Even its name alludes to this multiplicity: Tourmaline is derived from the Sinhalese, ‘turmali’ (‘stone with mixed colors’). Tourmaline frequently garners the nickname ‘the chameleon gem,' not only because of its multitude of color varieties, but also because of its historic propensity to copycat other precious stones. Rubellite, Paraiba, bi-color and indicolite, neon blue, are among the most desired.
Bicolor and tricolor tourmaline are very popular with todays artisan jewels and sell in rings and necklaces selling in excess of 35,000.00. In investment terms Indicolite, Paraiba (especially actual unheated Paraiba in Windex or Swimming Pool Blue from Brazil not Red Copper Bearing Tourmaline Heated to Be Blue, though the latter still has a high value, true Paraiba can go for 6 figures a carat), neon and other fine shades of blue are expected to keep going higher. Large clean Congolese tourmaline, chrome tourmaline (should be exact color of an emerald with the slightest blue hue), and fine Rubellite (which is either red or purplish pink (a.k.a. Pigeon Blood red,) and Pinkish red which are all colors of natural fine ruby should continue to go up in price. Indicolite is a Cobalt Metallic Blue and should be VVS to Flawless.
"Pigeon Blood Red," Rubellite, like the gem above is very expensive and is a dead ringer for very expensive ruby.
NOTE- Red and Pink tourmaline does not mean it is Rubellite and only GIA adheres closely to the actual color rules for Rubellite. First off like emerald, rubellite is a Type III gem and it should have inclusions but they should not detract from the beauty. While there is very-rare, flawless rubellite the buyer should beware. Any hint of brown in the red or pink, disqualifies the gem from being rubellite and it takes a trained eye to see these brown undertones though sometimes they are obvious. And while inclusions are acceptable and found in some of the most expensive rubellite any visible surface reaching inclusions, or inclusions that detract from the beauty of the gem drops the value by hundreds, even thousands of dollars. But good rubellite should be a dead ringer for a fine ruby and the most expensive rubellite will be judged by the same traits that ruby has in clarity, color, size and cut.