The Surprising Truth About Opal Value (vs. Gold & Diamonds)

No, in general, an opal is not more expensive than gold or diamonds; however, the rarest and highest-quality black opal from Lightning Ridge, Australia, can be one of the most valuable gems on earth, with a per-carat price that can exceed that of a high-quality white diamond.

You’ve just seen a mesmerizing piece of opal jewelry. You’ve been captivated by its fiery, galaxy-like flashes of color, a display unlike any other gem. It looks so special, so otherworldly, that you’re left wondering: “Is this a priceless treasure? Is it more valuable than a diamond? Or is it an affordable secret?”

As your friend in the gem business, I’m here to demystify the beautiful and often confusing world of opal value. We are going to go on a journey up the “Opal Value Pyramid,” from the accessible to the astronomical.

We’ll put it head-to-head with gold and diamonds, and by the end, you’ll understand exactly what makes this incredible gemstone so special.

A Jeweler’s At-a-Glance Answer

Alright, let’s cut right to the chase. You want a direct answer, and as your friend in the business, I’m going to give it to you. Here’s the fast, at-a-glance comparison from my jeweler’s perspective.

Asset	Price Per Gram / Carat (Typical)	Can a Top-Tier Opal Be More Expensive?
Gold (24k)	~$75 / gram	Yes
Diamond (1ct G, VS2)	~$5,000 / carat	Yes
Opal	$10 – $20,000+ / carat	N/A

The Mehedi Explanation: What This Table Really Tells You

The first two rows are straightforward. Gold has a clear, commodity-based price per gram. A good quality diamond has a high but relatively predictable price based on its GIA certificate. But I want you to look closely at that third row.

That’s the whole story. A one-carat opal can be worth less than a pizza, or it can be worth more than a brand-new car. It’s one of the few gemstones in the world with such a mind-bogglingly vast range of value.

This is why the real story of opal value is so incredibly fascinating. As you can see, the most important question isn’t “Is opal expensive?” it’s “Which opal are you talking about?”

A common white opal is a beautiful and very affordable gem, perfect for casual opal jewelry. But a flawless, gem-quality Australian black opal? That’s a different beast entirely. Unlike a diamond, whose value is locked into the 4Cs, an opal’s worth is more like fine art—its price is determined by the vibrancy of its play-of-color, the rarity of its pattern, and the darkness of its body tone.

This subjective nature, where beauty dictates value, is something we also see in other unique gems, a concept we explore in our guide on how pearls are valued using the GIA’s 7 factors.

The idea of a gemstone rivaling the price of a precious metal isn’t new. In fact, for centuries, the “big three”—emeralds, rubies, and sapphires—have done just that. We explore this very concept in our fascinating article, are sapphires worth more than gold?.

The surprising truth is that opal, in its most exalted form, belongs in that same elite club. To understand why, we need to go on a journey up what I call the “Opal Value Pyramid.”

From Common Beauty to Priceless Rarity

To understand opal value, you can’t think of it as a single gemstone. You have to think of it as a vast and beautiful family, with members that range from charmingly accessible to astronomically rare and valuable.

As your friend in the gem business, I’ve created a simple framework I call the “Opal Value Pyramid” to help you understand this incredible range. We’ll start at the broad, affordable base and journey all the way up to the legendary, priceless peak.

The Base of the Pyramid: Affordable & Beautiful Opals

This is the foundation of the opal market, where you’ll find beautiful, genuine opals that are perfect for stylish and accessible opal jewelry.

This is the classic opal that most people picture.

• The Look: A white or light, milky-to-opaque body that serves as the backdrop for beautiful flashes of rainbow-like “play-of-color.”
  
• The Value: White opal is the most abundant type of precious opal, which makes it the most affordable. It is a fantastic entry point into the world of this unique gem.
  
• My Expert Take: A well-cut white opal can be absolutely beautiful. Your goal is to find one with bright and vibrant flashes of color that dance across its surface. It’s the perfect choice for an opal as an engagement ring if you’re on a very tight budget but still want a genuine, natural gemstone with a touch of magic.

This is a variety of opal that breaks all the rules, and it is stunningly beautiful.

• The Look: Unlike other opals, a Fire Opal’s value comes from its vibrant, fiery body color, which can be a brilliant orange, a rich red, or a sunny yellow.
  
• The Play-of-Color Myth: Many Fire Opals have no play-of-color at all; their beauty is purely in their intense, transparent-to-translucent body color. The rare and more valuable specimens will have both a fiery body color and a good play-of-color.
  
• My Expert Take: A Mexican Fire Opal is a fantastic choice for someone who loves a warm, vibrant color story. It has an energy all its own. If you love that bold, saturated orange hue, you might also be interested in exploring other beautiful and affordable gems in that color family, like Orange Agate.

The Mid-Tier: The Ethiopian Opal Boom

Now we move up the pyramid to the stone that has completely revolutionized the opal market over the past two decades.

A major discovery of this spectacular opal in Ethiopia in the early 2000s changed the game. It introduced a type of opal with incredible beauty at a very competitive price.

• The Look: An Ethiopian Welo Opal is famous for its stunningly bright, vivid, and almost neon-like flashes of play-of-color. Its body is often transparent or translucent, creating a “crystal” opal where the flashes of color seem to float within the stone like a captured galaxy.
  
• The “Hydrophane” Secret (A Critical Care Note): This is the most important thing you need to know about Ethiopian opal. It is hydrophane, which means it can absorb water like a sponge. If you soak your Ethiopian opal jewelry in water, you might see the stone turn clear and the play-of-color temporarily disappear. 
  Don’t panic! When it is allowed to dry out completely (which can take a few days), that beautiful color will come roaring back. The #1 rule is to keep it dry.
  
• My Expert Take: This is the new king of the commercial market for a reason. It offers a level of brilliance and “fire” that can rival a black opal, but at a tiny fraction of the price. It is an exceptionally beautiful and high-value stone.

The Apex of the Pyramid: The Legendary Black Opal

Now we arrive at the top. The pinnacle of the pyramid. This is where opal value leaves gold in the dust and enters the same rarified air as high-end diamonds, sapphires, and rubies. This is the black opal.

The black opal is one of the rarest, most valuable, and most sought-after gemstones on Planet Earth. Its fame comes down to one simple, powerful principle: contrast.

• The “Midnight Sky” Effect: Its defining characteristic is a dark body tone, ranging from a dark, smoky grey to a pure, pitch black. This dark background acts like a midnight sky for the stone’s play-of-color. The flashes of red, green, blue, and orange don’t just sparkle; they explode against that dark canvas. A firework show at night is always more spectacular than one in the afternoon—that’s the secret to the black opal.
  
• The Source of Legends: The finest gem-quality black opals in the world come from one tiny, remote area: Lightning Ridge, Australia. This extreme geographical rarity is a huge part of its value.
  
• The Expert’s View: For a black opal, value is determined not just by color and carat, but by pattern. A rare pattern, like a “Harlequin” (large, distinct squares of color) can be astronomically valuable.
  
• The Price: A fine-quality black opal from Lightning Ridge can easily command a price of over $20,000 per carat, making it far more expensive per carat than both gold and most high-quality white diamonds.
  This level of rarity and value isn’t unique to opal; it’s a club reserved for the world’s most unique gems, like the stunning and equally rare Padparadscha Sapphire.

Now that we understand the incredible variety within the opal family, let’s put it in context. How does an opal truly stack up against the two assets people think of when they hear the word “precious”: gold and diamonds? The answer is a fascinating look at how the market defines value.

Opal vs. Diamond: A Tale of Two Rarities

This is the ultimate glamour matchup. But to compare them fairly, you have to compare them tier for tier. It’s not about a single winner; it’s about understanding that both gems have their own versions of “common” and “impossibly rare.”

This is the most critical and objective difference between the two.

• A Diamond is a perfect 10 on the Mohs scale of hardness, the hardest natural substance on earth. It is exceptionally resistant to scratches from everyday life.
  
• An Opal is a much softer gemstone, rating between 5.5 and 6.5 on the Mohs scale.

What this means for you: This is a huge practical difference. An opal is softer than common quartz (which is a 7), the mineral that makes up most household dust. This means an opal requires much more mindful wear to prevent it from getting scratched over time.

The risk of scratching is very real, a topic we touch on in our expert guide on whether it’s possible to repair scratched peridot, another beautiful but softer gemstone.

Here is where the “it depends” answer comes into full view.

• At the commercial level, a good quality 1-carat white diamond is significantly rarer and more expensive than a beautiful 1-carat white opal. A good G-VS2 diamond will cost thousands, while a lovely white opal might cost under $100. In this arena, the diamond is the clear winner in terms of pure financial value.
  
• At the collector’s level, the roles completely reverse. A flawless, gem-quality Australian black opal with a rare “Harlequin” pattern and a fiery red play-of-color is exponentially rarer than a top-quality 1-carat white diamond. 
  In this elite club, a top-tier black opal can command a per-carat price of over $20,000, far exceeding the value of a standard D-Flawless diamond.

Opal vs. Gold: A Tangible Asset vs. a Liquid Commodity

This is a brilliant question because it gets to the very heart of how “value” is defined.

Gold is a liquid commodity. This means its value is standardized across the globe. An ounce of 24k gold in New York is worth the same as an ounce of 24k gold in Tokyo.

It is fungible; you can melt down a gold bar and a gold ring, and the resulting puddle of gold has the exact same inherent value, determined purely by its weight and purity. It is priced objectively.

An opal, on the other hand, is valued subjectively, like a painting. You cannot melt two opals down to get a bigger puddle of “opalness.” Each stone’s value is utterly unique to itself and is based on a complex combination of factors:

• The brilliance of its play-of-color.
• The purity and darkness of its body tone.
• The rarity and beauty of its specific pattern.

Because of this, an opal’s value is what the market decides a particular, one-of-a-kind stone is worth. It is not fungible; it is a unique, tangible asset. This “art-like” valuation isn’t unique to opal.

Other gems with phenomenal or organic properties are judged in a similar, subjective way, as we detail in our expert guide on how pearls are valued using the 7 GIA Factors. This is a critical distinction that makes the opal market so fascinating for collectors.

How to Choose a Stunning Piece Without Overpaying

Now that you’re an expert on opal value, let’s get to the most exciting part: choosing a beautiful piece to make your own. As your friend in the business, my advice is all about selecting the right piece for the right purpose. The stunning beauty of an opal can be enjoyed in any form, but how you wear it matters.

The Opal Engagement Ring: A Bold & Unique Choice

Choosing an opal as an engagement ring is a stunning, non-traditional, and deeply personal decision. It’s a choice for the person who values unique, otherworldly beauty over classic tradition. The magical play-of-color in an opal is unlike any other gem.

However, if you’re choosing this path, you absolutely MUST go into it with your eyes open to the durability challenges.

My Non-Negotiable Rule:

Because an opal is a softer and more delicate gemstone (a 5.5 – 6.5 on the Mohs scale), you must choose a protective setting. This is the secret to ensuring your beautiful opal engagement ring can last a lifetime. A perfect example of this is the stunning Oval Opal and Swiss Blue Topaz Halo Ring from your product.

Why this is a genius design:

• The Protective Halo: That frame of smaller, harder gemstones (topaz and diamonds) acts as a brilliant “bumper” for the center opal. It takes the brunt of accidental knocks and bumps.
  
• Elevated Style: The halo doesn’t just protect; it elevates. The contrast between the milky opal, the sparkling diamonds, and the pop of blue topaz creates a sophisticated, high-end look.

For an in-depth look at this style of ring, you must read our complete Opal as an Engagement Ring: Pros & Cons Guide. If you love the idea of a unique, non-diamond option, our guide to moonstone engagement rings offers another beautiful alternative.

Opal Necklaces & Earrings: The Safest Way to Shine

This is my #1 recommendation for anyone who loves opal’s magic but has a very active lifestyle or is concerned about the daily wear and tear of a ring. An opal necklace or a pair of opal earrings are fantastic, incredibly low-risk ways to wear and enjoy this beautiful gem every single day.

It’s simple physics. Pendants and earrings are not exposed to the same constant impacts as a ring. They don’t get knocked against desks, doors, and countertops. This dramatically reduces the risk of scratching or chipping the relatively soft opal, giving you all of the beauty with a fraction of the worry.

Let’s look at the beautiful examples from your image to see how this works in practice.

• For Everyday Elegance: The Opal Stud Earrings in 14k White Gold are the perfect “wear them and forget them” piece. They add a touch of milky, iridescent light right next to your face, and because they’re studs, they are incredibly secure and worry-free.
  
• For Classic, Affordable Style: The Opal Rope Pendant in Sterling Silver is a fantastic choice. The rope-detailing around the bezel gives it a classic, almost nautical feel, and the bezel setting itself offers great protection for the stone. It’s an incredible amount of style for an accessible price.
  
• For a Touch of Luxury: The Opal Solitaire Pendant in 14k White Gold is the “little black dress” of opal necklaces. It’s simple, timeless, and puts all the focus on the beautiful play-of-color in the gemstone.

Each of these pieces is a perfect way to celebrate an October birthday, as opal is the official October birthstone. For more on this beautiful gem’s connection to the month, our guide to the birthstone color for the month of October has you covered.

The safety of these styles is the same reason other beautiful but softer gems, like the precious May birthstone (Emerald), are so beloved as pendants and earrings.

Every Question, Answered by an Expert

You’ve explored the Opal Value Pyramid and learned how to shop for this incredible gem. Now, let’s clear up the final, specific questions that every savvy buyer asks. Here are my direct, honest answers to everything you need to know.

The Verdict: A Gem of Infinite Variety and Value

So, is an opal more expensive than gold or diamonds? The answer is a beautiful and fascinating “sometimes.” We’ve seen how its value can range from incredibly accessible for a beautiful white opal to astronomically rare for a perfect black opal, making it one of the most dynamic and exciting gems in the world.

The worth of an opal is in its unique, personal fire. No two are ever alike. By understanding the different types and what drives their value, you are no longer just a buyer; you are a connoisseur, able to appreciate and choose the perfect piece of this cosmic, captivating gemstone.

Continue Your Research Journey

You’ve now mastered the complex and beautiful world of opal. If your passion for unique and meaningful gemstones has been ignited, these hand-picked expert guides are the perfect next step on your journey.

Explore Other Birthstones

• The King of Gems: An Expert Guide to the Ruby, the July Birthstone – (https://moissanitebyaurelia.com/ruby-july-birthstone/)
• The Royal Purple: Understanding the February Birthstone Color (Amethyst) – (https://moissanitebyaurelia.com/february-birthstone-color/)
• A Gem of Many Faces: What is June’s Birthstone? – (https://moissanitebyaurelia.com/what-is-junes-birthstone/)

A Deeper Dive into Unique Gemstones

• The Volcanic Glass: A Guide to Purple Obsidian – (https://moissanitebyaurelia.com/purple-obsidian/)
• Beyond the Classic: Exploring the Beauty of Pink Moonstone – (https://moissanitebyaurelia.com/pink-moonstone/)
• A Web of Wonder: What is Spider Quartz? – (https://moissanitebyaurelia.com/spider-quartz/)

Practical Guides & Style Inspiration

• Finding Your Perfect Fit: A Guide to Colored Engagement Rings Under $200 – (https://moissanitebyaurelia.com/colored-engagement-rings-under-200/)
• From the Ocean: How Much Are Pearls From an Oyster Worth? – (https://moissanitebyaurelia.com/how-much-are-pearls-from-an-oyster-worth-your-quick-guide/)