production
It’s basically impossible to mass-produce spinels. The colors shift so much in different light conditions and the hues differ massively between sources. That means big-box companies and mall stores can’t offer consistent, high-quality spinels because they’re impossible to purchase on a bulk basis.
So, spinel is quite special because you must go small and local to find them. It’s a perfect stone for artisans, independent designers, and specialized retailers like Gem Breakfast.