SPOTLIGHT 市场聚焦 GEMSWORLD | 45 | 2025 Spinel is experiencing a resurgence in demand, reaffirming its significance in the global market. Over the last decade, it has witnessed a tremendous rise in popularity. Constantin Wild, managing director of Idar-Obersteinbased Constantin Wild GmbH & Co KG, explained that spinel once had a negative connotation due to the proliferation of manmade versions that were surreptitiously used as substitutes for sapphires. He noted, “Around 40 years ago, you could buy parcels of solid or mixed-colour spinel stones for about US$20 per carat. This changed dramatically as companies began promoting the stone. Cutting techniques were improved to enhance spinel’s qualities. It is a hard stone with high refractive properties, so it sparkles beautifully with the proper cut.” Primary sources of spinel are Myanmar, Sri Lanka and Thailand. Myanmar is the premier source of Jedi spinel, which is characterised by flaming neon red to pink hues without dark tones or major clarity defects. Other notable sources include Pakistan, Afghanistan, Tajikistan, Tanzania, Vietnam, Madagascar and Russia. In recent years, spinel from Tajikistan has gained prominence in the gemstone world. The historic Kuh-i-Lal mine in Tajikistan's Pamir Mountains has been celebrated for producing some of the world’s finest red and pink spinel stones, many of which adorn royal crown jewels. Sourcing challenges According to Dzhamshed Gulmamadov, manager at spinel specialist Pamir Gems Co Ltd, the Kuh-i-Lal mine in Tajikistan has been closed for nearly eight years, leading to a price hike of around 20 per cent for Tajikistan spinel post-pandemic. With limited supply from this region, dealers turned to spinel stones from Myanmar, Sri Lanka, Madagascar and Tanzania to meet market demand. Finding high-quality spinel, meanwhile, is a major challenge, specifically rough stones. Brieuc Taymans, owner of Taymans Fine Gems, commented, “Vendors at the mines are demanding higher prices amid tough competition. Parcels are getting smaller while costs continue to rise. It is hard to get gem-quality stones above three carats.” As high-quality gemstones become harder to source, prices do not always reflect the stones' true value. Gulmamadov explained, “Clients may demand a certain quality, and while colour and other factors are a go, the price can be prohibitively high, making spinel a bit challenging to sell in the market.” Supply, specifically from Myanmar and Tanzania, is limited. “By the time these gems enter the supply chain, they | Isabella Yan | Often misidentified as a ruby or sapphire in the past, spinel comes in a mesmerising array of colours – from fiery reds and pastel shades to dazzling blues and greys. Fastforward to present day, spinel holds its place among the world’s most exceptional treasures, overshadowed no longer by other gems. 尖晶石的颜色丰富多彩，有炽烈火红、 淡柔色调以至耀眼的蓝色和灰色等，过去更经常被误认为是红宝石或蓝宝石。时至今天， 尖晶石已成为世间推崇的瑰宝，不再被其他宝石的光芒所掩盖。 SPINEL Possibilities sparkle for 前景亮丽的尖晶石 Modified spinel cut from Pamir Gems Pamir Gems的改良切割尖晶石 6-carat purple-blue spinel and 10-carat pink spinel from Constantin Wild GmbH & Co KG 6克拉紫蓝色尖晶石 及10克拉粉色尖晶 石，Constantin Wild GmbH & Co KG出品
RkJQdWJsaXNoZXIy NjAxOTU=