This article first appeared in the JNA January/February 2025 issue.

Demand for coloured gemstones – bolstered by more knowledgeable and sophisticated consumers opting for distinctive pieces – is projected to strengthen further in 2025 amid economic uncertainties and geopolitical tensions.

According to industry players, appetite for perennial darlings such as rubies, sapphires and emeralds, is gaining further traction while non-traditional gems continue to win favour in the global market.

In particular, the mesmerising blues of Paraiba tourmaline alongside the rich and comforting hues of padparadscha sapphire, and the deep, enthralling colours of spinel and alexandrite are likely to attract a steady stream of buyers.

Mounting desire for coloured gems is most palpable at international jewellery auctions while renowned jewellery houses regularly unveiling high jewellery collections centred on rare coloured gems further raise the profile of coloured gemstones in the mainstream.

At Sotheby’s Magnificent Jewels Auction in New York held on December 10, 2024, a 10.33-carat untreated cushion-cut Burmese ruby ring with diamonds was the star lot, having fetched US$5.5 million – more than double its high estimate. In Hong Kong, highlights of Phillips’ 2024 auctions were a 7.02-carat Burmese ruby and diamond ring, which sold for US$1.27 million; a necklace with approximately 54.18 carats of rubies, which was snapped up for US$1.06 million; and a 10.84-carat Brazilian alexandrite chrysoberyl ring, which brought in US$980,694.

Captivating colours, meanwhile, were integral to Bulgari’s Aeterna Collection, launched in mid-2024 as the jewellery house’s “most extraordinary” collection to date.

It includes exquisite pieces embellished with sapphire, emerald, ruby, rubellite, Paraiba tourmaline and turquoise, to name a few.

A hero piece is the Sapphire Aeterna Waves necklace in platinum, which is adorned with a 38.93-carat cushion-cut Sri Lankan sapphire pendant, and sapphire and diamond accents. The pendant is detachable, underscoring Bulgari’s passion for and expertise in transformative and versatile jewellery pieces.

Fine-quality coloured gems were likewise front and centre at Cartier’s Nature Sauvage High Jewellery Collection. The Chryseis Necklace, for instance, is speckled with onyx, chrysoprase beads and an imposing 63.76-carat rubellite pendant, which is the focal stone.

Market overview

According to Damien Cody, president of the International Colored Gemstone Association (ICA), finer goods and extremely rare coloured gemstones remain attractive and continue to command high prices.

Throughout 2025, gemstone prices are expected to stabilise further and reach more reasonable levels after unprecedented spikes during Covid-19, added Cody.

Raphael Gübelin, president of high-end jeweller House of Gübelin, said the year 2024 marked the launch of several Gübelin pieces featuring the stunning spinel, which is sought after for its diverse, vibrant colours.

Among these is a cocktail ring with an extremely rare 12-carat spinel that changes colours, which never fails to delight connoisseurs. The gem radiates blue in sunlight and turns purplish violet under artificial light. Its colour-change characteristic makes it stand out, he noted.

“In recent years, the popularity of spinel has surged significantly, leading to a noticeable rise in demand for these exquisite gemstones,” explained Raphael. “In general, the challenge is sourcing gemstones that meet our strict
quality criteria.”

He added that the so-called Big Three in the coloured gemstone trade – ruby, sapphire and emerald – bearing the finest qualities enjoy steady market demand alongside Paraiba tourmaline, padparadscha sapphire and spinel.

“Based on our observation, people are increasingly on the lookout for extraordinary gems. The interest in coloured gemstones is evidently rising. When sourcing high-grade gems, clients are also demanding gemmological reports and documents,” revealed Raphael.

Gübelin’s Gem Selection service allows clients to choose carefully sourced and curated gemstones that resonate with them. In turn, the jeweller will set it in a piece of bespoke jewellery, tailored to the client’s vision. He remarked, “This is more than jewellery; it is an experience and a piece of art. The gems are hand-picked by our experts, sourced from renowned origins and meet our rigorous standards.”

Gemmological developments

Even gemmological laboratories are seeing a spike in the number of coloured gemstones being sent for testing. Daniel Nyfeler, managing director of Gübelin Gem Lab, said a considerable number of top-quality Mozambique rubies, most of which are unheated, is brought to Gübelin Gem Lab for evaluation.

“The best ones qualify for the crimson-red denomination. We also receive Burmese rubies while blue sapphires and emeralds seem steady. The number of jade, Fei Cui, topaz, pearls and padparadscha sapphires sent to us for testing were also significantly higher,” revealed Nyfeler.

With the increased number of gems being tested, the lab’s AI-powered Gemtelligence gets deployed at a much deeper level and utilised as an “assistant” in Gübelin laboratories, where it supports gemmologists in determining origin and treatment of rubies, blue sapphires and emeralds.

“Regarding treatment, the harmonisation efforts among major coloured gemstone laboratories seem to be bearing fruit: We have fewer debates about low-temperature treatments applied to African rubies,” shared Nyfeler.

Auction

Preference for high-end gems was also evident at auctions of rough materials. Coloured gemstone miner Gemfields observed sustained appetite for top-grade rubies and emeralds at its 2024 auctions.

The company’s mixed-quality Mozambique ruby auction held from November 25 to December 11, 2024, generated total revenues of US$46.2 million. Sold were 97 lots out of 102 that were on offer. Average price per carat, meanwhile, reached US$321.94, a record high for the miner.

Gemfields’ Managing Director of Product & Sales Adrian Banks said the auction results represented a positive outcome amid ongoing economic challenges in China and geopolitical conflicts, reaffirming sturdy demand for Gemfields' rubies.

Prices of fine-quality rubies were also firmly aligned with limited supply, he noted. “Encouragingly, new entrants with well-developed supply chains placed successful bids in this auction, highlighting a positive outlook across the quality spectrum,” added Banks.

Buyer appetite for top-range gems also fuelled bidding at Gemfields’ auction of higher-quality rough emeralds from its Kagem mine. In fact, there were “fewer and poorer bids” for lesser-quality grades at the sale, held from November 4 to 21, 2024.

“While the wider luxury and gemstone markets are undeniably facing challenging times, customer attendance and engagement at the auction were good as evidenced by the strength of bidding for the top-quality lots on offer,” noted Banks.

Total auction revenues reached US$16.1 million, with 30 of 43 lots offered having been sold.

Glittering future

Coloured gemstones’ rise to prominence has been gradually taking place over the years, with buyers’ quest for rarity and personalisation ever more influencing their purchasing decisions.

According to Raphael of House of Gübelin, several factors are contributing to this development. “People are seeking more sophisticated choices. In this scenario, knowledge and education about gemstones also play an important role,” he remarked. “We see a growing interest in our coloured gemstone classes at our Academy. The more you know about the story, history and formation of the gem, the more you appreciate it.”

Cody of ICA said fiscal constraints are expected to ease throughout 2025, providing increased business certainty and stability. This, in turn, could bode well for the coloured gemstone sector.

The emergence of new marketing channels such as livestreaming could likewise lead to fresh growth opportunities ahead, he noted.