This article first appeared in the GEMSWORLD 2024.

Emeralds appeal to an eclectic range of consumers who favour their universal charm, symbolism and vibrant history. Adored for centuries, the gem’s beauty still resonates with today’s buyers as a prime fine jewellery choice or as part of a glittering gem collection.

The year 2023 was particularly strong for emeralds. According to dealers, buyers were mostly requesting stones sized between 3 carats and 5 carats, but larger-sized gems were also selling, particularly to big-ticket clients. Both premium and commercial-quality stones enjoyed a solid following, thanks to jewellers regularly featuring emeralds in fresh, contemporary designs.

Leading markets such as China, Europe and the US are primary growth drivers, traders said. Origin likewise plays a critical role in buying decisions, with Colombian emeralds that bear the coveted Muzo colour topping consumers’ shopping lists.

Sustainable practices are also gaining steam in the trade and becoming a crucial consideration when purchasing emeralds, gem dealers said.

King of green gems

Emeralds performed considerably well in Hong Kong last year while in Jaipur, India – a gemstone manufacturing hub – emeralds were bought at unprecedented auction prices, revealed Rehman Ansari, CEO of Emergreen Exports.

Buyers were mainly asking for 3-carat to 5-carat gems in oval, octagonal and round cuts, shared Ansari. As of end-2023, per-carat prices of commercial goods under 3 carats ranged between US$150 and US$300. Medium good-quality stones of 5 carats to 10 carats sold for US$1,000 to US$2,000 per carat while upper-range gems had a US$3,000 to US$5,000 price per carat.

Ansari said his company sold more Colombian emeralds as opposed to Zambian emeralds, driven primarily by China and the US.

Exceptional Colombian gems of 7 carats and up are priced US$7,000 to US$20,000 per carat, depending on cleanliness and clarity. Emergreen Exports’ main markets are Hong Kong, mainland China and the US.

Brazilian emerald miner Belmont Group likewise witnessed a “remarkable” 2023, owing to a substantial growth in business that it attributed to rising appreciation
for emeralds, steady and reliable production, and a heightened focus on sustainability.

According to Belmont Group President Marcelo Ribeiro, both premium- and commercial-quality emeralds were highly sought after in the trade. The emerald market also offers a broader pricing spectrum ranging from US$100 to over US$20,000 per carat depending on colour, clarity and size and whether the stone underwent treatments.

The company’s top markets are Asia, Europe and the US. “These have proven to be particularly receptive markets, attracted not only by the enchanting appeal of Belmont’s emeralds but by the deep-rooted commitment to sustainable practices within our operations,” noted Ribeiro.

Calibrated sizes are similarly in demand as these are easier to sell compared to free sizes, according to Asif Ullah, director of Colombian and Zambian emerald dealer Sparkle Gems Ltd. Its goods are highly favoured by buyers from Hong Kong, Europe, the US and China.

Ullah considers current prices “reasonable” but admitted that rough emerald prices have been soaring since 2021. Banking on the company’s solid business relationships with buyers, he said those truly adept in the gemstone trade are willing to invest in high-quality gems.

“In our business, people who understand quality will still buy at current prices. Our clients never compromise on quality,” he added.

Asian market

US-based dealer Joseph Gad Inc credits the company’s robust performance in 2023 to a combination of solid partnerships, top-quality goods and consistent pricing, according to company owner Joseph Gad.

“We have a strong concession with miners in Bogota, Colombia. As such, we can provide a steady supply of merchandise. Our prices are reasonable. We have had a consistent client base in Asia since 1988,” remarked Gad.

Emeralds’ success in Asia is fuelled by the market’s inherent affinity for green, which is an auspicious colour in most Asian cultures. And Colombian emeralds, considered among the rarest in the world, fulfil this requirement. Even global jewellery brands are leaning towards Colombian emeralds, added the company official.

“Asia is the biggest luxury consumer now. Asian buyers believe in the merchandise and would go for tangible assets,” explained Gad. “They will invest in emeralds, rubies or sapphires and purchase repeatedly because they understand the value of the gems.”

Joseph Gad Inc has offices in New York, Colombia and Switzerland as well as a satellite office in Hong Kong.

Ribeiro of Belmont, meanwhile, highlighted China’s important role in the emerald business. He explained, “China holds significant importance for Belmont. The growing appreciation for emeralds of Brazilian origin among Chinese consumers, coupled with their curiosity about ethical mining practices, positions China as an increasingly influential market in the emerald sector.”

Challenges and opportunities

Ansari of Emergreen Exports said the non-disclosure of treatments is among the major challenges in the emerald trade as this could erode consumer confidence in the stone. This is also why customers are opting for certified, more expensive stones.

The beloved green gem, however, will continue to enjoy its top position in the coloured gemstone segment despite a slowdown in growth momentum over the short term. Ansari explained, “Emeralds will continue to perform well as they have done in the past, but they might lose some steam due to market volatilities. China and the US will likely lead the growth moving forward.”

Gad is likewise upbeat about business prospects, thanks to emeralds’ enduring beauty and viability. The Asian luxury market is expected to propel the emerald business to greater heights as consumers increasingly gravitate towards tangible investments.

“The luxury world is becoming more expensive, but there are also more millionaires in the world today. And each one of them is eyeing a secondary luxury asset. They can buy 10-carat or 20-carat emeralds that they can put in the safe as a good, secure investment,” noted Gad.

For its part, Belmont will focus on innovation and sustainability over the next three years to further drive the business. According to Ribeiro, the company is introducing state-of-the-art laser sorting machines in 2024, which builds on the success of optical sorters that Belmont implemented several years ago.

“Projections indicate a noteworthy threefold increase in processing capabilities, representing a transformative upgrade that will significantly enhance efficiency and bolster the supply of high-quality emeralds,” said Ribeiro. “The Asian market is expected to play a pivotal role in driving this growth, fuelled by a growing interest in Belmont’s emeralds and the inherent sustainability embedded in our operations.”