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
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