Consumer appetite for the coloured gemstone triumvirate of rubies, sapphires and emeralds will continue to strengthen in 2023, thanks to these gems’ everlasting allure.

Coveted for their beauty and provenance, these gems are expected to lead growth in the international coloured gemstone sector, especially in the leading markets of the US, Europe and Asia. Premium-quality stones that are harder to come by will be highly sought after, according to industry specialists.

With Viva Magenta being named as colour of 2023 by the Pantone Color Institute, rubies are poised to further gain traction in the trade as centrepieces in bespoke jewellery creations. Sapphires and emeralds, however, are not far behind in terms of demand, particularly those that bear desirable colours from celebrated origins – Sri Lanka for sapphires and Colombia for emeralds.

Prices too have skyrocketed as market demand continues to soar. According to Clement Sabbagh, president of the International Colored Gemstone Association, the industry has witnessed high double-digit price increases for top-quality gemstones over the past two years. Price hikes are expected to continue throughout 2023, especially for superior gems.