CONTENTS 目录 DIGEST 市场指标 GIA offers filler identification in emerald reports GIA在祖母绿报告中增加填充物鉴定服务 8 FOCUS 焦点 Sparkling prospects for coloured gemstones 彩宝前景缤纷四射 10 INSIGHT 精辟洞见 Belmont carving a brilliant future for Brazilian emeralds Belmont为巴西祖母绿开辟辉煌未来 16 China Stone delivers high-quality calibrated gemstones China Stone呈献优质标准尺寸宝石 18 Color Jewels to place stronger focus on high-end gems Color Jewels聚焦奢华宝石 20 ICA GemLab fortifies traceability initiatives ICA国际有色宝石鉴定所优化溯源计划 22 Miranda Group satisfies brands’ demand for exquisite gems Miranda Group满足品牌客户对高端宝石需求 24 SHOWCASE 精品荟萃 Mocha Mousse: Refined luxury at its best 摩卡慕斯：精致奢华的典范 26 Kaleidoscopic marvels 万花筒般的奇观 28 SPOTLIGHT 市场聚焦 Emerging opportunities in emerald sector 祖母绿的崭新机遇 30 Scintillating future for sapphires 蓝宝石的闪亮未来 34 Rubies retain edge in gemstone world 红宝石保持业界优势 38 The perpetual allure of Paraiba tourmaline 帕拉依巴碧玺的长青魅力 42 Possibilities sparkle for spinel 前景亮丽的尖晶石 45 MARKET INTELLIGENCE 市场情報 Defining teal sapphires 蓝绿色蓝宝石之正名 50 Opulent opaques 不透光的华丽宝石 52 On the Cover 封面 Panthère Chatoyante necklace from Cartier’s Nature Sauvage High Jewellery Collection. The necklace unfolds in a luxurious array of rubellites, chrysoprases and emeralds, with diamonds and onyx stones evoking the coat of a panther. The feline’s diamond-studded head sports emerald eyes and black lacquer accents. 卡地亚Nature Sauvage高级 珠宝系列Panthère Chatoyante项链。 项绚 链丽 以奢 红华 碧的 玺色 、彩 绿组 玉合 髓， 和并 祖缀 母以 绿钻 构石 成和 黑满 玛钻 瑙石 塑的 造豹 出头 美灵 洲动 豹如 的真 皮， 毛一 图双 案祖 。母 镶绿 豹来眼鲜犀明利造敏型锐。，在黑色亮漆点缀下带
Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Deputy Editor Bernardette Sto. Domingo 副编辑 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Rita Hung | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Alongkorn Chanyangarm | Tel 电话: (66) 2 036 0500 ext 206 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 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樓 Email 电邮: [email protected] JewelleryNet.com Every care has been taken to ensure the accuracy of the information in GEMSWORLD 2025. 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. 本不公得司以已任尽何力方确式保翻《印宝、石仿世制界或2转0载25本》刊所物刊任登何的部内份容之正文确字无或误图。片如。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， 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 world GEMS2025 宝世 石界
DIGEST 市场指标 GEMSWORLD | 8 | 2025 Weight in carats of the rubellite centre stone in the Chryseis necklace from Cartier’s Nature Sauvage High Jewellery Collection. This exquisite gem reigns in majesty in the butterfly-inspired necklace, which replicates the black-and-white patterns of butterfly wings through onyx and diamonds while using chrysoprase beads to structure the piece. The design also revisits the emblematic red-green-black trio that is symbolic of the Maison. Weight in carats of a Paraiba-type tourmaline pendant necklace with diamonds by Kat Florence, which was sold at Bonhams’ Hong Kong Jewels auction on November 28, 2024. The piece features an exceptional-quality oval Mozambique Paraiba-type tourmaline of natural greenish-blue colour set on a necklace pavé-set throughout with 16.28 carats of brilliant-cut diamonds. The necklace sold for HK$4.19 million (around US$539,530) – almost three times the pre-sale estimate of HK$1.5 million to HK$2.5 million (approximately US$192,919 to US$321,531). 卡地亚Nature Sauvage高级珠宝系列Chryseis项链的主石——红碧玺的重 量。这条项链的灵感来自蝴蝶，翅膀上的黑白斑点以黑玛瑙和钻石呈现，并 与绿玉髓圆珠互相辉映，重新演译「红、绿、黑」品牌经典配色组合。 于2024年11月28日在中国香港邦瀚斯珠宝拍卖会上呈献的Kat Florence镶钻吊坠项链 的主石——帕拉伊巴碧玺的重量。这颗品质卓越的椭圆形莫桑比克帕拉伊巴碧玺，呈天 然绿蓝色，缀以共重约16.28克拉明亮式切割密镶钻石。项链以419万港元（约539,530 美元）成交，几乎是售前估价150万至250万港元（约192,919至321,531美元）的三倍。 克拉 63.76 carats 126.25 carats克拉 The Chryseis Necklace from Cartier’s Nature Sauvage High Jewellery Collection 卡地亚Nature Sauvage高级珠 宝系列的Chryseis项链 The Gemological Institute of America (GIA) started to offer filler identification with its emerald reports from December 15, 2024, citing the industry’s interest in more information about the nature of such treatments. If there is filler present, the report offers one of the following conclusions: Filler Type: A (may include oil, wax and/or natural resin); Filler Type: B (artificial resin); and the clarity enhancing material present cannot currently be identified. Record-breaking average price per carat of mixedquality rubies at Gemfields’ rough ruby auction held from November 25 to December 11, 2024. The auction generated total revenues of US$46.2 million. “These results reaffirm the stability of demand for Gemfields' rubies, with prices for fine quality aligning well with the limited supply of these rare and precious gemstones,” said Gemfields. GIA美国宝石研究院于2024年12月15日起，在其 祖母绿报告中提供填充物鉴定服务，回应业界希 望获得更多有关此类宝石处理信息的诉求。如果 宝石中存在填充物，报告将提供以下其中一项结 论：填充物类型：A(可能包含油、蜡和/或天然树 脂)；填充物类型：B(人造树脂)；目前无法确定所 含的透明度增强材料。 在2024年11月25日至12月11日举行的Gemfields红宝石 原石拍卖会上，混合品质红宝石的每克拉平均价格新纪 录。该拍卖录得4,620万美元的总收入。Gemfields表示： “拍卖会取得的丰硕成果重申了市场对Gemfields红宝 石的需求稳定，优质红宝石的价格与这些珍稀宝石有限 的供应量相对应。” US$321.94 Emerald Report 祖母绿报告 美元 126.25-carat Paraiba-type tourmaline pendant necklace with diamonds by Kat Florence的126.25克拉帕拉伊巴碧玺镶钻 吊坠项链 Photo credit图片来源: Bonhams Rough rubies 红宝石原石 Photo credit 图片来源: Gemfields
FOCUS 焦点 GEMSWORLD | 10 | 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. | Bernardette Sto. Domingo 杜明高 with reports from Isabella Yan | The coloured gemstone sector stands to benefit from the market’s growing inclination for more colourful and meaningful jewellery options. 市场的偏好日渐转向色彩更丰富、意义更深远的珠宝 首饰，彩色宝石行业将从中得益。 Sparkling prospects for coloured gemstones 彩宝前景缤纷四射 Spinel stones in different colours 色彩缤纷的抛光尖晶石 Gübelin Academy Level 1 Course 古柏林学院1级课程 Ruby from Fura Gems Fura Gems的红宝石
FOCUS 焦点 GEMSWORLD | 11 | 2025 We expect the market to rebound in 2025 as we are already seeing an uptick in consumer demand coming from the US. We also anticipate increased demand in India in the first quarter of 2025 while China could show positive signs in the second half of 2025. - Rupak Sen, chief marketing officer of Fura Gems Alexandrite gems in different colours 不同颜色的亚力山大石 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 fastgrowing 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 premiumquality 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 primequality 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
FOCUS 焦点 GEMSWORLD | 12 | 2025 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 highquality 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-caratplus 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 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 exportoriented 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.
FOCUS 焦点 GEMSWORLD | 13 | 2025 市场需求畅旺 国际有色宝石协会(ICA)主席Damien Cody表示，精品和 弥足珍贵的彩色宝石仍然具有吸引力，价位也将持续高企。 “极其稀有的宝石，本身就吸引了一群不受经济因素影 响的买家，所以这股趋势不太可能改变。”他解释道。 红宝石、祖母绿、蓝宝石以至优质的帕拉伊巴碧玺、尖晶 石和沙弗莱石，在价格上都会持续走高。 Cody补充说，宝石的价格有望在2025年稳定下来，继在 疫情期间出现前所未有的飙升之后，回落至合理的水平。 美国仍旧是彩色宝石的主要消费市场，而Cody认为，随 着美国大选结束，买家信心可能会进一步增强。除了美国之 外，中国市场依然强大，宝石产品的高税率和进口关税是唯 一的障碍。 印度的中产阶级快速成长，加上传统上盛行佩戴彩宝首 饰，未来发展一片光明。欧洲及中东市场前景亮丽，东南亚、 非洲和南美洲等新兴宝石市场也如是。 高端珠宝商古宝琳总裁Raphael Gübelin说，古宝琳在 2024年推出了多款以艳丽尖晶石为主题的作品。其中一款 鸡尾酒戒指镶嵌的12克拉可变色尖晶石极为罕见，令鉴赏 家们爱不释手。这颗宝石在阳光下散发出蓝色光芒，在人工 光源下则变成紫罗兰色。Raphael指它的可变色特点使其出 类拔萃。 他解释说：“近年来，尖晶石的受欢迎程度大幅上升，市 场对这些精美宝石的需求明显增加。整体来说，我们面临的 主要挑战是采购符合我们严格质量标准的宝石。” 他补充说，彩色宝石贸易中最优质的“三大宝石”——红 宝石、蓝宝石和祖母绿，与帕拉依巴碧玺、帕帕拉恰蓝宝石 和尖晶石同样有稳健的市场需求。 Raphael透露：“根据我们的观察，人们越来越 追求非凡的宝石，对彩色宝石的兴趣日浓。在采 购高级宝石时，客户还要求宝石学报告和相关 文件。” 在经济不确定性和地缘政治紧张局势下，市场对彩 色宝石的需求预计将在2025年稳步上扬，这主要 是由于具相当知识水平和成熟度的买家，都倾向 选择富有特色和故事性的珠宝首饰。 据业内人士称，红宝石、蓝宝石和祖母绿等经典宝石正 进一步受到追捧，而非传统宝石则继续赢得全球市场的青 睐，尤其是帕拉依巴碧玺的迷人蓝色、帕帕拉恰蓝宝石的舒 适色调，还有尖晶石和阿力山大石的深邃颜色，都吸引源源 不绝的买家。 在国际珠宝拍卖会上，买家对彩色宝石的渴求与日俱 增，而知名珠宝公司也定期推出以稀有彩色宝石为主题的 高级珠宝系列，大大提升了彩色宝石在主流市场中的地位。 在2024年12月10日于纽约举行的苏富比瑰丽珠宝拍卖 会上，一枚10.33克拉未经处理的枕形切割缅甸红宝石镶钻 戒指成为主角，以550万美元的高价成交，是最高估价的两 倍多。 而在富艺斯2024年中国香 港拍卖会的亮点就包括一枚 7.02克拉缅甸红宝石镶钻 戒指，以127万美元成交； 一条约54.18克拉的红 宝石项链，竞投者以 106万美元夺得心 头好；而一枚10.84 克拉巴西亚历山 大变石戒指，则 以980,694美元 售出。 与此同时，绚 丽多彩也是宝格丽 Aeterna系列的主要特 色。该系列于2024年中 推出，是宝格丽迄今为止 “最非凡”的珠宝系列， 当中包括缀有蓝宝石、祖 母绿、红碧玺、金红石、帕拉依巴 碧玺和绿松石等的精美作品。 Sapphire Aeterna Waves铂金项链是 其中的代表作，项链上镶有38.93克拉枕形 切割斯里兰卡蓝宝石吊坠，并以蓝宝石和钻 石为点缀。 在卡地亚Nature Sauvage高级珠宝系列中， 高品质的彩色宝石同样成为焦点。例如，Chryseis 项链就镶嵌了黑玛瑙、绿石髓珠子和重达63.76克拉的红碧 玺吊坠。 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.” Rough emeralds from Gemfields 的祖母绿原石 Rough ruby from Gemfields的红宝石原石
FOCUS 焦点 GEMSWORLD | 14 | 2025 “我们预计市场在2025年出现反弹。美国的消费者需 求已有上升迹象，预计印度在2025年第一季的需求亦会增 加，而中国则有机会在2025年下半年出现正面走势。”Sen 解释道。 Sen的观察结果与市场大趋势相若，他指优质宝石的需 求保持稳定，但供应紧张。印度市场热衷于10克拉以上、每 克拉2,000至5,000美元的哥伦比亚祖母绿。同时，标准尺寸 红宝石的需求也在增加。 五光十色的未来 多年来，彩色宝石逐渐跻身主流，买家对稀有性和个性 化的追求日益影响着他们的购买决策。 古宝琳的Raphael指出，有几个因素促成了这一现象。他 说：“由于人们的选择更精明和成熟，有关宝石的知识和教 育也发挥着重要的作用。不少人对我们学院的彩色宝石课 程越发感兴趣。你对宝石的故事、历史和形成了解得越多， 就越懂得欣赏它。” ICA的Cody则预计在2025年，财政限制将有所缓解，从 而增加商业的确定性和稳定性。这预示着彩色宝石行业的 美好前景。他指出，直播等新营销渠道的出现，同样会带来 新的增长机遇。 他补充说，在产量和供应量合理的情况下，宝石贸易商 也预期红碧玺、欧泊、尖晶石、海蓝宝石、沙弗莱石、坦桑石 和橄榄石销情强劲。 在行业层面，Cody表示ICA计划在2025年首季公布新的 会员福利，并正在筹备2025年5月19日至22日在巴西举行的 ICA大会，主题为“世代相传的宝石”。 竞投气氛热烈 在毛坯材料拍卖会上的踊跃表现，也明显反映买家对高 端宝石的偏爱。彩色宝石开采商Gemfields在其2024年拍卖 会上发现，市场对顶级红宝石和祖母绿的需求 持续增长。 Gemfields产品和销售分析师Michael Hing表示，客户出席和参与拍卖会的情况 令人鼓舞，优质拍品的竞投气氛炽热。 Hing指出：“在当前的市况下，我们 在2024年的拍卖成绩仍然理想，证 明了市场对Gemfields祖母绿和红 宝石的需求稳定。优质拍品的供 应有限，并反映在成交价格上。 不少新加入的竞投者拥有完 善的供应链，在拍卖会上收 获甚丰。” 此外,Gemfields保留了 一些在拍卖会上出价未如理 想的拍品, 目的是促进宝石市 场的稳定性和可持续性。 拍卖会上以印度和泰国买家 为主，两国分别是全球最大的祖母 绿和红宝石原石和成品石交易中心。 Hing透露，中美两国仍是全球最大 的珠宝消费市场。他与Cody的观点略同， 并表示印度和中东的发展潜力无可限量。 “美国新政府表示可能会推行税制改 革，这有机会刺激美国宝石和珠宝行业的发 展。他们还倡议调整关税，此或会对出口导向的 经济体产生平衡作用。” 他补充说，中国作为主要的珠宝市场和出口国，正在考 虑采取提振经济措施。“最近的提振方案初期似乎起了积极 的作用，但就长期影响，现在还是言之尚早。” 中国市场 巴西祖母绿矿商Belmont Group主席Marcelo Ribeiro称， 中国的经济困境对亚洲市场的祖母绿需求影响甚微。 “传统上，中国并非本公司的主要市场。虽然中国买家 经常在我们的拍卖会上中标，但其需求与西方市场相比无 疑是较低。” 然而Ribeiro表示，最近Belmont旗下矿场的产量增加，令 他们有能力向中国扩展业务。 “最近由于产量增加，Belmont开始进军中国市场。以前 我们的祖母绿在西方市场的需求量甚大，因此产量不足以 支持开拓该国市场。”他指出。 宝石供应量增多，令Belmont也在中国占有一席之地，消 费者都被巴西祖母绿的鲜艳色彩和独特性所吸引。 Ribeiro相信，随着巴西祖母绿的知名度不断提升，中国 经济复苏有可能会激发买家的兴趣。尽管面临经济挑战，优 质祖母绿的起源故事和慑人魅力，仍然深深吸引亚洲的富 裕买家。 “中国的公司仍有参加拍卖会，显示其兴趣不减，但当 前的经济环境可能会稍微减缓该市场的发展。”他补充道。 Fura Gems首席行销官Rupak Sen表示，中国是红宝石、 蓝宝石和祖母绿的三大市场之一的地位不变。印度市场欣 欣向荣，而美国则保持稳定，但中国由于经济不确定性和金 价前所未有地飙升，表现正有所下滑。然而，全球市场也快 将复苏。 Sapphire Aeterna Waves necklace in platinum from Bulgari’s Aeterna Collection. The piece features a 38.93-carat cushioncut Sri Lankan sapphire pendant 宝格丽Aeterna 系列的Sapphire Aeterna Waves铂金蓝宝石项链，镶嵌 一颗38.93克拉的枕形切割斯 里兰卡蓝宝石吊坠
INSIGHT 精辟洞见 GEMSWORLD | 16 | 2025 Rough emeralds from Belmont的祖母绿原石 | Bernardette Sto. Domingo 杜明高 | The emerald business is poised for further growth in 2025 if the year 2024 is any indication. According to Marcelo Ribeiro, president of Belmont Group, demand for emeralds strengthened in 2024 on the back of growing appreciation for emeralds alongside steady production and more sustainable operations. This momentum is likely to be sustained throughout the year as market interest in high-quality rare materials continues to gain traction amid economic and political upheavals around the world. For Belmont, the key to navigating challenges and staying afloat is a strategic focus on quality, sustainability and technological innovation, shared Ribeiro. Value over volume One crucial observation in 2024 was a shift in consumer preference for quality rather than quantity. Ribeiro noted that increased production at levels that allow for betterquality stones significantly impacted consumer perception of Brazilian emeralds. “Improved quality of emeralds is altering how they are viewed globally, boosting their desirability and prices,” he explained. “This not only contributes to growth but also establishes Brazilian emeralds as a strong contender in the luxury market.” Meanwhile, the focus on sustainability is further gaining ground, with heightened demand for responsibly sourced gems continuing to shape the market. Buyers’ growing penchant for ethically produced and traceable gems is particularly relevant in the Brazilian emerald trade. The top three markets for Brazilian emeralds are the US, Europe and India. Of these, India is the most promising, thanks to its rapidly expanding economy and increasing demand for luxury goods. According to Ribeiro, supply chain transparency has become a bigger consideration for consumers in major carving a brilliant future for Brazilian emeralds Belmont Belmont为巴西祖母绿开辟辉煌未来 Industry leader Belmont Group is banking on Brazilian emeralds’ exceptional qualities to sustain appetite for the prized gem among today’s steadily more perceptive clientele. 领先企业Belmont Group凭借无与伦比的优质巴西祖母绿，持续满足了现今精明顾客对 这种传统瑰宝的需求。
INSIGHT 精辟洞见 GEMSWORLD | 17 | 2025 Rough and polished emeralds from Belmont Belmont的祖母绿原石和抛光祖母绿 markets like the US and Europe as they prefer emeralds produced under conditions that promote fair labour practices and minimal environmental impact. There is also rising demand for unique luxury products amid economic difficulties. He remarked, “A growing class of affluent consumers in emerging markets, notably India, who are looking for gems that represent both status and sophistication is driving demand for high-end, rare and exclusive items.” Eye on growth Belmont’s business strategy in 2025 is focused on sustained growth through innovation and responsible mining practices. There will be ongoing investments in mining technology to ensure stable production as well as maintain efficiency. Advanced technology will also help maximise the yield and quality of Belmont’s emeralds and further strengthen the miner’s market position. The company is likewise seeing a noticeable shift in preference for coloured gemstones on account of uncertainties in the diamond market. Several jewellers are gravitating towards coloured gems, particularly emeralds, as a more compelling alternative. Jewellery brands recognise that incorporating coloured gems like emeralds into their collections can enhance the perceived value and rarity of their pieces, noted Ribeiro, adding that emeralds add a sense of exclusivity that appeals to consumers opting for more personal and less mainstream items. The gemstone trade is inevitably influenced by broader economic conditions such as inflation, investment trends and consumer spending. Historically, a global economic slowdown can lead to reduced demand for luxury goods. “However, we are optimistic about the future, particularly with interest rate reductions in the US as lower interest rates could stimulate global investment and economic growth and likely drive demand for commodities, including gemstones,” explained Ribeiro. “This could present significant opportunities for Brazilian emeralds since the global appetite for top-quality materials could only grow alongside an uptick in economic activity.” 从2024年的表现来看，祖母绿业务有望在2025 年再度攀升。Belmont Group集团主席Marcelo Ribeiro表示，由于人们对祖母绿的钟爱有增无 减，加上稳定的生产和更多可持续实践应用在运营方面，祖 母绿的需求因而在2024有所增长。 在经济和政治动荡的大环境下，高品质的稀有材料成为 了能量密码，人们对祖母绿的兴趣将会持续升温，增长势头 将会在今年持续。 Ribeiro指Belmont Group能够在充满挑战的景况中站稳 脚跟，关键是以产品质量、可持续发展和创新技术为主的业 务战略。 价值重于数量 在2024年，我们观察到消费者的偏好发生了明显的转 变——重质不重量。Ribeiro指出，产量的增加使宝石的质量 得以提高，这大大影响了消费者对巴西祖母绿的观感。 他解释说：“祖母绿质量的提高，改变了全球对祖母绿的 看法，提升了祖母绿的受欢迎程度和价格。这不仅促进了增 长，还加强了巴西祖母绿成为奢侈品市场中的竞争力。” 与此同时，正因为可持续发展逐渐普及，市场对负责任 采购宝石的需求与日俱增。在巴西祖母绿贸易中，可见买家 越来越重视道德生产和可追踪宝石。 巴西祖母绿的三大市场分别为美国、欧洲和印度。其中， 印度市场的前景最明朗，这得益于其快速发展的经济和对 奢侈品日益增长的需求。 Ribeiro称，供应链透明度已成为美国和欧洲等主要市场 的消费者的主要考虑因素之一，因为他们偏好在促进公平 劳动实践和对环境影响最小的条件下生产的祖母绿。 在经济窘局下，人们对独特奢侈品的需求仍然上升。他 说：“在新兴市场，特别是印度，富裕消费者阶层不断壮大， 他们正在寻找既能彰显社会身份地位，又能体现其精致生活 的宝石，这推动了对高端、稀有和独一无二的产品的需求。” 专注增长 Belmont在2025年的业务战略重点，是通过创新和负责 任的采矿实践，以实现持续增长。 Belmont将持续投资采矿技术，以确保生产稳定和有效 率。先进的技术也有助提高其祖母绿产量和质量，进一步巩 固其领先矿商的市场地位。 鉴于钻石市场的不确定性，该公司也留意到市场的变 化——一些珠宝商开始倾向选用彩色宝石，尤其是祖母绿。 Ribeiro表示，珠宝品牌认识到将祖母绿等彩色宝石融入 其首饰系列中，有助提升其产品的感知价值和稀有性。 然而，宝石贸易难免地受到通货膨胀、投资趋势和消费 支出等外围经济条件的影响。从历史上看，全球经济放缓会 导致奢侈品需求减少。 Ribeiro续说：“不过，我们对未来持乐观态度，尤其是因 为美国减息。低利率会刺激全球投资和经济增长，并可能推 动对包括宝石在内的大宗商品的需求，这将为巴西祖母绿 带来重大机遇。全球对顶级材料的需求只会随着经济活动 的回升而增长。”
INSIGHT 精辟洞见 GEMSWORLD | 18 | 2025 Fine calibrated coloured gemstones remain in high demand, with the market perennially on the lookout for these precious gems, according to Li Chongjie, CEO of China Stone. The Thailand-based company specialises in extremely precise, machine-cut coloured gemstones ranging primarily from 0.6mm to 3mm. It uses advanced digital engineering and state-of-the-art cutting technology to guarantee symmetry and uniformity in size and shape. China Stone’s customer base consists mainly of international jewellery and watch brands. Li said this client mix yields regular orders since brands require a steady and consistent supply of coloured gemstones for their production needs. Demand for calibrated sizes was thus stable in 2024, with stones in the 0.8mm to 2mm category performing particularly well. Clients gravitated mostly towards red, pink, green and blue coloured gemstones, Li added. Market conditions But while demand for good-quality calibrated stones will always be robust, supply is another matter altogether. Li considers the shortage of suitable rough gemstones as the main challenge facing the business. He explained, “Supply of good-quality rough is always limited. Our ability to produce the high-precision calibrated gemstones we are known for is largely dependent on securing the necessary raw materials. Prices inevitably reflect sourcing challenges.” Meanwhile, stricter regulatory frameworks and evolving consumer preferences are prompting heightened scrutiny of sustainability credentials. “The one major trend we observed in the past year is the market’s growing insistence on working with and purchasing from responsible sources. This development necessitates full disclosure and proper declaration of origins and sourcing processes,” Li shared. “We have been delivers high-quality calibrated gemstones China Stone China Stone呈献优质标准尺寸宝石 China Stone is banking on the market’s insatiable appetite for calibrated sizes to sustain business while aligning with sustainability principles and technological advancements to fuel growth. China Stone受惠于市场对标准尺寸宝石的殷切渴求，同时推动 可持续发展和先进技术，使业务欣欣向荣。
INSIGHT 精辟洞见 GEMSWORLD | 19 | 2025 All coloured gemstones from China Stone 所有彩色宝石均为China Stone产品 adhering to sustainability principles and regulations from the onset, so such requirements do not pose any difficulties for us.” He pointed out that China Stone provides clients with a transparent and sustainable supply chain. Moreover, it adopted a solar energy system at its production facility in 2023 to significantly reduce carbon emissions. Enhancements Business for China Stone is likely to stay on an even keel in 2025 and beyond, said Li. Jewellery and watch businesses need raw materials to operate, and calibrated sizes are often an integral part of designs and collections. “We have no intention of increasing our production capacity this year. Our focus is on expanding our product portfolio to start offering coloured gemstones that are not currently in our inventory as well as developing and providing more intricate cuts,” he disclosed. In addition, China Stone is continually enhancing its technological capabilities for more effective and precise production while developing an online chat interface for seamless customer service and orders. These measures are all designed to cement China Stone’s reputation in the market as a reliable and leading supplier of high-precision cut coloured gemstones. The company was established in 1997 to provide the market with exceptional coloured gemstones. At the turn of the millennium, it pioneered precise and automated machine-cut calibration and steadily built its name and staked its reputation on delivering calibrated natural gemstones with high standards in size, cut, clarity and colour sorting. Today, China Stone has 300 employees across five locations. Headquartered in Bangkok, it maintains branches and business partners in China, the US, Italy and Switzerland to service local customers. “All our efforts are geared towards market recognition as a trusted, innovative and consistent source of precisioncut natural gemstones, and this continues to be our mission to this day and moving forward,” Li asserted. “据观察所得，去年的趋势之一是市场更重视与责任供 应商合作和进行采购，因此相关企业必须充分并准确披露 原产地和采购流程。我们向来严格遵守可持续发展原则和 法规，所以并没有遇上任何困难。”他分享道。 他表示，China Stone致力为客户提供透明度高且可持 续的供应链，亦从2023年起应用太阳能系统，以大幅减少碳 排放。 尽管市场对优质标准尺寸宝石的需求维持强劲，原石却 供不应求。李崇杰认为，原石短缺是行业面临的重大挑战。 他解释说：“优质原石的供应始终有限。我们以生产高精 度标准尺寸宝石而闻名，而产量很大程度上取决于所需的 原材料。成品价格无疑反映出采购上的挑战。” 优化实力 李崇杰预计，China Stone的业务在2025年及以后将保 持平稳。他指出，珠宝和手表企业需要充足的原材料来维 持运营，而标准尺寸宝石通常是设计系列中不可或缺的一 部分。 “我们今年不打算增加产能，反之将专心一意地扩大产 品组合，以提供新颖的宝石种类，以及开发更复杂的切割样 式。”他透露。 China Stone也不断提升技术，以实现效率更高且更精确 的生产流程，同时开发线上聊天介面，令客户服务和下订单 更加便利。 一系列举措旨在巩固China Stone作为可靠、优越的高精 度切割彩宝供应商的声誉。 该公司成立于1997年，致力为市场提供优质的彩色宝 石，并在2000年之交开创了精确机器切割技术，无论在尺 寸、切割、净度和颜色分类方面均达至极高水平，逐步成为 标准尺寸天然宝石领域的翘楚。 如今该公司拥有300名员工，业务遍及五个地点，总部位 于曼谷，并在中国、美国、意大利和瑞士设有分公司和业务 合作伙伴，为当地客户提供服务。 李崇杰强调：“我们努力取得市场认可，成为值得信赖、 创新且品质稳定的精密切割天然宝石供应商。我们一直谨 守使命，并将继续迈步向前。” China Stone首席执行官李崇杰表示，品质超卓的标 准尺寸彩色宝石长期受到市场追捧，需求至今依 然强劲。 这家泰国宝石供应商专门生产高精度机器切割彩色宝 石，尺寸主要为0.6毫米至3毫米。其先进的数字工程和切割 技术，能够统一宝石的尺寸、形状和对称度。 China Stone的客户主要为国际珠宝和手表品牌。李崇杰 指出，这些客户有赖持续的宝石供应来满足其生产需求，订 单量一直保持稳定。 因此，该公司在2024年的标准尺寸宝石需求稳健，其中 0.8毫米至2毫米类别表现尤其出色。他补充说，其客户倾向 采购红色、粉色、绿色和蓝色宝石。 市场状况 随着监管框架更趋严格和消费者喜好不断变化，也促使 业者更仔细审视供应商在可持续方面的资历。
INSIGHT 精辟洞见 GEMSWORLD | 20 | 2025 Emerald 祖母绿 Ruby 红宝石 Sapphire ring 蓝宝石戒指 | Bernardette Sto. Domingo 杜明高 | Hong Kong-based gemstone trader and fine jeweller Color Jewels is banking on solid market appetite for finer-quality gems and modern jewellery designs to support its growth trajectory in 2025. According to Color Jewels Managing Director Ashish Dangayach, premium gems continue to command attention in the trade as evidenced by sustained demand for perennial darlings such as Burmese sapphires and rubies, and Colombian emeralds in 2024. “While other gems such as pink sapphire, Mozambique Paraiba tourmaline and Mahenge spinel gained popularity, these did not surpass the appeal of traditional favourites,” explained the company official. Asia and Europe were Color Jewels’ primary growth drivers last year, with increased consumer awareness of gemstone certifications and origins alongside strong interest from collectors and dealers fuelling sales. Meanwhile, prices of Burmese sapphires and rubies, and Colombian emeralds continued to rise amid stable demand and tighter supply. Dangayach remarked, “It is difficult to provide exact numbers, but price increases reflect the growing popularity of these gems and the challenges in sourcing high-quality stones.” Onwards to further growth Color Jewels is focusing heavily on acquiring luxury gemstones in 2025 to further strengthen its inventory and meet robust market demand. The company also aims to elevate its jewellery designs to offer more refined and contemporary collections. Another pivotal part of its strategy this year is to expand its reach in key markets such as Asia and Europe and to tailor marketing initiatives to highlight its one-of-a-kind product offerings and craftsmanship. According to Dangayach, pink and padparadscha sapphires, Paraiba tourmaline from Mozambique as well as Mahenge spinel are likely to gain further traction in 2025, thanks to their endearing qualities. “Beloved for their rarity to place stronger focus on high-end gems Color Jewels Color Jewels 聚焦奢华宝石 Gemstone expert Color Jewels’ business strategy centres on luxury gems and more contemporary jewellery designs as buyer demand for refined goods continue to strengthen in key markets. 主要市场的买家对奢侈品的需求持续上升，宝石专家Color Jewels 因此看准形势, 把策略集中于高端宝石产品和更富现代感的珠宝设计上。
INSIGHT 精辟洞见 GEMSWORLD | 21 | 2025 Demand for certified, high-quality gems like rubies, sapphires and emeralds remains strong. This shift is evident in consistent sales growth as buyers continue to value the uniqueness and enduring appeal of these stones. – Ashish Dangayach, managing director, Color Jewels All gemstone and jewellery pieces by Color Jewels 所有宝石和首饰均由Color Jewels提供 Ruby ring 红宝石戒指 and vivid colours, these gems are figuring more prominently in modern jewellery designs, making them highly sought after by collectors and luxury buyers,” he continued. Dangayach noted that consumers are becoming more adventurous in exploring non-traditional gemstones such as Paraiba tourmaline, Mahenge spinel and aquamarine due to their growing preference for unique gems. However, the so-called Big Three in the gemstone world – rubies, sapphires and emeralds – will remain extremely favoured for their timeless appeal. More knowledgeable and discerning buyers now place greater emphasis on factors such as origin, certification and ethical sourcing when making purchases. The market’s growing penchant for top-tier gemstones and heightened transparency in the trade is reshaping the gemstone business, noted Dangayach. “Uncertainties in the diamond market have also led to more buyers considering coloured gems as an alternative, both as an investment tool and a luxury purchase,” he added. “From my observation, demand for certified, high-quality gems like rubies, sapphires and emeralds remains strong. This shift is evident in consistent sales growth as buyers continue to value the uniqueness and enduring appeal of these stones.” While macroeconomic and political instability may affect luxury spending in 2025, Dangayach expects demand for coloured gemstones to power through, driven by the gems’ inherent charisma and value. How to address dwindling supply of top-of-the-range gemstones, particularly the Big Three, will be the main challenge in 2025. “However, there is a clear opportunity to cater to an informed consumer base by focusing on certified and responsibly sourced gems that align with evolving market preferences,” said Dangayach. 中国香港宝石商及高级珠宝商Color Jewels窥见市 场对优质宝石和现代珠宝设计的殷切需求，就以 此作为2025年发展计划的基础。 ColorJewels执行总监Ashish Dangayach表示，观乎 2024年市场对缅甸蓝宝石、红宝石和哥伦比亚祖母绿等经 典宝石需求持续，证明了优质宝石依然备受推崇。 “虽然粉红色蓝宝石、莫桑比克帕拉伊巴碧玺和马亨格 尖晶石等宝石深受欢迎，其吸引力仍未超越传统宝石。”他 解释道。 去年，欧亚市场是Color Jewels的业务增长动力，消费者 对宝石认证和原产地的认识日渐提升，收藏家和经销商也 对此展现浓厚兴趣。 同时，在需求稳定和供应紧张的情况下，缅甸红蓝宝石 和哥伦比亚祖母绿的价格节节上升。Dangayach表示：“尽管 难以提供确实数字，但价格上涨已反映出这些宝石越来越 受欢迎，采购优质品种的难度与日俱增。” 蒸蒸日上 有关Color Jewels 2025年的发展大计,他们将会专注采 购高端宝石，以进一步增加库存來满足强劲的市场需求，还 会呈献更富现代感的高级珠宝系列。今年的另一个关键策 略就是扩大在亚洲和欧洲等主要市场的影响力，并制定行 销计划，以推广其独特的产品和高超工艺。 Dangayach表示，粉红色蓝宝石、帕帕拉恰蓝宝石、莫桑 比克帕拉伊巴碧玺,以及马亨格尖晶石魅力非凡，在2025年 有望人气再度升温。他说：“这些宝石的稀有度高而色彩鲜 豔，在现代珠宝设计中越来越被重用，深受到收藏家和奢侈 品买家的追捧。” 他指出，现今消费者追求独一无二的非传统宝石，如帕 拉伊巴碧玺、马亨格尖晶石和海蓝宝石等。 然而，素有三大宝石之称的红宝石、蓝宝石和祖母绿，仍 然具备永恆的吸引力。见识广博且眼光敏锐的现代买家，在 购买时会更加重视原产地、认证和道德采购等范畴。 Dangayach指出，市场对顶级宝石的喜好有增无减，加上 行业透明度日渐提升，正在创造一番新气象。 “钻石市场的不确定性也令更多买家考虑将彩色宝石视 为替代品，作为投资工具和奢侈藏品。”他补充道。“根据我的 观察，经过认证的优质红宝石、蓝宝石和祖母绿的需求仍然 旺盛。买家继续珍视其独特性和恆久魅力，销售持续增长。” 宏观经济和政局不稳可能会影响2025年的奢侈品消费， 但Dangayach预计，在宝石固有的魅力和价值的推动下，需 求将会保持高企。如何应对三大宝石等顶级宝石供应减少 的问题，将会是2025年的主要挑战。Dangayach表示：“随着 市场喜好不断变化，经过认证的责任采购宝石，显然是迎合 精明消费者的关键。”
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