This article first appeared in the GEMSWORLD 2025.

Demand for coloured gemstones, bolstered by increasingly knowledgeable and sophisticated buyers who are opting for more distinctive and compelling pieces, is projected to strengthen further in 2025 amid supply constraints, 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 gemstones 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 exceptional gems further raise the profile of coloured stones 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 sapphire, emerald, ruby, rubellite, Paraiba tourmaline and turquoise jewellery pieces.

A hero piece is the Sapphire Aeterna Waves necklace in platinum, adorned with a 38.93-carat cushion-cut Sri Lankan sapphire pendant, and sapphire and diamond accents.

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

Market overview

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

“This trend is unlikely to change because the very fact that a stone is extremely rare attracts a class of buyer who is immune to the normal economic factors affecting consumer confidence,” he explained.

Ruby, emerald and sapphire continue to attract top prices alongside fine-quality Paraiba tourmaline, spinel and tsavorite. Throughout 2025, gemstone prices are expected to stabilise further and reach more reasonable levels after unprecedented spikes during Covid-19, added the ICA official.

The US is still the primary consumer of coloured gemstones and, according to Cody, buyer confidence could further strengthen with the US elections having concluded. Next to the US, China remains a strong coloured gem market and is only held back by high taxes and import duties on these products.

Business is also promising in India, which has a fast-growing middle class and rich cultural heritage for wearing coloured gemstone jewellery, as well as in Europe, the Middle East and emerging coloured gem markets in Southeast Asia, Africa and South America.

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, noted Raphael.

“In recent years, the popularity of spinel has surged significantly, leading to a noticeable rise in demand for these exquisite gemstones,” he explained. “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 assessment, people are increasingly looking 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.

Auction

Preference for high-end gems was also evident at auctions of rough materials, with coloured gemstone miner Gemfields having observed sustained appetite for premium-quality Mozambique rubies and Zambian emeralds at its 2024 auctions.

Michael Hing, product and sales analyst at Gemfields, said customer attendance and engagement at its auctions were encouraging as evidenced by sturdy bidding for prime-quality lots.

“Our 2024 auction results represent a positive outcome under current market conditions,” noted Hing. “They reaffirm stable demand for Gemfields' emeralds and rubies, with prices for fine-quality lots aligning well with limited supply. Encouragingly, new entrants with well-developed supply chains placed successful bids at our actions.”

To support stability, Gemfields withholds certain lots that do not achieve satisfactory bidding at auction. This is aimed at fostering a more secure and sustainable coloured gemstone market.

Majority of Gemfields’ buyers at auction are from India – the largest trading centre for rough and polished emeralds – and Thailand – the largest trading centre for rough and polished rubies.

On the consumption level, the US and China remain the world’s largest jewellery markets, revealed Hing. Sharing Cody’s observations, Hing said there are also promising indicators of growth in India and the Middle East.

“The new US administration has suggested that it may pursue tax reforms, which could potentially stimulate the US gemstone and jewellery segment,” said the Gemfields official. “It has also proposed changes to tariffs, which could have a counterbalancing effect, particularly in export-oriented economies.”

Major jewellery market and exporter China, meanwhile, is eyeing to implement measures to stimulate the economy, he added. “Early signs from the recent stimulus package appear to be broadly positive but it is too soon to tell what the long-term effects will be,” explained Hing.

China

China’s economic woes have had a minimal impact on demand for emeralds in Asia, according to Marcelo Ribeiro, president of Brazilian emerald producer Belmont Group.

“China has not traditionally been a major market for us," he said. “While Chinese buyers regularly participate in our auctions and often win bids, their interest has been relatively modest compared to the demand we see from the West.”

According to Ribeiro, increased production at Belmont mines has allowed the company to expand its reach to China.

“Only recently have Belmont mines began to penetrate the Chinese market, thanks to increased production. Previously, our emeralds were in such high demand in Western markets that production could not support entry into China,” noted Ribeiro.

With more stones now available, Belmont has started building a presence in this market, appealing to Chinese consumers who are drawn to the vibrant green colour and the unique appeal of Brazilian gems.

Ribeiro believes that a stronger Chinese economy could boost buyer interest as awareness of Brazilian emeralds is rising. Despite economic challenges, the charm of high-quality emeralds with compelling origin stories continues to attract affluent buyers in Asia.

“Chinese companies are still attending auctions, which indicates there is an ongoing interest, but the current economic environment may be slightly tempering growth in that region,” he added.

Rupak Sen, chief marketing officer of Fura Gems, said China is still among the top three markets for ruby, sapphire and emerald. While India is growing and the US is stable, China is seeing a steady decline owing to economic uncertainties and unprecedented spikes in gold prices. A global market recovery, however, is in the offing.

“We expect the market to rebound in 2025. We are already seeing an uptick in consumer demand coming from the US,” explained Sen. “We anticipate India to also see increased demand in the first quarter of 2025 while China could show positive signs in the second half of 2025.”

Echoing prevailing market sentiments, Sen also said demand for top-quality gemstones remains steady, but supply is tight. For instance, there is high interest in 10-carat-plus Colombian emeralds in the US$2,000 to US$5,000 a carat price range from India. Demand for calibrated sizes of rubies, meanwhile, is also on the rise.

Glittering future

Coloured gemstones’ ascent 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. “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.

Subject to reasonable production and availability, he said gemstone traders expect to see strong sales in rubellite, opal, spinel, aquamarine, tsavorite, tanzanite and peridot in 2025.

On the industry level, Cody said ICA is working on major new membership benefits that it is looking to announce in the first quarter of 2025. The association is also gearing up for the ICA Congress in Brazil from May 19 to 22, 2025, with the theme “Gems for Generations.”