Spinel continues to enjoy solid demand from traders and collectors alike, thanks to its colour, durability and provenance, which make it one of the most exceptional and sought-after gemstones in the market.

The gem, available in vibrant pink and red as well as elegant blue, lavender, black and grey, and fiery orange, often finds itself in the centre of high jewellery collections by luxury brands such as Boucheron, Cartier and Van Cleef & Arpels. 

Those mined in Burma (now Myanmar) and Tanzania are deemed most desirable, with prices for fine-quality gems skyrocketing by 20 per cent to 30 per cent over the last three to five years.

Pinks in fascinating, vivid hues as well as intense reds have steadily risen in popularity. Smaller stones that are most ideal for earrings and accents in bigger jewellery pieces are moving the fastest, while gems of 3 carats and up continue to find favour among big-ticket buyers. 

Spinel also ranks 8 on the Mohs hardness scale, making it one of the toughest and most durable gemstones.