This article first appeared in the GEMSWORLD 2025.

Emeralds are prized symbols of luxury and status. Renowned for their rarity and unique inclusions, they have consistently graced famed jewellery collections of celebrities and royal families alike. Primarily sourced in Colombia, emeralds are also found in Zambia, Brazil, Russia, Pakistan, Ethiopia and Afghanistan.

Sam Livian, founder of New York-based high-end Colombian emerald dealer Neli Gems Corp, said the gem’s green colour is its crowning glory.

"The colour of emeralds represents hope as it is calming and soothing,” he noted. “While diamonds sparkle from afar due to their brilliance, rubies and sapphires tend to lose their vibrancy and appear black in low light. On the other hand, emeralds remain strikingly visible even from a distance, especially at night.”

Supply matters

According to emerald traders, the beloved green gem continues to gain prominence within the jewellery sector. Marcelo Ribeiro, president of Brazilian emerald miner Belmont Group, said, “Emeralds are rapidly gaining market share, driven by a combination of high consumer demand and a professional supply chain.”

There is also consistent supply of emeralds in the market, unlike other coloured gemstones. For instance, Belmont’s mines in Brazil and Fura Gems' Coscuez mine in Colombia provide steady and reliable access to top-quality stones.

Another key factor driving the emerald business is the current slowdown in the diamond industry. As demand for diamonds falls, both jewellers and consumers are turning to other gem options, and emeralds are on the top of their list.

Thanks to their vibrant colour and cultural significance, emeralds continue to shine bright in luxury jewellery circles. This is opening new opportunities for emeralds to capture a larger share of the high-end market, appealing to those seeking distinctive alternatives to traditional diamonds.

Ribeiro noted that the inelastic nature of Brazilian emerald production means rising demand could soon lead to higher prices. "Emerald mines are rare, and production is limited," he explained. “This supply constraint, combined with rising consumer interest, suggests that emeralds could become an even more valuable and prominent component of fine jewellery.”

Sourcing emeralds from Colombia, especially high-quality gems, has also become challenging. Eric Sharabany of Emco Gem in New York noted that emerald supply “is always erratic” and that it is impossible to predict when and which product grades a mine will produce. This adds to the mystery and rarity of Colombian emeralds, he added.

Livian of Neli Gems, meanwhile, cited a slight softening in emerald demand. He further explained, “It is a strange situation where supply is limited, but demand is weak as well. As a result, prices are not dropping even though demand is slightly weaker than usual.” Neli Gems’ main markets are the Far East and the Middle East.

Major players like Gemfields, Fura Gems and Belmont Group help bring about a more structured approach to emerald mining hence boosting competitiveness in the market as suppliers vie to secure lucrative tenders.

Karan Rawat of Hong Kong-based emerald dealer Geminent explained that in a closed tender, each bidder submits its best offer, pushing prices higher. And as prices go up at auction, this affects how dealers price their products.

“If I am paying more for the rough than before, those costs have to be reflected in the final product price. When prices rise sharply, there is often initial resistance from customers who need time to adjust to the new levels. But in time, they come to understand and accept the changes,” said Rawat.

Market preferences

The 2024 US presidential elections, coupled with a slowdown in luxury buying from China, resulted in decreased demand in the gemstone industry. This shift influenced buying patterns and affected overall market dynamics, especially in high-value categories like gemstones.

But for Sharabany, overall demand is stable, with commercial-grade goods still being used extensively in jewellery manufacturing across the globe while fine-quality gems remain highly sought after.

Despite weaker Chinese consumption in 2024, he maintains confidence in the mainland Chinese market and continues to sell to regular clients there. His sales to other parts of Asia are also steady. “Consumers are still buying based on their needs and business models. There has been an increase in demand for 5-carat to 7-carat stones as well as those over 10 carats while sales of 1-carat to 3-carat items are flat,” Sharabany stated.

For his part, Livian of Neli Gems is witnessing robust demand for larger stones at the top end of the market, influenced largely by the lavish showcase of emerald jewellery at the celebrity-studded wedding of Anant Ambani and Radhika Merchant in Mumbai in July 2024.

“While large stones have always been popular in the Middle Eastern market, the Ambani wedding really pushed demand for these larger emeralds, creating a stronger market for them,” revealed Livian.

Belmont’s Ribeiro, meanwhile, observes notable buyer preference for smaller stones, typically under 5 carats. Brazilian emeralds have a vivid green hue that makes them particularly appealing for fine jewellery and engagement pieces due to their consistent colour and clarity, he noted.

“India and the Middle East often favour larger stones with rich colour, but the quality and consistency of Brazilian emeralds have made them a favourite across a variety of sizes. Demand in these regions is particularly strong for vibrant greens, which are culturally prized in those markets,” Ribeiro explained.

Demand trends

The emerald market is likewise seeing greater variety and versatility, with beads, cabochons and carvings increasingly making their presence felt in luxury jewellery collections.

In its Nature Sauvage High Jewellery Collection, Cartier reinforces the crocodile theme of its Sibaya necklace with 45 sugarloaf emeralds and a 7.96-carat drop emerald. And among the highlights of Bulgari’s Aeterna High Jewellery Collection is the Monete Aeterna Augustus Emerald sautoir featuring 149 emerald beads and 80 buff-top emeralds.

Emerald dealer Geminent sets itself apart from competitors through its focus on custom cuts like cabochon carvings, beads and drops. These distinctive cuts add value to the gems, giving them a unique aesthetic that appeals to a niche market of collectors and jewellers seeking something beyond traditional faceted stones.

“We have a long family history in the emerald trade, originating from Jaipur, India. I am the 10th generation, so it is a legacy that has been passed down to me,” shared Rawat. “Our emeralds have an old-world charm. This love for special cuts is deeply ingrained in our business philosophy.”

Although demand for such unique cuts is not yet mainstream, Rawat said more and more people are starting to recognise that there is more to gemstones than facets. Those who own gems with traditional cuts often want to diversify their collections, he continued.

The rise of new markets for emeralds, specifically in Asia, is also a welcome development. India and Thailand, for example, are growing significantly.

Rawat said, “There appears to be a strong appreciation for carved animals in India, partly due to cultural and religious significance. We specialise in Mughal-style carving. The intricate patterns and craftsmanship are rooted in Indian heritage, and highly skilled artisans are required to bring these carvings to life, making each stone more unique and appealing.”

Meanwhile, Sharabany highlighted a trend towards providing added value for consumers. This can be done by taking the time to study the gem and carefully cut the rough to bring out its true potential, instead of simply rushing to mass-produce goods.

“There has been a huge emphasis on quality in all parts of the supply chain. Exquisiteness and beauty matter. Precision and excellent execution in jewellery production are more important now than ever before. People who buy an emerald need to be able to trust their suppliers that they are receiving excellent goods and getting their money’s worth,” he said.