world GEMS 寶世 石界 2019/20 Gemstone sector grows from strength to strength 有价有市的彩色宝石 The vibrant realm of European jewellers 欧洲珠宝商的魅力所在 PAGEANTRY OF COLOURS 绽放彩宝光芒 A Publication US$20
CONTENTS 目录 INSIGHTS 精辟洞见 Gemstone sector grows from strength to strength 有价有市的彩色宝石 8 Glowing opportunities in the coloured gem business 彩色宝石业的增长机遇 14 New HKGMA president upbeat on industry outlook 新任会长看好业界前景 20 SHOWCASE 精品荟萃 Pageantry of Colours 绽放彩宝光芒 22 INTELLIGENCE 市场情报 The vibrant realm of European jewellers 欧洲珠宝商的魅力所在 24 Moving forward with synthetic gems 迈向合成宝石新世代 30 THE SOURCE 珍宝之源 A thousand turns in Mogok: A gem expedition 百转千回去摩谷 - 探访红宝石之乡 32 The gems of Chanthaburi 尖竹汶：宝石之城 36
Every care has been taken to ensure the accuracy of the information in the GEMSWORLD 2019/20. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本公司已尽力确保《宝石世界2019/20》所刊登的内容正确无误。如因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。 版权所有，如未获得本公司事先之书面允许，不得以任何方式翻印、仿制或转载本刊物任何部份之文字或图片。 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17楼 Telephone 电话: (852) 2827 6211 Fax 传真: (852) 3749 7348 JewelleryNet.com Publisher & Editor-in-Chief 出版人及主编 Christie Dang 邓欣欣 EDITORIAL 编辑部 Managing Editor 执行编辑 Project Editor (GEMSWorld) 项目编辑 (宝石世界) Senior Researcher 高级资料搜集主任 Sze Man Young 杨诗敏 Bernardette Sto. Domingo 杜明高 William Yick 易康耀 SALES 广告部 Assistant Director 区域营业总监 Advertising Manager 营业经理 Account Executive 客戶主任 Christine Sinn 冼蕙珠 Tina Hui 许敏庭 Bernice Sun 孙伊嫺 MARKETING 市场推广部 Senior Marketing & Communication Manager 高级市场及传讯经理 Senior Marketing Executive 市场推广部高级行政主任 Ronny Pang 彭秋影 Grace Tam 谭淑恩 CIRCULATION & SUBSCRIPTION 发行及订阅部 Senior Circulation Executive 发行部高级主任 Lonita Hui 许月好 PRODUCTION 制作部 Senior Production Manager 制作部高级经理 Designer 美术设计 Jessie Quek 郭楚嫦 Sindy Wan 尹倩盈 ADVERTISING REPRESENTATIVES 广告代理 China 中国: Italy 意大利: Japan 日本: Taiwan 台湾: Thailand 泰国: US 美国: 广州代表处叶韵贞 | Tel 电话: (86) 20 8666 0158 E-mail 电邮: [email protected] Mauro Arati, Studio Luciano Arati sas, Largo Camus, 1, 20145 Milan - Italy Tel 电话: (39) 02048517853 E-mail 电邮: [email protected] Nobuaki Nito | Tel 电话: (81) 3 52961020 E-mail 电邮: [email protected] Rita Hung | Tel 电话: (886) 2 2738 3898 E-mail 电邮: [email protected] Anuchana Vichvech | Tel 电话: (66) 2 036 0500 E-mail 电邮: [email protected] Cecilia Wun | Tel 电话: (1) 516 562 7855 E-mail 电邮: [email protected] President 主席 CEO 行政总裁 Senior Vice President - Asia 亚洲高级副总裁 Director of Jewellery Fairs 珠宝展览部总监 Jimé Essink 爱新克 Margaret Ma Connolly 马颖 David Bondi 庞大为 Celine Lau 刘小雯
GEMSWORLD | 8 | 2019/20 INSIGHTS Gemstone sector grows from strength to strength 有价有市的彩色宝石 The love for coloured gemstones dates to centuries ago when royal families and connoisseurs from around the globe collected these natural treasures. Over the decades, the value of natural coloured gemstones continued to appreciate, with exceptional gems breaking record prices at auctions. According to a study by Knight Frank, coloured gems have outperformed other luxury products in terms of prices, including diamonds and the wider jewellery market. JNA talked to auction experts and major gemstone suppliers about growth prospects in the market. 自古以来，天然彩色宝石因其独有的瑰丽与稀有特质， 令各地收藏人士趋之若鹜，色泽亮丽、璀璨夺目的顶级宝石更是绝顶难求， 多年来在世界各地的高级珠宝拍卖会上以破纪录飙价成交。 有国际调研报告指彩色宝石近年的价格升幅凌厉，增长速度已超越无色钻石及一般珠宝等多种奢侈品。 《JNA亚洲珠宝》走访数大拍卖行驻香港珠宝部主管以及国际宝石商， 了解他们对彩色宝石当前市况与未来发展的看法。 | Christie Dang 邓欣欣 | This platinum ring with a 34.40-carat hexagon-shaped emerald and diamonds by Harry Winston sold for US$996,500 at Sotheby’s New York in April 2017 海瑞·温斯顿祖母绿镶钻石铂金指环，镶以34.40克拉 六角型祖母绿，于苏富比纽约2017年4月拍卖会上以 996,500美元售出
GEMSWORLD | 9 | 2019/20 精辟洞见 Rubies, sapphires and emeralds have led the coloured gemstone market for decades, he added, noting that unheated Burmese pigeon’s blood rubies, unheated sapphires from Kashmir and Sri Lanka, as well as no-oil Colombian emeralds are “branded” goods sought after by gemstone lovers. “These three have become an asset class to a great number of people – some appreciate these gems for their aesthetic value, but others buy these for investment since they have seen how the prices have gone up,” he commented. These gems have also become so rare that it is now impossible to find two gemstones with the exact same exceptional quality such as a 15-carat stone, remarked Vickie Shek, chairman of Jewellery Asia at Christie’s Hong Kong. Gems above 5 carats are also rare these days. Owing to their rarity and continued popularity, demand for and prices of toprange gems will remain on a steady rise, noted Shek. According to Yvonne Chu, acting head of the Jewellery Department at Sotheby’s Hong Kong, there is also increasing demand for Mozambique rubies as buyers become more aware of the stone. The gems must be of high quality to attract investors’ attention, she added. Coloured gemstones’ dazzling performance over the years has caught the attention of buyers and investors worldwide. Commenting on Knight Frank’s Luxury Investment Index Q1 2019, Andrew Shirley, head of luxury research at the global consultancy firm, said, “Coloured gemstones are outperforming the wider jewellery market with some significant sales taking place already in 2019.” These included highly favoured gems at Bonhams auctions such as a 17.43-carat Kashmir sapphire ring, formerly owned by a European noble family, which fetched £723,063 (around US$901,334) and far exceeded estimates, at a London sale in April 2019; and a transformable necklace by Spanish jeweller Grassy that dates to around 1935 and features a 34.59-carat unheated Sri Lankan sapphire, which sold for £287,562 (around US$358,460). Gemfields CEO Sean Gilbertson was also quoted in the report as saying, “The past decade has seen the world record prices for an emerald and ruby surpass that of a colourless diamond on a per carat basis. It surely can’t be long before sapphires overtake diamonds, too.” The ‘Big Three’ In an interview with Gemsworld, Gilbertson expressed optimism about prospects in the coloured gemstone market. “The biggest cutting and trading markets for rubies are Thailand, Sri Lanka and India, while the largest consumer markets are China, the US and India,” he noted. “Gemfields is seeing a surge in demand for Mozambique rubies from Asian markets – particularly China, where there is a long history with gemstones, especially jade, and a traditional fondness for the ruby’s vibrant red colour. Raising awareness and demand for emeralds in this market is a key focus for the future.” Paul Redmayne, former head of Sales - Jewellery at Bonhams (Hong Kong) Ltd, meanwhile said encouraging auction results prove that despite a challenging global economy, demand for rare and high-quality coloured gemstones remains strong. Ring with a 17.43-carat Kashmir sapphire and diamonds. This item fetched £723,063 (around US$901,334) at Bonhams’ London sale in April 2019 | 本年4月邦瀚斯在伦敦举 行的拍卖会上，此枚镶有17.43克拉喀什米尔蓝宝石及钻石的指环以723,063英镑 (约901,334美元)成交
GEMSWORLD | 10 | 2019/20 INSIGHTS New stars The vibrant colour and unique sparkle of spinel have aroused the interest of many gem lovers in recent years, disclosed Redmayne. He also noted an increase in the number of enquiries on the stone, whose history is in fact even longer than that of rubies. According to Chu, since the discovery of a large deposit of spinel in the Mahenge mine in Tanzania, the popularity of the stone continued to grow. Other highly sought-after gemstones include Paraiba tourmalines, padparadscha sapphires, alexandrites, fancy sapphires as well as jadeites. For gem lovers who already have a wide collection of exquisite gemstones, items that are truly unique would be their next target. “Gemstones such as jelly opals, which are generally less expensive but have a unique personality would be a good addition to the treasure troves of sophisticated collectors,” added Shek. Value-added designs The differences in colour, transparency, size, shape and even in the form and amount of inclusions in each specimen shape up the personality of each coloured gemstone, and make it desirable among collectors. In today’s sophisticated precious gem market, uniformity can no longer satisfy buyers, explained Chu. Buyers nowadays want one-of-a-kind goods. The value of gemstones from a less popular origin could be augmented by contemporary designs or a reputable designer or brand. “For instance, the price of a Mozambique ruby or a Brazilian emerald could rise significantly if the design is cutting-edge regardless of the quality of the stone, especially for jewellery designs with a story and unique concept,” she continued. Giving back to society in terms of contributions to national economies and local community projects are among Gemfields’ core initiatives. According to Gemfields CEO Sean Gilbertson, 23% of Gemfields’ ruby revenues has to date been directed towards such endeavours. | 贡献社区经济、教育、医疗工作，实践企业社会责任及建立可持续 发展是Gemfields十分重视的工作 This 36.68-carat Burmese spinel and diamond necklace sold for HK$3.7million (aroundUS$473,452) at Bonhams’ Hong Kong Jewels and Jadeite sale in May 2018 | 36.68 克拉天然无经处理缅甸尖晶石配钻石项链于2018年5月 邦瀚斯香港贵皇珠宝拍卖会上以370万港元售出 In recent years, auction houses have increasingly been working with private labels or reputable designers at auctions. This trend of collaboration is not merely a marketing initiative but also illustrates how bespoke designs can further add value to coloured gemstones. Redmayne also sees the positive impact that fashion houses and world-renowned labels have on the development of the coloured gemstone market. When a famous fashion house comes out with a collection focusing on a certain colour, jewellery brands would create collections following this prevailing trend. To catch up with fast-moving trends, jewellers now shorten their product cycles and launch new items quicker to answer customers’ evolving needs.
GEMSWORLD | 11 | 2019/20 精辟洞见 Market development Thanks to the internet, consumers of all ages are more discerning. “Many buyers know exactly what and how they want to buy and at what price range,” noted Redmayne. Customers are very knowledgeable and targeted at their purchase, some even name the laboratory from which they want the certificates to be issued, he added. “We see many younger customers in their 30s, 40s, even late 20s who are quite comfortable with investing in coloured gemstones online,” Redmayne continued. Christie’s pioneered the online platform for jewellery auction a few years ago and Shek is glad that such an initiative opened doors to a whole new coloured gemstone market. “We’ve broadened our clientele to a much wider age group and regions, and we can try new items that are usually not popular at traditional seasonal sales. Demand from online buyers gave us a chance to look for unconventional items that could catch the attention of buyers who are constantly looking for non-traditional gem materials,” she explained. Combating challenges Recentglobaluncertaintieshaveundoubtedly had an adverse impact on the business environment, which in turn, affected market demand for luxury products. As such, industry players remain cautiously optimistic about the future of the gemstone market. Natural resources are limited while demand for and prices of top-quality gems are only going to get higher. The same is true with jewellery, especially vintage and antique products, which are gaining steam in the market, according to Redmayne. Shek mentioned that some clients had expressed concerns over the recent political situation in Hong Kong and considered changing their travel plans. She further commented, “Summer has always been a slow time in the jewellery market. We are now focusing on preparing for upcoming sales, and looking forward to showcasing collections of exclusive gems to our buyers.” Chu is also busy compiling the fall collection with her global team of jewellery experts. “We are excited about several lots of exceptional items, which we are going to reveal this fall. Among the top lots is a coloured gemstone piece,” she said. The rising importance of Chinese buyers has injected immense energy into the coloured gemstone market. Like many gemstone dealers, Gilbertson is excited to see continued growth in China. “The coloured gemstone market in China is huge. The major obstacle are import costs, which include a 10 percent duty and 13 percent VAT. The tax for gemstones has been reduced from 36 percent to 23 percent since March 2019, but further reductions would greatly assist the coloured gemstone market,” he noted. Gilbertson added that consumer-focused marketing activities are essential to further boosting the gemstone sector. A steady supply of responsibly mined gem materials allows designers and jewellery houses to create collections that appeal to consumers and discerning investors. The growing understanding of a gemstone’s origin, responsible mining and corporate social responsibilities are crucial not only to key players in the industry now but also to consumers. Gilbertson stressed that transparency, legitimacy and integrity are key values at Gemfields. “The industry is rightly undergoing heightened supply chain scrutiny with consumers increasingly asking for certificates of origin, requiring much improved knowledge and documentation at the retail level,” he added. ‘The Crimson Flame’ ring with a cushion-shaped Burmese ruby of 15.04 carats raised HK$141.8 million (around US$18.14 million) at a Christie’s auction in Hong Kong in December 2015, setting a world record | 15.04 克拉红宝石指环以141,800,000港元(克拉价1,221,604 美元)在佳士得2015年12月拍卖会上成交，创红宝石克拉 价世界纪录
GEMSWORLD | 12 | 2019/20 INSIGHTS 全球财富顾问及研究机构莱坊 ( Kn i g h t Frank)最近发表有关奢侈品投资指数的市 场调研报告《Knight Frank Luxury Investment Index》，研究显示有色宝石在整体珠宝首饰市 场上的表现最为突出。 英国邦瀚斯(Bonhams)拍卖行在本年4月 份于伦敦举行的高级珠宝拍卖中，多项彩宝拍 品以远超底价的水平成交，包括一枚曾被欧洲 贵族家庭持有，达17.43克拉喀什米尔蓝宝石 指环，最终以723,063英镑(约901,334美元)成 交，大幅超越300,000至400,000英镑的估价。 另一拍品为原属西班牙珠宝品牌Grassy一条 蓝宝石镶钻可转换项链，该来自1935年的作品 镶有一颗34.59克拉无烧斯里兰卡蓝宝石，终以 287,562英镑(约358,460美元)售出，较120,000 至180,000英镑的估价接近翻倍。该报告又指 出，2016年红宝石的每克拉拍卖纪录为120万 美元，较2006年增长了三倍。 邦瀚斯拍卖行香港珠宝部销售主管罗凯峰向 《JNA亚洲珠宝》表示，各地收藏家对顶级彩宝 珍品需求甚殷。＂此两件拍品超卓的销售成绩证 实了纵使市场仍存有不少不明朗因素，稀有珍 品依然不愁买家。＂他强调，天然彩宝珍贵独特， 世上并无两颗完全相同的有色宝石，顶级品质 的天然瑰宝更是极度难求，这亦是彩宝需求与 价格多年来一直坚挺的原因。 宝石开采与分销商Gemfields行政总裁Sean Gilbertson在回应相关报告时表示，过去十年 来，红宝石与祖母绿的克拉价增长已大幅超越 无色钻石，相信蓝宝石价格的增幅指日可待，他 更认为各地对彩宝的需求将与日具增，大众对 负责任开采等关乎彩宝业长远发展的议题关注 度日增亦将行业带进新纪元。 三大宝石 红宝石、蓝宝石、祖母绿堪称三大彩宝，多年 来此三种宝石在世界各地的认知度与需求持续 不断。罗凯峰指出，当中来自缅甸的鸽血红无烧 红宝石、产自喀什米尔及斯里兰卡的无烧蓝宝 石，以及哥伦比亚无油祖母绿更可谓具备“品牌 效应＂，凡是具有可靠检测机构发出相关证书的 这些宝石都有强劲需求。 佳士得亚太区珠宝部主席石丽华指，各地市 场对彩宝的需求持续上升，优质天然彩宝供应 却越见紧绌。多年来经手出售众多顶级珍品的 石丽华坦言：“莫说要再找一颗15克拉的红宝 石，现在能遇上一颗5克拉以上的优质红宝石也 非常难得。”她续指，已停产过百年的喀什米尔 蓝宝石矿和无油祖母绿的供应可谓绝无仅有， 因此这些宝石一直受市场热捧，求过于供令价 格持苏 续富 向比 上亚 。洲珠宝部代理主管朱恺雅介绍，近 年有不少人开始关注莫桑比克红宝石，但要吸 引投资者，宝石本身的色泽、净度、尺码及整体 品质Ge 都m 是 fie 关 ld 键 s的。 Gilbertson先生指出：“全球最 大的宝石切磨与贸易中心包括泰国、斯里兰卡 及印度，而最大的市场则是中国、美国及印度。 近年有越来越多亚洲买家在追捧莫桑比克红宝 石，尤其在拥有悠久彩宝文化的中国，大部份内 地人认同红宝石与翡翠是喜庆及成功的象征， 对祖母绿的需求与日具增。” This pair of earrings with 7.46-carat and 6.81-carat Brazilian Paraiba tourmalines was snapped up at a Christie’s sale in Hong Kong in May 2018 for HK$21.7 million (around US$2.78 million), breaking record auction prices for Paraiba tourmalines | 7.46克拉及6.81克拉梨 型帕拉伊巴碧玺耳坠以21,700,000港元(每克拉194,730 美元)在佳士得2018年5月拍卖会上售出，创帕拉伊巴碧 玺克拉价世界拍卖纪录 This jadeite and diamond necklace sold for HK$33.7 million (around US$4.31 million) at a Christie’s sale in Hong Kong in May 2018 | 天然翡翠珠项链于佳士得香 港2018年5月拍卖会以HK$33,700,000售出
GEMSWORLD | 13 | 2019/20 精辟洞见 市场挑战 全球市场面对众多不明朗因素，多方业界都 有表达忧虑，然而受访的一众国际大型珠宝拍 卖行及宝石商均表示对前景保持审慎乐观。他 们认为，中美贸易战以至各地的政经不稳状况 无碍藏家对优质天然宝石的钟爱与信心，他们 对稀有瑰宝的热情不单没有减退，一旦市场出 现稀有珍品，有实力的收藏家都会一掷千金以 求夺得心头好。然而，多家拍卖行的珠宝主管都 指当前的不稳局势确实对短期市场带来负面影 响。石丽华指出，有买家表示因应香港近月的社 会状况计划改变行程，然而7、8月份一向是各地 市场的淡季，石丽华认为市场顺应作出调整尚 算合朱 理恺 。雅表示，彩宝买家最关注的始终是宝石 本身的品质、产地，及有否经过优化处理，她与 大部份买家都相信，天然资源只会越来越稀少， 优质宝石定当持续升值，加上近年中国内地市 场不断发展，民众的知识及生活水平继续提升， 彩色宝石的市场空间将不继扩展。 不过面向庞大的中国大陆市场，宝石商 Gemfields的Gilbertson先生表示当地的高进 口税政策仍为内地市场带来隐忧。他指出：“纵 使中国内地已于早前将有色宝石进口关税降 低，10%的进口税及13%增值税仍为外商的拓 华策略造成障碍。” 要突破当前挑战，Gilbertson先生认为进一 步加强消费者教育，推广负责任开采是宝石业 界责无旁贷的使命。消费者越来越重视原石的 来源，区块链及企业社会责任都是大众十分关 注的议题。他强调Gemfields致力保持稳定的彩 宝供应，让珠宝商可设计更多适时和优秀的新 款宝石首饰，回应新一代客户对高质彩宝首饰 的需求，这都有助业界长足发展。 新品种 罗凯峰指出，尖晶石是近年冒起的买家热 选之一。“尖晶石的历史较红宝石更悠久，具有 瑰丽而璀璨的火彩，是近年极具潜力的品种。” 朱恺雅补充，数年前于非洲坦桑尼亚的马亨盖 (Mahenge)发现大量尖晶石矿产，市场需求开 始增其 长他 。持续受捧的宝石包括色泽独特的帕拉 伊巴碧玺 (Paraiba tourmaline) 、帕帕拉夏刚 玉 (padparadscha sapphires) 、亚力山大石 (alexandrite) 、各色刚玉 (fancy sapphires) 以 及翡翠。石丽华表示，不少成熟的宝石藏家已 拥有一系列珍贵的顶级宝石，一些过往较少触 及的独特品种，如别具个性的水晶蛋白石(Jelly opal)，虽单价不高，亦有机会吸引买家的目光。 设计为彩宝增值 彩宝稳定的价格升势除巩固其投资角色， 独特的形象及可佩戴性亦有助推动整体珠宝行 业的延伸发展。近年有更多年轻消费者喜爱购 买彩宝，高订彩宝首饰亦逐渐成为行业主流。 罗凯峰表示，全球信息发达，消费者对各类 彩宝的认知加深，各大时尚品牌最新季度的服 饰成为全球色彩及潮流指标，消费者对个人形 象与所佩戴的饰品有着多元要求，不少珠宝商 因而大幅加快推出新彩宝系列的周期，除了必 须凸显宝石的品质，独特和具个性化的设计不 可少朱 。恺雅指，对于一些新兴宝石如莫桑比克红 宝石及巴西祖母绿，别具一格的设计、设计师与 品牌的名气，以及设计背后的意念和故事都有 助大大提升这些珠宝的市场吸引力与价值。 新生代与网络销售 受惠于互联网的推动，彩色宝石市场迅速发 展。除了作为信息平台，电子销售网络也大大扩 阔了市场。石丽华表示，佳士得早于数年前率先 开展网上拍卖，吸引了众多不同年龄层及地域 的买家，而透过网拍交易的货品亦较传统渠道 更为多元，当中不乏新兴及不同价位的有色宝 石。她表示：“透过网拍我们可以接触更多群众， 开拓更广阔的年轻一代与宝石市场。” 罗凯峰亦发现彩色宝石买家在近年有年轻化 趋势，他喜见消费者乐于在网络上购买不同档 次的彩宝，其中拍卖行的信誉度攸关重要。“不 少30至40岁甚至20来岁的年轻买家已习惯在 网上购物，包括彩宝等贵重投资品，这是近年的 一大趋势。” This pair of alexandrite and diamond earrings fetched HK$2.86 million (around US$365,965) at a Sotheby’s sale in Hong Kong in April 2017 | 亚历山大石耳环，于苏 富比香港2017年4月以 2,860,000港元售出
GEMSWORLD | 14 | 2019/20 INSIGHTS Glowing opportunities in the coloured gem business 彩色宝石业的增长机遇 Business prospects abound in the coloured gemstone industry, thanks to sustained consumer interest in classic favourites such as rubies, sapphires and emeralds, as well as promising new gem choices. 消費者對傳統寶石即紅寶石、藍寶石及祖母綠的興趣不減， 加上各式新品種寶石的興起，都提振了彩色寶石業的需求及發展前景。 | Bernardette Sto. Domingo 杜明高 |
GEMSWORLD | 15 | 2019/20 精辟洞见 With modern business concepts, evolving buyer preferences and a more sophisticated clientele come vast opportunities for coloured gemstone traders. According to industry players, today’s buyers are increasingly investing in top- quality coloured gems and opting for colourful jewellery choices to better express their individuality. Highly coveted Burmese rubies, Kashmir sapphires or Colombian emeralds – which have enjoyed an illustrious reputation in the trade for centuries – are also commanding record-breaking prices at auctions. The sector has likewise endured macroeconomic uncertainties and registered significant growth over the last 10 years, according to Clement Sabbagh, president of the International Colored Gemstone Association (ICA). Data from New York-based Natural Resource Governance Institute said the global gemstone industry, diamonds included, was valued around US$17 billion to US$23 billion in 2015, with estimated sales of rough emeralds, rubies and sapphires at US$1.5 billion to US$2.5 billion. Jade alone accounted for US$3 billion to US$6 billion while other coloured gemstones recorded sales of US$250 million to US$750 million. “This is a result of a number of factors: Some new localities are producing good volumes of fine gems; emerging markets particularly China have become more educated about coloured gems and spurred a deluge of new consumers; and major fashion houses are using more colour in their designs,” revealed Sabbagh. Apart from the glowing triumvirate of rubies, sapphires and emeralds, other gems have likewise risen in significance and popularity among consumers. Colour revolution Spinels in various colours continue to gather steam in the coloured gemstone world, with the red, pink and blue variants moving the fastest during trade shows. Cobalt-blue spinels are especially favoured, according to Sabbagh. Green gems such as Russian and Namibian demantoid garnets, and Kenyan and Tanzanian tsavorites are high on the shopping lists of buyers, too. Mesmerising blues and purples likewise have a strong following, proven by solid sales of Paraiba tourmalines and deeply saturated purple garnets from eastern Africa and India. Another star in the coloured gemstone community are opals, specifically blacks and boulders from Australia. Numerous varieties of Mexican, Brazilian and Ethiopian opals in huge quantities are similarly gaining prominence in the market. Josh Saltzman, manager at US-based Nomad’s Lapidary Co Inc, said his clients are particularly drawn to red spinels. Aquamarines in vivid colours as well as lagoon tourmalines and tsavorites are likewise main movers. “These colours are extremely favoured now. Reds and greens are always popular in China. Lagoons, which are a pleasant mix of greens and blues, have a more universal appeal,” remarked Saltzman. At major jewellery trade shows however, the so-called big three still command the most attention from buyers. Mehul Patel, managing director of Krish Creations Co Ltd, said no-heat cornflower and royal blue sapphires of 1 to 5 carats were the top drawers at the June Hong Kong Jewellery & Gem Fair. He also noted a shortage in supply of premium Kashmir sapphires, making these prized gems too expensive to buy. “People are mostly asking for Burmese and Sri Lankan sapphires now. Prices remain steep since these are high-quality materials,” continued Patel. Rubies were equally highly sought after especially by buyers from China, Hong Kong and other Southeast Asian markets, according to Phuket Khunaprapakorn, CEO of Gemburi Co Ltd.
GEMSWORLD | 16 | 2019/20 INSIGHTS Gemburi’s Khunaprapakorn said he expected slower business at the June Fair owing to the political situation, but visitors, mostly from Asia, came and placed orders. Saltzman, for his part, said the US-China row has had little to insignificant effect on the industry. “It’s definitely putting pressure on the Asian market since things have slowed down, but we still see solid demand,” he continued. AG Color President Hemant Phophaliya, meanwhile, said fewer people came at the June Fair in Hong Kong, which he traced to the local political situation. A generally weaker business sentiment could also be attributed to US-China trade tensions. China used to be the centre of the gemstone and jewellery business, but the market has since changed, with majority of Chinese traders still unloading excess stock from years of active buying, he noted. “We focus on a diversified market – Europeans, the US, Middle East and India, not only China. We also offer products other than tanzanite, such as tsavorites. The most promising market for us now is the US,” explained Phophaliya. Another challenge faced by the coloured gemstone industry is attracting a new generation of consumers and how to effectively sell to them, according to Sabbagh. Young consumers require full, open and honest disclosure of treatments and enhancements, and want to confidently buy gemstones that were responsibly and sustainably sourced. ICA is also working on a few projects to encourage millennials and Gen Z to work in the industry. “They can sell to young people because they speak the same language,” he noted. “We want to tell stories of movers and shakers in the industry to inspire people. We need new blood in our sector.” Education is an important aspect of the trade since learned consumers make informed buying decisions. For instance, the trade has become more receptive to stones from nontraditional sources such as Zambia and Brazil for emeralds, or Mozambique for rubies. In China, buyers are branching out to other gems such as spinels, opals and tsavorites, revealed Sabbagh. Both Mozambique and Burmese gems were requested at the June Fair, with buyers placing orders for smaller stones or 3 carats and below, as well as high-quality stones of 5 to 10 carats. “Burmese rubies are preferred for their historical significance and reputation, but supply is tight. Buyers instead go for Mozambique rubies, which are readily available in themarket,” noted Khunaprapakorn. Prices have been on the upswing. For top- quality stones, prices have gone up by around 20 percent since last year while those for nice-quality stones are 5 to 10 percent higher. Smaller sizes or 3 carats and below saw a 10 to 20 percent price hike. State of the trade Uncertainties arising from the US-China trade dispute as well as the political unrest in Hong Kong are adversely affecting consumer sentiment, but traders are banking on the industry’s proven resilience, according to Sabbagh. “A flourishing luxury goods market thrives on happy, confident consumers who feel good about life. Macroeconomic and geopolitical hiccups generally result in sluggish jewellery sales,” the ICA official said. “Hong Kong for instance has survived many difficulties in the past. It will continue to be a very important gemstone and jewellery hub.” Burmese gem traders at the Mogok local market in Myanmar ( Mongkolchon Akesin / Shutterstock.com ) | 缅甸宝石商聚集在摩谷当地的宝石市场
GEMSWORLD | 17 | 2019/20 精辟洞见 The ICA official also raised the importance of setting harmonised grading standards, practices and nomenclature in the coloured gemstone sector to bolster consumer confidence. “Industry players should be able to feel confident in securing just one gemmological report. There should be no need for a second or third opinion, which means additional costs,” disclosed Sabbagh. “We need major associations, dealers and gemmological laboratories to agree on this set of standards. It will involve cooperation among industry players.” Currently, ICA, the American Gem Trade Association and the World Jewellery Confederation (CIBJO) follow a Common Disclosure Code. What’s needed now is an industry-wide set of standards accepted by global dealers, gem labs and other stakeholders, he added. Sparkling future Krish Creations’ Patel sees robust demand for sapphires of 1 to 5 carats, particularly from Europe, the US and other Asian countries since these are the most active in the market. Demand from China may remain subdued, with buyers incessantly asking for more affortable items, he added. The future is equally dazzling for rubies especially at the upcoming September Hong Kong Jewellery & Gem Fair, noted Khunaprapakorn of Gemburi, adding that a bigger show will surely attract a higher number of serious buyers. Rubies and sapphires will likely be bought for inventory due to lack of top-quality stones in the market. Nomad’s Saltzman is upbeat about business prospects as well, saying that consumers are expected to come back from their summer vacation and start replenishing their supplies in September. “Based on the outcome of the June Fair, we are quite positive. For regional customers, we’ve seen those from Japan, China, Taiwan and Singapore, and they were all actively sourcing stones. It seems promising unless a major development occurs,” he noted. Santpal Sinchawla of Sant Enterprises is also maintaining a stable outlook despite uncertainties hovering above the market. “We don’t feel the effect of the US-China trade war yet but there will be some impact. The Chinese market is still buying like usual,” he noted. “Business will be steady; it’s not going to be a booming period but there won’t be huge problems. It’s all about stability.” Sabbagh, for his part, said the top end of the market will continue to experience enthusiastic demand and be less price sensitive. “It is hoped that the middle- and lower-priced end of the market will see some growth as current global economic roadblocks are gradually resolved,” he noted. Emerald | 祖母绿
GEMSWORLD | 18 | 2019/20 INSIGHTS 买家喜好不断改变、消费者掌握宝石的知识 日增，为彩色宝石商造就庞大的机遇。有业 者指，当前的买家越来越钟情投资优质的宝石， 并透过色泽丰富的彩宝来展现个性。 缅甸的红宝石、喀什米尔蓝宝石及哥伦比 亚祖母绿，此三大传统宝石近年在拍卖场上 的成交价屡创新高。国际彩色宝石协会总裁 Clement Sabbagh表示，根据美国自然资源管 理研究所的数据，2015年全球宝石业的总值约 为170亿至230亿美元。其中，祖母绿、红宝石及 蓝宝石的原石销售额约为15亿至25亿美元，仅 玉石的销售便达到30亿至60亿美元，而其他类 别的宝石销售亦录得2.5亿至7.5亿美元。 他指，部份新矿场为市场提供了稳定的货源。 再者，新兴市场如中国对彩宝的认知度日增、时 装界掀起的色彩热，都为行业注入新动力。 色彩革命 尖晶石近年在彩宝市场逐渐形成主流地位， 包括红色、粉红色及蓝色的尖晶石均在珠宝展 览会上录得理想销情，其中钴蓝色的尖晶石更 是业界新宠。Sabbagh先生补充指，绿色宝石包 括产自俄罗斯及纳米比亚的翠榴石、肯亚及坦 桑尼亚出产的沙弗莱石也是买家的采购目标。 除此之外，帕拉伊巴碧玺、来自东非及印度的紫 色石榴石，以及欧泊也是市场焦点。 美国公司Nomad’s Lapidary Co Inc的销售 经理Josh Saltzman指出，红色的尖晶石，湖水 色调的蓝绿色宝石都是目前市场的热销产品。 Krish Creations Co Ltd董事总经理Mehul Patel称，1至5克拉、没有经过加热处理的矢车 菊和皇家蓝蓝宝石最受买家欢迎，但因货源短 缺，故价格升幅大。“查询缅甸及斯里兰卡蓝宝 石的买家增多，但毕竟属优质宝石，故价格一直 高居Ge 不m 下bu 。 r ” i Co Ltd首席执行官Phuket Khunaprapakorn表示，红宝石一直受到内地、香港 及东南亚买家追捧，莫桑比克及缅甸红宝石均 有需求，采购目标以小颗石或3克拉以下的为 主，亦有购买5至10克拉的高品种红宝石。过去 一年，顶级红宝石的价格升幅达两成，小颗及品 质不俗的，涨幅亦达一成。 部份新矿场为市场提供了稳定的货源。 再者，新兴市场如中国对彩宝的认知度日增、 时装界掀起的色彩热，都为行业注入新动力。
GEMSWORLD | 19 | 2019/20 精辟洞见 贸易状况 尽管中美贸易战及香港近期的社会冲突打击 了消费者的购买意欲，但Sabbagh先生深信，香 港过去面对众多困境仍能安然渡过，其作为全球 重要的宝石及珠宝业贸易中心的角色将会继续。 Gemburi的Khunaprapakorn先生展会前预 期六月香港展的表现会受全球政治氛围影响，最 后却发现大部分亚洲买家都有前来采购产品。 然而，AG Color总裁Hemant Phophaliya则 指，六月香港展的人流较往年减少，相信是受本 地的政治形势拖累，而展会整体业务表现疲弱 估计亦受中美贸易问题影响。“过往，中国是珠 宝及宝石业的主要市场，但这个情况近期有所 改变，故此我们仍寻求更多元化的市场发展，包 括开拓欧美、中东及印度市场。同时，除坦桑石 外，我们亦提供更多不同品种的宝石例如沙弗 莱石。以我们为例，目前最活跃市场为美国。” Sabbagh先生认为，彩宝业目前面对的另一 个挑战是要吸引新一代的消费者和找出更有效 接触这群目标买家的方法。 “年青消费者要求全面、清晰及诚实披露宝 石的处理及加工情况，期望所购买的宝石来自 奉行社会责任的宝石商。国际彩色宝石协会亦 正开展多个项目，希望鼓励更多千禧代以至Z世 代的年轻人加入宝石行业，因为他们正正最了 解年青消费者的需求。”他续指，除了传统三大 彩宝外，中国市场当前流行的宝石还包括尖晶 石。欧泊和沙弗莱石。 作为国际彩色宝石协会代表，Sabbagh先生 重申制定分级标准和行业守则对提升消费者信 心的重要性。“我们需要联合主要的行业组织、 宝石商和宝石实验室，建立一套彼此认可的标 准。目前，国际彩色宝石协会、美国宝石贸易协 会及世界珠宝联合会(CIBJO)遵循一套通用的 披露守则，我们需要获得更多宝石商、鉴定所及 同业的支持，使整个宝石业更广泛的支持及采 用这套守则。” 光明前景 Krish Creations的Patel先生看到市场对1至 5克拉蓝宝石的强劲需求。买家主要来自欧 美及亚洲。即将来临的九月香港珠宝首饰 展，Gemburi的Khunaprapakorn先生有信心会 迎来更多高素质及有诚意的买家。 Nomad的Saltzman先生总结六月香港展， 对九月香港展的表现感乐观。“六月香港展表现 不俗，我们接触到来自日本、中国、台湾及新加 坡的买家，他们都积极采购心水产品。除非环球 经济有重大事故发生，否则我们对九月香港展 的整体表现有信心。” Sant Enterprises的Santpal Sinchawla预 期，后市表现平稳。“中美贸易战暂未见其影响， 但无可避免会带来一些负面因素。中国市场的 消费力未有减退，虽然短期内不会迎来大幅度 的增长，但相信仍能稳步发展。高端市场受影响 的程度显然会较少，惟期望看到中、低价市场能 有一些增长。”
GEMSWORLD | 20 | 2019/20 INSIGHTS New HKGMA president upbeat on industry outlook 新任会长看好业界前景 Fan Xiao Bin, new president of the Hong Kong Gemstone Manufacturers’ Association, talks about his vision and mission, and his outlook on Greater China’s gemstone industry. 创立于2005年的香港宝石厂商会作为香港首个致力推动宝石业发展的专属商会， 多年来积极引领会员开辟多方商机，包括协助业界配合国家政策拓展庞大的内地市场， 刚就任第五届执委会的范小彬会长接受《JNA 亚洲珠宝》专访， 阐述接任后的首要工作目标以及个人对市场前景的见解。 | Christie Dang 邓欣欣 |
GEMSWORLD | 21 | 2019/20 精辟洞见 来自广东省汕尾市的范小彬身兼香港海丰商会常务副会 长及东维亚集团国际有限公司董事长，早年从事物业投 资、地产建筑及酒店等行业，包括专业开展内地珠宝产业园 等大型发展专案，由此深化了对宝石产业的认识，近几年业 务拓展至宝石原材料贸易及珠宝国际工贸城，产业链条覆盖 香港及粤东汕尾海丰两地宝石业多个环节。 对行业充满信心 拥有丰富营商经验的范小彬认为，清晰的营商理念与企业 定位是成功关键。范会长决意秉承珠宝商前辈的宝贵经验， 加入新时代的活力，进一步巩固商会及宝石业整体的长足发 展。他强调：“业界必须抓紧各类宝石丰富的文化与历史内 涵，透过具影响力的专业媒体将各种天然资源的精彩故事传 开，为宝石业开拓多元商机。” 一直以来，范小彬对宝石商会的工作极具信心，并表示自 从创会永远名誉会长黄达华先生于2005年成立商会以来， 除了在大中华区内建立稳健基础，在海外亦有一定影响力。 会内同行不单各自拥有优秀业务，更大力支持与承担商会及 行业发展，业者间多年来相互协作的团结精神为行业注入强 大正能量。范会长称他的首要任务，是坚持这优良的传统，整 合资源，发挥商会作为公共平台的专业角色，与各主要市场 的相关部门建立紧密合作关系，鼓励并协助会员将业务扩展 至更多具发展潜力的新市场。 市场前瞻 范小彬明白，各年代均有不同的市场特色趋势，要与时具 进，就行业前沿发展拟定最适切的营商策略，才能为行业整 体带来更加可观的效益。 虽然中美贸易战给全球经济带来了一定的影响，社会气候 也千变万化，但范小彬深信，大湾区前景无限，将香港国际金 融中心的角色与新时代中国经济发展结合，有助于进一步加 强两地宝石业界在人才、采购、设计、宣传与行销方面的竞争 力，在全球珠宝市场上发挥更强实力。 Newly appointed Hong Kong Gemstone Manufacturers’ Association (HKGMA) President Fan Xiao Bin was actively involved in the real estate, construction and hotel businesses before entering the gemstone industry. He acquired his gemstone knowledge and expertise through the development of mega projects such as gem manufacturing and trading centres in his home town of Shanwei in eastern Guangdong province, which is home to the country’s major gemstone trading hub. What is your assessment of the gemstone market in Greater China? Ever since our Honourary Life Founding President Wong Tai Wah established the association in 2005, we have been led by men with a great vision and members have been united by a clear mission: To collectively build a better business environment for the entire gemstone industry, and to further strengthen the competitiveness of Hong Kong gemstone dealers so we can tap new business opportunities. With unwavering support from our members and the industry, we will continue to carry out this mission. I am confident that we can achieve even greater results in the years to come. Please share with us your top priorities as new HKGMA president. The magnitude of and readiness for economic development in the Greater Bay areas are immense, with the rapid development of China’s economy and infrastructure in recent decades. The area has developed into an ideal platform for both gemstone suppliers who need to establish a large-scale manufacturing base for production, and for jewellery wholesalers and retailers to expand their sales network. Furthermore, the close proximity between Hong Kong as an international financial hub and cities in the southern part of China provides great synergy. It will certainly benefit the gemstone industry in the whole region. I am optimistic about the long-term development of the gemstone sector especially in the Greater China region. Our mission is to collectively build a better business environment for the entire gemstone industry.
GEMSWORLD | 22 | 2019/20 SHOWCASE Pageantry of COLOURS 绽放彩宝光芒 Jewellery brands around the world are offering a tantalising mix of euphoria and artistry in these multi-hued fine jewellery pieces. Luxurious yet playful, these chromatic jewels are an absolute testament to the ingenuity of some of today’s most prolific jewellers. 世界各地的珠宝品牌不约而同呈现富艺术性和让人喜悦的精品珠宝。 这些兼具豪华瑰丽与玩味破格的彩宝首饰，见证了当今最多产的珠宝商的超卓智慧。
GEMSWORLD | 23 | 2019/20 精品荟萃 1. ‘Hortus Deliciarum’ earrings by Gucci 2. Necklace in pink gold with amethysts, yellow-green peridots and diamonds by Bulgari 2 5 4 1 3 3. ‘Folklore’ bracelet by Chanel 4. ‘Innamorato’ bracelet by Van Cleef & Arpels 5. Opal Collection earrings by Sutra 6. Peacock Collection by Carlo Barberis 6
GEMSWORLD | 24 | 2019/20 INTELLIGENCE The vibrant realm of European jewellers 欧洲珠宝商的魅力所在 Coloured gemstones intricately woven into fine jewellery designs evince the unequivocal artistry of European jewellers. 将瑰丽的彩色宝石结合精巧的设计，展现欧洲珠宝商独有的艺术气质。 | Bernardette Sto. Domingo 杜明高 | ‘Era’ bracelet with diamonds, amethysts, prasiolites and London blue topaz stones by Victor Mayer | Victor Mayer 出品的手链，镶有绿石英､紫水晶及蓝色托帕石
GEMSWORLD | 25 | 2019/20 市場情報 In a world grappling with macroeconomic and geopolitical upheavals, ingenuity continues to thrive in the fine jewellery sector. Complementing this creativity boom is an assortment of coloured gemstones in the market. Resplendent reds, pristine blues and enchanting greens still dominate classic collections while unconventional gems in hazy pinks and yellows, or subdued purples, are gaining traction in the trade. Colours play a twofold role in the jewellery sector – a conduit to express one’s individuality and a critical factor in formulating businesses’ design and branding strategies. This special feature delves on European jewellers’ steadfast pursuit of perfection through coloured gemstone jewellery pieces in timeless yet trend-defying designs. Legacy and expertise With more than a century of experience in the fine jewellery sector, Germany-based Victor Mayer has amassed a solid following from Europe, the US, Middle East and Asia. What sets the company apart from its counterparts is the distinctiveness of its designs, according to fourth-generation jeweller and managing partner at Victor Mayer, Marcus Oliver Mohr. The company was established in 1890. “We sell to retailers who are into exquisite, extraordinary jewellery pieces since we have one-of-a-kind products,” he noted. “We are known for enamel jewellery, which is our best seller, as well as coloured gemstone pieces.” All jewellery pieces are in 18-karat gold. At the centre of these are tourmalines, tanzanite and topaz stones, amethysts, and moonstones, to name a few. The designs, aptly described as cosmopolitan, demonstrate sophisticated patterns and details achieved through decadesold craftsmanship and modern technology. Mohr remarked that Victor Mayer’s success is largely anchored on its artistry as well as its ability to meet difficulties head on such as changes in consumer behaviour. “Jewellery has lost its appeal in industrialised countries but there’s potential in new markets such as Asia, particularly China. It’s imperative to have exceptional products and a more focused marketing initiative,” continued Mohr. The present situation also necessitates working closely with retail partners to identify emerging design trends and appropriate promotional tools. For instance, buyers are now on the lookout for dainty jewellery pieces that can be worn every day as opposed to ostentatious designs. There is also heightened consumer interest in bespoke items and stories behind the jewellery design and the make as part of an overall unique buying experience. Patrick Aeschbacher of Swiss jeweller Frieden likewise banks on the company’s jewellery making heritage to sustain growth. With a rich repository of special, top-quality gemstones, Frieden has built a wide customer base composed of retail brands mainly from Europe and the US. Victor Mayer’s peacock locket with diamonds and aquamarine, and light blue vitreous enamel in guilloché engraving | Victor Mayer的海蓝宝吊坠，以珐琅及扭索花 纹作点缀 Rings with moonstones and diamonds by Victor Mayer | Victor Mayer的 月光石镶钻指环
GEMSWORLD | 26 | 2019/20 INTELLIGENCE “We are experts in the business, having been around since 1898. We have access to special stones, thanks to our global contacts and a good eye for outstanding pieces. This is our competitive advantage,” revealed Aeschbacher. “We also offer different price ranges.” Headlining the manufacturer’s coloured gemstone jewellery collections are sapphires, rubies, emeralds and tsavorites, among other stones. The company mainly caters to customers who favour inimitable jewellery pieces with a personal touch. A sure-fire way to rise above the competition is to be different, according to Aeschbacher. Frieden also counts on the market’s increasing affinity for individuality and colour. Nature-inspired pieces are the stars of the jeweller’s well-loved collections, with investment-grade gemstones at the centre of the jewellery pieces. The company official cited strong potential in both high- and mid-end gemstone and jewellery categories since some buyers, specifically those from Asia, are now acquiring middle-range products before moving on to the luxury segment. “There are customers who remain keen on investing in premium coloured gemstones such as sapphires. High-quality sapphires comprise around five percent of what’s in the market today, so these are quite attractive to our clients,” disclosed Aeschbacher. Colouful microcosms Colours are woven into the very fabric of award-winning German designer Tamara Comolli’s miscellany of fine jewellery pieces. At the centre of her creations are a diverse array of gems, from delicate rose tourmalines to vivid amethysts and iolites, mesmerising blue topaz stones, refreshing peridots and ravishing garnets, to mention a few. Her eponymous brand, Tamara Comolli, offers rings, bracelets, earrings and pendants in 18-karat rose, yellow and white gold. A winner of the De Beers Diamond Award in 2004, Tamara describes her design philosophy as largely hinged upon versatility, redefined elegance and a celebration of originality. Her creations often evoke a sense of unpretentious sophistication, with the coloured gemstones injecting a dose of novelty to the pieces. “We have a very colourful world,” remarked Tamara. “Creating fun and visually stimulating jewellery using a wide range of gemstones is in our DNA. Our buyers count on us to deliver such products to them.” Another defining characteristic of the designer’s collections is the inspired combination of colours, which Tamara aptly termed as “colour stories.” Among the jeweller’s vivid collections are Candy, Caribbean, Indian Summer, Rainforest, Cashmere, Mandarin and Cinnamon – all of which make use of coloured gems in dazzling patterns and permutations to create standout, ultra-feminine pieces. Green turquoise ring in pink gold by Indygo | Indygo的绿松石指环
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