CONTENTS 目录 FOCUS 焦点 The future is colour 色彩定义未来 8 DESIGN 設計 Whimsical whites 创意开阔的白色空间 14 Chromatic luxury 缤纷奢华 16 INSIGHT 精辟洞见 AIGS: Driving innovation and synergies AIGS倡导创新与联结 18 Belmont’s top-quality emeralds capturing global audiences Belmont特级祖母绿惊艳全球 20 Color Jewels: Curators of high-end gems Color Jewels: 高端宝石的专业买手 22 GIA: Delivering breakthroughs in gemstone provenance GIA开创宝石溯源新纪元 24 GIT: Championing traceability for a sustainable future GIT: 倡导可追溯性，共创可持续未来 26 ICA GemLab: Elevating scientific standards in gem testing ICA GemLab: 为宝石科学检测树立新标准 28 SPOTLIGHT 市场聚焦 ICA Plus – Shaping tomorrow’s gemstone trade ICA Plus – 重塑全球彩色宝石贸易新愿景 31 Compelling case for corundum 地位显赫的刚玉 32 Blue is the colour of luxury 奢华蓝调 34 Tourmaline’s tour de force 华丽的碧玺杰作 36 Vibrant opportunities in tanzanite 坦桑石的閃亮机遇 40 HUB 生产基地 Sri Lanka: In the land of gems 斯里兰卡: 宝石之国 44 The Middle East shines as an emerging gemstone hub 中东地区成新兴宝石枢纽 48 On the Cover 封面 High jeweller Bulgari celebrates chromatic expressions with these vibrant pieces: The Allegra ring in 18-karat gold with aquamarine, amethyst, pink tourmaline and pavé diamonds; and Bulgari Cabochon rings in 18-karat gold with blue topaz or amethyst, illuminated by two rows of pavé diamonds. 高级珠宝品牌宝 格丽的华丽作品是对色彩的礼赞： Allegra戒指采用18K金制成，镶嵌海 蓝石宝；石、紫水晶、粉红碧玺及密镶钻 Cabochon戒指同样选用18K金， 主排石密为镶蓝钻色石托环帕绕石，或璀紫璨水生晶辉，。并由双
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FOCUS 焦点 GEMSWORLD | 8 | 2026 In the vast and highly complex world of jewellery and gemstones, colour now symbolises vigour and vitality more strongly than ever. Consumers are choosing colour, and in the gem trade, the enduring allure of rubies, sapphires and emeralds is driving robust demand for gems of exceptional quality and verified provenance. Dealers are also looking to inject stability in their inventories, venturing into coloured gems as difficulties prevail in the natural diamond business. Meanwhile, high jewellers increasingly incorporating top gems in their collections are further fuelling consumer appetite and cementing coloured gems’ status as luxury items. Other gems are also growth contributors. Apart from the Big Three, these are expected to gain momentum in 2026 while new markets such as India and the Middle East could also support growth. Amid ongoing headwinds such as supply constraints, hefty US tariffs and political and economic instability, the gem trade has reinforced its longterm potential, signalling a resilient and stable future. Shifting landscapes Gemstone traders are pointing to a growing interest in colour as a potential catalyst for growth. According to Damien Cody, president of the International Colored Gemstone Association (ICA) and director of Cody Opal (Australia) Pty Ltd, this shift towards coloured gems is driven by multiple factors. He said a good deal of it is coming from the diamond segment, which has probably reduced in size over time with the influx of labgrown diamonds and the impact it has had on prices. “It can be consumer-driven too, but a lot of it is led by retailers possibly looking for a more stable product in their inventory line that will produce more reliable profit outlooks. That is certainly a big part of it,” revealed Cody. The gem sector improved notably in 2025, coming from a subdued environment marked by political, economic and social instability across the | Bernardette Sto. Domingo 杜明高 | The coloured gemstone trade is on the cusp of transformation, shaped by rising demand for colour and individuality, sustained appetite for opulent gems and the emergence of new, affluent markets. 彩色宝石行业正处于转型的关键时刻，其发展由三大趋势 推动：市场对色彩与个性化需求不断上升、买家对奢华宝石 的追求热潮，以及新兴富裕市场的崛起。 The future is colour 色彩定义未来
FOCUS 焦点 GEMSWORLD | 9 | 2026 Overall, 2025 reinforced the sector’s long-term potential: Demand is broadening, consumer motivations are evolving, and rarity continues to underpin the value of fine-quality rubies and emeralds. – Elena Basaglia, head of Partnerships and Product – Downstream, Gemfields globe, remarked Elena Basaglia, head of Partnerships and Product – Downstream at Gemfields. This resilience amid adversity stems from several factors, led by a growing trend towards individuality, with traceability and transparency becoming core components of modern luxury. High jewellery maisons featuring coloured gems in increasingly more creative ways in their collections are also key to sustaining consumer appetite, noted Basaglia. Demand for fine-quality, traceable coloured gems remains solid, based on results of Gemfields’ Zambian emerald and Mozambique ruby auctions, especially in the second half of 2025. “The strong attendance, competitive bidding and robust prices generally achieved at our auctions reflect a renewed sense of optimism across the market,” shared Basaglia. “Despite US tariffs and broader market uncertainties, the auctions indicate strong demand for responsibly mined coloured gemstones.” Cody agreed, adding that the top-performing gemstones of 2025 were very rare natural and unheated gems of the highest quality, led by rubies, sapphires and no-oil emeralds. Other highly sought-after gems were Paraiba tourmaline from Brazil and top-quality alexandrite. Daniel Assaf, owner of New York-based Tsavorite Factory, said coloured gemstone melee or small, precisioncut rounds below 3mm were in high demand, driven by brands and designers seeking exotic colours for pavé jewellery and watches. His company witnessed strong interest in pink, grey and red spinel, tsavorite and mandarin garnet and other more obscure colours like Malaya garnet. Chinese buyers, meanwhile, were partial to hot pink Mahenge spinel and mint garnet of 1 carat and up. This was mainly the case for top-quality gems though, he added. “Some stones appreciated in value. For instance, aquamarine bearing vivid colours, as well as rubellite and pink, blue green and lagoon tourmaline all increased in demand and value in 2025,” Assaf said. Tariffs The introduction of tariffs in the US – a major jewellery and gemstone market – led to a great deal of uncertainty, which has dented exports but not jewellery consumption in America. “Americans are still buying jewellery,” revealed Cody. “But gemstone importation has slowed dramatically. Right now, companies are using existing inventories in America and that will not last forever.” As such, supply of gemstones to the US is expected to improve in 2026 despite the tariffs as inventories start to be utilised. Countries facing hefty tariffs are less likely to export gems to America, which presents trade opportunities for other gemstone sources such as Australia, Europe and those that have negotiated a bilateral agreement with the US for zero or lower tariffs. “Unfortunately, most of the major gem producers like India, Thailand, Brazil and Sri Lanka have quite high tariffs that will need to be negotiated,” added Cody. He said the US government had announced that all coloured gemstones will fall under an “Annex 3” classification for goods that the US cannot mine or naturally produce and will therefore be exempt from tariffs providing the source country has negotiated a bilateral trade agreement. ICA, he added, supports efforts to ensure that gemstones are either tariff-free or with Annex 3 provisions. “We encourage ICA members to ensure that industry bodies within their country are talking with local trade representatives to recognise that by negotiating a bilateral agreement, their gemstone exports to the US could be tarifffree,” he explained. As a US-based company, Tsavorite Factory is paying high tariffs on imported coloured gems. Assaf explained that for the time being, he only imports stones that have been ordered or sold.
FOCUS 焦点 GEMSWORLD | 10 | 2026 “As an American gemstone company, importing stones and paying duties for a business that sells internationally does not make sense, given the high probability that the stones will eventually be sold in Europe or Asia,” he noted. “In that case, what was the point of paying US duties initially if it only makes you less competitive on the world stage?” Tight supply of high-quality gems with traceable provenance is another challenge faced by traders. Basaglia said coloured gemstone production is naturally erratic and despite Gemfields’ geological expertise, output fluctuates significantly. The miner identifies over 300 grades of emeralds at the Kagem mine in Zambia and more than 500 grades of rubies at Montepuez Ruby Mining (MRM) in Mozambique. “However, only a small percentage of these – the finest ones – drive demand and generate significant revenues for the mines,” she added. New markets, new business Given tariff-driven uncertainties, some gemstone companies are eyeing to expand their reach into other countries and regions so as to not be heavily reliant on the US. These are not necessarily new or emerging markets but destinations that companies were not focusing on previously, explained Cody. Europe, Southeast Asia and the Middle East are on the radar of gemstone suppliers. Emerging countries like India and China present opportunities too but they are less dependent on gem imports, which is a barrier to success. The Middle East, for instance, is a large market that is generally interested in higher-end goods, especially emerald, sapphire and ruby. “There is a need for promotion and education about the many other beautiful coloured gems available that currently do not enjoy much market share in the Middle East, but there is a lot of potential there,” explained Cody. There are also some signs of positivity and good reasons to be optimistic about 2026. Jewellery & Gem WORLD Hong Kong in September 2025 was positive in terms of attendance and buyer appetite, with the ICA pavilion having been busy and traders upbeat. This could present early signs of growth while better economic outlook in larger consumer economies could help drive demand for luxury products, said Cody. But there are challenges too. “They come and go all the time, so we have to hope for more stability – a world that is free of conflict and trade wars, or finalised trade negotiations because that is where demand for coloured gems will truly thrive,” he noted. Assaf, for his part, said gemstone trends over the past few years have inspired customers to be more discerning about the quality of the cut and the overall superiority of the gem. “Cutting quality and proportions have become more important now than ever, and medium- and commercialquality stones will be harder to sell going forward,” he continued. In the area of gemstone mining, Basaglia said Gemfields has invested in the redevelopment and improvement of some key parts of its operations over the years. The company has poured US$70 million in the construction of a second processing plant at MRM, which is expected to triple production while the wash plant at Kagem mine has been upgraded, enabling Gemfields to process higher quantities of emerald-bearing ore. “These investments are expected to contribute significantly to Gemfields' ability to bring a stable supply of responsibly mined emeralds and rubies to market,” she added. 在广阔而复杂的珠宝世界里，现今的色彩比 以往任何时候都更强烈地象征着蓬勃生 机。人们对富丽多彩的事物趋之若鹜，在宝 石贸易领域，红宝石、蓝宝石和祖母绿历久不衰的魅 力，正推动着消费者对品质卓越且来源可考的宝石的 强劲需求。 随着天然钻石行业持续面临困境，一众经销商为 求为库存增添稳定性，纷纷涉足彩色宝石领域。与此 同时，高级珠宝商在系列作品中渐渐融入顶级宝石， 进一步激发消费者的需求，巩固了彩色宝石作为奢侈 品的地位。 除三大主流宝石外，预计2026年其他宝石品类同 样是增长动力的推手。此外，印度和中东等新兴市场 亦有望支撑行业增长。 在供应限制、美国高额关税，加上政治经济动荡等 持续的逆风吹袭，宝石业展现长远的潜力，预示其未 来将保持韧性与稳定。 格局变迁 宝石商指出，消费者对彩色宝石兴趣与日俱增，有 望成为业界增长的催化剂。国际有色宝石协会(ICA)主 席、澳大利亚Cody Opal公司董事Damien Cody指出， 这种转向彩色宝石的趋势受多项因素驱动。 他解释道，这主要源于钻石市场的转变。随着培育 钻石的涌入及其对价格的影响，钻石市场规模正逐渐 萎缩。 Cody透露：“消费者需求固然是因素之一，但更重 要的是零售商主动寻求更稳定的产品线，以期获得更 可观的利润前景。这无疑是关键原因。” Gemfields下游业务合作伙伴与产品负责人Elena Basaglia表示，彩宝行业早前受全球多地政治经济动 荡所影响，市场曾一度疲软，但在2025年已显著改善。
FOCUS 焦点 GEMSWORLD | 12 | 2026 Assaf续说：“不过，这种情况主要集中在顶级宝石，部分 宝石确实是升值了。例如在2025年，色泽鲜艳的海蓝宝石、 红碧玺，以及粉红色、蓝绿色和礁湖色碧玺的需求与价值均 有所提升。 ” 关税壁垒 美国是珠宝首饰及宝石的主要市场，其开征关税引发了 巨大不确定性。这虽然冲击了出口，却并没有削弱美国国内 的珠宝消费。 Cody透露：“美国人仍在购买珠宝首饰，但宝石进口已大 幅放缓。目前，珠宝企业正消耗美国本土的库存，而这种状 况不会持续太久。” 因此，纵使存在关税壁垒，随着库存开始被消化，预计 2026年美国宝石供应将有所改善。 面对高额关税的国家，出口宝石至美国的可能性降低； 这为澳大利亚、欧洲及与美国达成零关税或低关税双边协 议的宝石产地创造了贸易机遇。 业界能在逆境中展现韧力，实有赖多项因素配合，其中 包括个性化趋势日益旺盛，以及可追溯性与高透明度已成 为现代奢侈品的核心要素。 Basaglia指出，顶级珠宝品牌在新作品中以多元化创意 诠释彩色宝石之美，同样是维持消费者热情的主因。 根据Gemfields赞比亚祖母绿和莫桑比克红宝石拍卖结 果，市场对优质且可溯源彩色宝石的需求依然强劲，尤其在 2025年下半年。 Basaglia说：“拍卖会的踊跃参与度、激烈竞价和坚挺价 格，反映出市场重燃乐观情绪。尽管面临美国关税及更广泛 的市场不确定因素，拍卖结果证明，人们对负责任开采的彩 色宝石需求依然势不可挡。” Cody对此表示认同，并补充道2025年表现最突出的宝 石，就是极为罕见的天然、未经加热处理的顶级宝石，以红 宝石、蓝宝石和无油祖母绿为首。其他备受追捧的宝石，还 包括巴西产帕拉伊巴碧玺和顶级变色亚力山大石。 纽约Tsavorite Factory东家Daniel Assaf表示，彩色宝石 碎石（即3毫米以下的小型精密切割圆形宝石）需求甚殷，这 主要得益于品牌商和设计师为密镶珠宝和腕表搜罗奇特色 彩的宝石。 与此同时，该公司观察到粉红色、灰色及红色尖晶石、沙 弗莱石、橘色石榴石，以及马来亚石榴石等冷门色调均不乏 捧场客。中国买家则偏爱1克拉及以上的亮粉色马亨杰尖晶 石与薄荷绿石榴石。 Cody补充道：“遗憾的是，印度、泰国、巴西和斯里兰卡 等主要宝石生产国普遍面临较高关税，需通过谈判解决。” 他表示美国政府已宣布，所有彩色宝石将归入“附件3” 类别——该类别涵盖美国无法开采或自然产出的商品，若来 源国已签订双边贸易协定，则可免征关税。 他补充道，ICA支持确保宝石实现零关税或适用附件3类 别条款。“我们鼓励ICA成员确保其国家的行业机构与当地 贸易代表沟通，并理解只有通过谈判达成双边协议，其宝石 出口才可实现美国零关税。” 美国本土企业Tsavorite Factory现时需为进口的彩色宝 石支付高额关税。Assaf解释道，现阶段其公司仅进口已订 购或售出的宝石。 他说：“美国宝石公司要为进口宝石和为面向国际市场 的业务缴纳关税并不合理，毕竟这些宝石最终很可能销往 欧洲或亚洲。既然如此，最初缴纳美国关税有何意义？这只 会削弱我们在国际舞台上的竞争力。” 可追溯来源的高品质宝石供应紧张，是贸易商遇到的另 一挑战。Basaglia表示，彩色宝石产量本就波动不定，尽管 Gemfields拥有地质专业知识，产量仍存在显著波动。 该矿商在赞比亚卡棋穆(Kagem)矿区鉴定出300余种等 级的祖母绿，在莫桑比克蒙特普埃兹红宝石矿(MRM)则鉴 定出500余种等级的红宝石。 “但仅有极小比例的顶级宝石能驱动需求，并为矿场创 造可观收益。”她补充道。 新市场与新业务 鉴于关税政策带来的不确定因素，部分宝石企业正探索 在其他国家和地区拓展业务，以减少对美国市场的过度依 赖。Cody解释称，这些目标市场未必是新兴市场，而是企业 此前未重点关注的地区。 欧洲、东南亚和中东地区是宝石供应商重点关注的地 区。印度和中国等国家同样蕴藏机遇，但这些国家对宝石进 口的依赖程度较低，这成为获利的障碍。 以中东为例，这个庞大市场普遍青睐高端产品，特别是 祖母绿、蓝宝石和红宝石。Cody解释道：“现时中东市场对众 多其他美丽彩色宝石的认知度不足，市场份额有限，极需推 广教育，但该地区蕴藏着巨大潜力。” 市场呈现积极复苏迹象，令人对2026年充满期待。2025 年环球盛事 | 九月香港珠宝首饰展览会的访客规模与买家 热情均表现亮眼，ICA展区人潮涌动，商贸氛围热烈。Cody指 出，这或许预示着行业复苏的早期迹象，而主要消费经济体 的经济前景改善，将进一步推动奢侈品需求。 可是，挑战依然存在。他强调：“这些问题时好时坏，我们 只能期盼局势更趋稳定，希望世界上不再有冲突和贸易战， 或者贸易谈判得以解决。因为只有这样，彩色宝石的需求才 能真正蓬勃发展。” Assaf则表示，过去几年的宝石趋势，促使消费者对切 割质量和宝石整体品质更加挑剔，“如今切割质量和比例 较以往任何时候都更重要，未来中档和商业级宝石将更难 销售。” 在宝石开采方面，Basaglia透露Gemfields多年来，一直 投入关键运营环节的改造升级工程。该公司斥资7,000万美 元在MRM矿区建造第二座加工厂，预计产能将提升三倍；同 时优化了卡棋穆矿区的洗矿厂，使Gemfields能够处理更多 含祖母绿的矿石。 她补充道：“这些投资，将大大加强Gemfields向市场稳 定供应负责任开采的祖母绿和红宝石的能力。”
GEMSWORLD | 14 | 2026 DESIGN 設計 ‘Divita’ necklace with spinels, black opal, jade beads, tourmalines and diamonds from the Cartier En Équilibre High Jewellery Collection 卡地亚En Équilibre高级珠宝系列的 Divita项链，镶嵌尖晶石、黑澳宝、 翡翠圆珠、碧玺和钻石 Opal ring by Tayma Fine Jewellery 澳宝戒指，Tayma Fine Jewellery出品 Platinum ring with a 21.25-carat cat’s-eye moonstone centre stone and diamonds by Oscar Heyman Oscar Heyman的铂金戒指 ， 中央镶嵌21.25克拉猫眼 月光石，周围缀有钻石 ‘Erosion’ jadeite and diamond ring from the Integrated Collection of Ken Chan Integrated系列的Erosion 翡翠钻石戒指，Ken Chan出品 WHIMSICAL 创意开阔的白色空间 Whites
GEMSWORLD | 15 | 2026 DESIGN 設計 Gemstones in lighter, more ethereal palettes are expected to shine brighter in 2026 with the Pantone Color Institute naming “Cloud Dancer” as colour of the year. This feathery white channels purity, quiet strength and contemporary elegance, whether worn in serene monochromes or as a radiant foil to bolder hues. Explore the versatility of Cloud Dancer in an array of jewels – from moonstones and opals to the milky variants of jadeite, topaz and quartz or even white diamond backdrops – that capture the cool luminosity and the essence of subtle luxury. 彩通色彩 研究所(Pantone Color Institute)近日宣布“云上舞白”(Cloud Dancer)为2026年度代表色，这预示着色调更浅、更轻盈的宝石， 将会在新一年里大放异彩。此种轻盈飘逸的白色，无论是搭配宁 静的单色系，还是作为明艳色彩的亮眼衬托，都能传递出纯净沉 稳的力量和现代优雅的气质。探索“云上舞白”在各类珠宝中的百 搭魅力——从月光石、澳宝到白色调的翡翠、拓帕石和水晶，或以 白钻衬托，它都能呈现清冷的光泽，尽显低调奢华的精髓。 ‘Reservoir Ice’ ring with a translucent ice jade as centre gem by Renisis Renisis的Reservoir Ice戒指 ， 中央镶嵌半透明冰玉 Light green tourmaline and rock crystal ring from Boghossian’s Inlay Shine Collection Inlay Shine系列的浅绿色碧玺配水晶戒指，Boghossian出品 18-karat ‘White Ice Gold’ earrings with emeralds and diamonds by Annamaria Cammilli的18K“白冰色 ” 金耳环，镶嵌祖母绿和钻石 Kashmir sapphire ring by PV Gems 克什米尔蓝宝石戒指，PV Gems出品 Lariat necklace with a 17.6-carat pear-shaped Ethiopian opal drop, 28.41 carats of Ethiopian opal beads and diamonds by Stephen Silver Fine Jewelry 的Lariat项链，镶嵌17.6克拉 梨形埃塞俄比亚澳宝吊坠与 28.41克拉埃塞俄比亚澳宝 圆珠和钻石
DESIGN 設計 GEMSWORLD | 16 | 2026 Chromatic ‘Maison de la Rose’ earrings featuring two pink and two green tourmalines alongside diamonds by Gübelin 古宝琳的Maison de la Rose耳环，镶嵌 两颗粉红碧玺、两颗绿碧玺搭配钻石 ‘Nova Hexa’ emerald ring from the Valani Atelier x Gemfields Collection Nova Hexa祖母绿戒指，出自Valani Atelier与Gemfields联名系列 Ring with a 7.21-carat cushion-cut aquamarine centre stone, sapphires and diamonds by Oscar Heyman 奥斯卡‧海曼出品的戒指，以7.21克拉枕 形海蓝宝石为主石，衬托蓝宝石与钻石 ‘Asteria’ necklace featuring Mozambique rubies from the Arayian Jewellery x Gemfields Collection Asteria项链，镶嵌莫桑比克红宝石，出自Arayian Jewellery与Gemfields联名系列 Purple sapphire ring with multicoloured gemstone shoulders from Fabergé’s Colours of Love Collection 法贝热“爱的色彩”系列的紫色 蓝宝石戒指，指环镶嵌多种彩宝 缤纷奢华 LUXURY
DESIGN 設計 GEMSWORLD | 17 | 2026 Step into the mesmerising world of gemstones where colour meets exceptional craftsmanship, transforming nature’s treasures into luxurious masterpieces. Jewellers are celebrating the rich spectrum of natural gemstones through contemporary designs that amplify each gem’s distinctive colour, character and brilliance. 踏入姹紫嫣红的彩宝世界，绚丽色彩与非凡工艺浑然融合，将自然的瑰宝雕琢成奢华杰作。珠宝匠人 通过当代设计，谱出天然彩宝的丰富色调，凸显每颗宝石独特的色彩、个性与璀璨光芒。 ‘Cosmic Vault’ necklace with a 123.35-carat Sri Lankan sugarloaf sapphire, buff-top sapphires and diamond drops from Bulgari’s Polychroma High Jewellery Collection 宝格丽Polychroma高级珠宝系列的Cosmic Vault项链，主石为一颗123.35克拉斯里兰卡圆锥形蓝宝石， 配圆顶蓝宝石与钻石坠饰 14-carat yellow sapphire from Sri Gems 14克拉黄色蓝宝石 ， Sri Gems出品 Unheated Sri Lankan Padparadscha sapphire from Zenva Gems Pvt Ltd 斯里兰卡未经加热处理帕帕拉恰 蓝宝石，Zenva Gems Pvt Ltd出品 Earrings with pear-shaped Muzo emeralds from Colombia by PV Gems Ltd 哥伦比亚穆佐梨形祖母绿 耳环，PV Gems Ltd出品 Ring with a 4.27-carat Paraiba tourmaline by Alexander Laut Co 4.27克拉帕拉伊巴碧玺戒指， Alexander Laut Co出品 Earrings with morganites, tourmalines and aquamarines from Boghossian’s Lirya Collection 宝嘉斯仁Lirya系列的耳环 ， 镶嵌摩根石、碧玺与海蓝宝
INSIGHT 精辟洞见 GEMSWORLD | 18 | 2026 | Olivia Quiniquini 程爱莉 | The absence of a unified global colour standard remains a persistent challenge for the coloured gemstone trade, according to the Asian Institute of Gemological Sciences (AIGS). Coloured stones exist in a far more complex and subjective spectrum than diamonds, which have clear internationally accepted grading systems, noted AIGS Chairman Kennedy Ho. “Colour perception varies widely, depending on lighting conditions, geographic environment and even the physiological nuances of the individual gemmologist’s eyesight, among other factors," he explained. “These inconsistencies inevitably influence colour reporting, market valuation and consumer confidence.” While gemmological laboratories worldwide strive to adhere to similar principles, the interpretation of colour, treatment and origin still varies substantially from one lab to another. This lack of uniformity complicates communication in a rapidly growing coloured gemstone market. Harmonising interpretations and establishing precise, shared standards must be a priority, said Ho, adding that a unified approach would not only enhance transparency but also bolster trust among traders, collectors and consumers. Gem testing AIGS leverages its testing services to gain valuable insights into market trends. While it receives a high volume of rubies, sapphires and emeralds, Ho has observed a marked increase in spinel submissions. This trend reflects both heightened market demand and the gemstone’s rising profile among collectors and traders. Colour quality, origin determination and treatment status are clients' primary concerns across all gemstone categories. The distinction between heated and unheated stones is particularly crucial, especially in the upper segments of the market where provenance exerts a direct influence on price. Ho remarked, “Consumer appetite for reliable origin reporting remains strong, reaffirming its role as a major value driver in the global trade.” Most of the treated stones examined by AIGS in 2025 reflected long-established enhancement techniques, notably heat treatment and beryllium diffusion. Driving innovation and synergies AIGS: AIGS倡导创新与联结 AIGS is playing a pivotal role in shaping the future of the coloured gemstone trade by seeking to harmonise standards, modernising educational initiatives and fostering global collaboration. 亚洲宝石研究院(AIGS)正透过寻求统一标准、 推动教育举措现代化及促进全球合作，在彩色宝石行业的未来发展中发挥关键作用。 AIGS transitioned to an i-Pad based learning environment in 2025 2025年AIGS转向以iPad为基础的数字 化学习环境 AIGS gemmological course AIGS宝石学课程 AIGS Accredited Gemologist Graduation Ceremony AIGS认证宝石学家毕业典礼 AIGS Chairman Kennedy Ho (right) AIGS主席Kennedy Ho (右)
INSIGHT 精辟洞见 GEMSWORLD | 19 | 2026 Although no entirely new treatments have emerged, the institute continually monitors market practices, disclosure behaviour and evolving treatment signatures. Transparency in enhancement reporting is central to maintaining trust across the supply chain, Ho asserted. AIGS also raises the standard of gemmological education by combining rigorous academic instruction with meaningful community engagement and practical industry exposure. Its Accredited Gemologist Diploma Programme, which attracts the greatest student interest, features core modules such as Synthetic and Treated Gem Identification as well as Coloured Stones Grading and Pricing, complemented by hands-on practical exercises. Students are also exposed to real-world gemmological practice through access to the AIGS Sample Gemstone Room, guided sessions in the AIGS Laboratory and Machine Room, and field-based experiences such as market visits, factory tours for cutting and heat treatment, and excursions to mines and museums. Institutional achievements The year 2025 was filled with significant milestones for AIGS, particularly in the areas of education and collaboration. Aside from holding the Accredited Gemologist Graduation Ceremony for students who completed their studies from 2019 to 2025, it organised its first official Alumni Connect gathering for graduates from 1978 to 2025. The institute also launched the AIGS Alumni Connector Programme, which offers graduates structured networking opportunities, professional support and ongoing engagement with the global AIGS community. Ho said, “Through initiatives such as Alumni Connector, expanded field programmes and ongoing curriculum development, we aim to shape a dynamic, globally connected generation of future gemmologists.” Partnerships with Kasetsart University and Shanghai Jian Qiao University strengthened research cooperation, academic exchange and international visibility. AIGS transitioned to a digital iPad-based learning environment as well. It modernised its classrooms by replacing paper worksheets with interactive digital tools, aligning education with contemporary laboratory workflows and supporting more sustainable practices. Course content, master sets, colour charts and gem ID charts were likewise revised and enhanced to incorporate the latest scientific and market developments. Looking ahead, AIGS is intent on exploring opportunities to expand its global footprint and enhance its laboratory and educational capabilities. According to Ho, innovation and deeper industry connections will drive the institute’s growth in the coming years. 亚洲宝石研究院(AIGS)称，缺乏全球统一的颜色标 准仍然是彩宝行业面临的长期挑战。 AIGS主席Kennedy Ho指出，彩宝的颜色光谱 比拥有国际公认分级体系的钻石复杂且主观得多。 他解释说：“颜色感知差异显著，这取决于光照条件、地 理环境，甚至宝石学家个人视力的生理差异。这些不一致性， 无可避免地影响彩色宝石的颜色报告、市场估值，以及消费 者的信心。 ” 尽管世界各地的宝石实验室都在努力遵循相似的原则， 但不同实验室对颜色、加工处理方式和产地的解读仍然存 在明显差异。这种缺乏统一性的情况，使快速增长的彩宝市 场中的沟通变得更加复杂。Ho认为，统一解读方法并制定精 确、共享的标准是当务之急。具一致性的方法不仅能提高透 明度，还能增强贸易商、收藏家和消费者之间的信任。 宝石检测 AIGS通过其检测服务，深入洞察市场趋势。在AIGS收到大 量红宝石、蓝宝石和祖母绿检测申请的同时，Ho观察到尖晶 石的送检数量显著增加。这一趋势既反映了市场需求上升，也 表明了尖晶石在收藏家和贸易商的收藏中占据更重要地位。 不论任何宝石类别，颜色品质、产地鉴定和处理状态是 AIGS客户最关心的问题。区分加热处理和未经加热处理的宝 石尤为重要，特别是在产地对价格有直接影响的高端市场。 Ho指出：“消费者对可靠的产地鉴定报告的需求依然强 劲，这再次印证了产地在全球宝石贸易中作为核心价值驱 动因素的作用。” 在2025年，AIGS检测过经处理的宝石之中，多数采用的 是长期沿用的优化处理技术，特别是热处理和铍扩散。 虽然目前还没有出现全新的处理技术，但AIGS会持续监 测市场实践、信息披露情况，以及不断演变的处理特征。 Ho强调，优化处理报告的透明度对于维护整个供应链的 信任非常重要。 同时，AIGS通过将严谨的学术指导、有意义的社区参与和 实用的行业实践相结合，进一步提升了宝石学教育的标准。 其认证宝石学家文凭课程最受学生欢迎，核心單元包括 合成及加工处理宝石鉴定、彩色宝石分级与定价，还有实习 课程。学生们还可以通过参观AIGS宝石样品室，在AIGS实验 室及设备室上指导课，还有实地探究，例如市场考察、参观 宝石切割与热处理工厂、游览矿山及博物馆，以掌握宝石学 实务操作。 机构成就 在2025年，AIGS树立了多个里程碑，特别在教育与合作 领域方面的成就斐然。该研究院不仅为2019年至2025年间 完成学业的学生举行了认证宝石学家毕业典礼，还举办了 首届官方校友联谊活动，汇聚了1978年至2025年的毕业生。 同时，研究院正式推出了AIGS校友连接计划，为毕业生提供 系统化的人脉拓展机会、专业支援及与全球AIGS社群持续 互动的渠道。 Ho表示：借着校友连接计划、扩展实地实践项目，以及持 续优化课程体系等举措，我们旨在培养一代充满活力、具备 国际视野的未来宝石学家。” 与泰国农业大学(Kasetsart University)和上海建桥学院 的合作，也让AIGS深化了科研合作、学术交流并提升了其国 际影响力。 同时，AIGS已转向以iPad为基础的数字化学习环境—— 以互动式数字工具取代纸本练习册，实现了教室现代化，使 教学内容与现代实验室工作流程相契合，并以此支持可持 续的教学实践。课程内容、标准套装、比色图表和宝石鉴定 图表也都进行了修订和改进，以反映最新的科学和市场发 展动态。 展望未来，AIGS致力寻找机遇，以扩大全球影响力，并提 升实验室和教育能力。Ho表示，创新和不断加强行业联系， 将成为该研究院未来几年的发展方向。
INSIGHT 精辟洞见 GEMSWORLD | 20 | 2026 | Bernardette Sto. Domingo 杜明高 | Belmont Emeralds is on a mission to strengthen global demand for emeralds – one of Brazil’s prized gemstones. Already recognised as top-performing gems, emeralds experienced solid growth in 2025, driven by consumers’ heightened appreciation for rarity and provenance, combined with prevailing fashion trends. According to Marcelo Ribeiro, president of Belmont Emeralds, Brazil is a top source of fine emeralds, with major markets India and Europe fuelling demand. The US, meanwhile, remains a key destination for high-end coloured gemstone jewellery. Premium-quality, traceable emeralds were among the fastest moving in the emerald trade in 2025 as they appeal to brands and consumers focused on ethical sourcing, according to Ribeiro. “However, challenges persist, including market fluctuations, logistical costs and the need to implement responsible mining practices amid expanding production,” he added. Supply and demand Emerald production at Belmont remained stable, thanks to ongoing investments in mining and geological mapping, and efficient recovery. Exports performed well too, reflecting rising demand for sustainably mined and traceable emeralds. Approximately 95 per cent of Belmont’s rough emeralds are exported to India for cutting and polishing while the remaining 5 per cent goes to select projects, including local cutting for strategic partnerships and collaborations with fine jewellers seeking full mine-to-market traceability. Belmont’s two exclusive tenders held in Bangkok in 2025 demonstrated robust market appetite for Brazilian emeralds, especially for vibrant, clean stones. The company sold 100 per cent of total lots offered, indicating solid demand across the board. “All materials were highly sought after, from lower-grade rough to premium emeralds intended for high jewellery houses,” explained Ribeiro. “Overall market sentiment was optimistic, top-quality emeralds capturing global audiences Belmont’s Belmont特级祖母绿惊艳全球 Emerald specialist Belmont is elevating Brazil’s coveted green gem to loftier heights through sustainable and advanced production techniques and international expansion. 祖母绿专家Belmont通过应用可持续的先进生产技术和 拓展国际市场，将产自巴西的珍贵绿色宝石推向顶峰。
INSIGHT 精辟洞见 GEMSWORLD | 21 | 2026 All emerald pictures from Belmont Emeralds 所有祖母绿图片均由Belmont提供 Belmont Mine in Minas Gerais, Brazil 位于巴西米纳斯吉拉斯州的Belmont矿场 with participants recognising the stability and reliability of Belmont’s tender model.” Prices have risen by 30 per cent from pre-pandemic levels, the company said. The road ahead US tariffs remain a challenge for gemstone traders. For Belmont, tariffs on India – its main buyer of rough emeralds – is a major hurdle. US-India negotiations, however, are ongoing and Ribeiro expressed optimism that India could secure an exemption. The issue also underpins the need to explore new opportunities, strengthen ties across Asia and Europe and build greater resilience against regional trade fluctuations. “Diversification should be a strategic priority for the gemstone industry. In this way, Belmont can mitigate the risks of regional dependency while strengthening its global positioning as a reliable supplier of premium, traceable emeralds,” noted Ribeiro. While the US remains an important market, Belmont is expanding in Southeast Asia and India, where demand for Brazilian emeralds is rising and consumers are becoming more discerning and knowledgeable. “This sentiment is shared by local gemmological laboratories in China, which have been issuing more emerald reports,” the company official said. “Asia is partial to mid- to high-quality emeralds with good transparency in big sizes.” Technology and sustainability are also key strategies. Belmont is investing heavily in innovation while reinforcing partnerships with brands that share its values. It joined the Responsible Jewellery Council (RJC) in 2025. Meanwhile, Belmont Mine, which runs entirely on renewable energy from the company’s 1.5MW solar power plant, continues to set an industry benchmark. Belmont’s other initiatives include land rehabilitation, biodiversity preservation, efficient resource management and community engagement through training and education. Despite global uncertainties, Ribeiro maintains a positive outlook for 2026 as demand for coloured gemstones sustains momentum. “Belmont's long-term commitment to ethical practices positions the company to lead this evolution, ensuring both market resilience and continued global recognition for Brazilian emeralds,” he remarked. 巴西祖母绿矿商Belmont致力提升全球对祖母绿的 需求。祖母绿是产自巴西的珍贵宝石，这种传统 瑰宝一直备受欢迎，在2025年保持稳健增长，皆 因消费者对稀有性与产地溯源日益重视，以及受益于当前 流行的时尚趋势。 Belmont主席Marcelo Ribeiro表示，巴西是优质祖母绿的 主要产地，其需求由印度和欧洲两大市场驱动。与此同时， 美国仍是高端彩宝首饰的重要消费市场。 Ribeiro指出，可追溯的高品质祖母绿在2025年最为畅 销，因其迎合注重道德采购的品牌与消费者需求。他补充 道：“然而，我们仍面对一些挑战，包括市场波动、物流成本， 加上在产量扩张中推行负责任开采实践的必要性。” 供需向好 由于持续投资采矿与地质勘探，以及高效开采，Belmont 的祖母绿产量保持稳定。其出口表现同样强劲，反映出市场 对可持续开采且可追溯祖母绿的需求有增无减。 Belmont将约95%的祖母绿原石出口至印度进行切割和 抛光，其余5%则用于特别项目，包括为战略合作伙伴提供本 地切割服务，以及与追求完整矿源到市场可追溯性的高端 珠宝商展开合作。 Belmont于2025年在曼谷举行的两场独家招标会，成功 售出全部拍品，充分展现了市场对巴西祖母绿的殷切需求， 尤其是色泽鲜艳、净度优良的宝石。 Ribeiro说：“从低档次的原石到面向高级珠宝商的顶级 祖母绿，所有等级的祖母绿均备受追捧。市场整体情绪乐 观，参与者认可Belmont招标模式的稳定性和可靠性。” 该公司补充道，目前祖母绿价格较疫情前水平已上涨30%。 前景乐观 美国关税仍是宝石贸易商面临的挑战。对Belmont而言， 印度是祖母绿原石的主要买家，所以针对印度的关税构成 重大障碍。不过，美印谈判仍在进行中，Ribeiro对此持乐观 态度，认为印度有望获得豁免。 这一问题也凸显出探索新机遇、加强亚欧合作纽带，以 及提升抵御区域贸易波动能力的重要性。 Ribeiro强调：“多元化发展应成为宝石行业的战略重点。 通过这种方式，Belmont既能降低依赖某些区域的风险，又 能巩固其作为优质可溯源祖母绿可靠供应商的国际地位。” 尽管美国仍是重要市场，Belmont正积极拓展东南亚和 印度业务。这些地区对巴西祖母绿的需求持续上升，加上消 费者对宝石的知识不断提高，使他们对宝石有所追求。 Ribeiro表示：“中国本土宝石鉴定实验室也持相同观点， 它们发出的祖母绿鉴定报告数量正不断增加。亚洲市场偏 爱大尺寸、透明度佳的中高端品质祖母绿。” 技术与可持续发展亦是核心战略。Belmont在创新领域 投入巨资，同时强化与理念相契合的品牌伙伴关系。该公司 于2025年加入负责任珠宝业委员会。 与此同时，Belmont矿场仅利用自家1.5兆瓦太阳能发电 站提供的可再生能源运营，为行业树立标杆。该公司的其他 举措包括土地修复、生物多样性保护、高效资源管理，还有 通过培训教育开展社区互动。 纵使全球局势充满不确定性，彩宝需求仍保持增长势 头，Ribeiro对2026年持乐观展望。他说：“Belmont对道德实 践的长期承诺，使其能够引领这场变革，既确保市场韧性， 同时使巴西祖母绿持续获得全球认可。”
INSIGHT 精辟洞见 GEMSWORLD | 22 | 2026 | Bernardette Sto. Domingo 杜明高 | Coloured gemstone specialist Color Jewels Inc attributes a strong business in 2025 to solid demand for luxury gems in leading jewellery markets such as Asia and the US, with the trio of rubies, sapphires and emeralds garnering particularly robust buyer interest. According to Color Jewels Managing Director Ashish Dangayach, other highly regarded gems such as Paraiba tourmaline and Mahenge spinel, especially those bearing exceptional colour and clarity, also moved fast. Asian buyers led the demand for premium pieces while Europe and the US drove business for important single stones for custom and high jewellery production. “2025 was a strong year, with the biggest growth coming from Asia and the US. Demand for fine rubies, blue sapphires and high-quality emeralds was steady across both retailers and private clients,” remarked Dangayach. “The major challenge was sourcing as top Burmese and Colombian stones have become harder to come by.” Top-range gems Fuelled by continuously steady demand, prices for top Burmese rubies and sapphires and Colombian emeralds increased by a percentage margin that Dangayach described as high-single to low-double digits in 2025. Sturdy market demand coupled with tighter supply of gems with good colour and trusted origin contributed to the spike in prices. “With limited output coming from Myanmar and Colombia, prices of the best goods have gone up. We expect this trend to continue due to scarce supply,” shared the company official. As sales continue to gain momentum, Color Jewels is eyeing to expand its reach in potential areas of growth in Asia and Europe – markets where its business saw a steady uptick throughout 2025. Asian and European clients are paying closer attention to origin, certification and one-of-a-kind pieces, revealed Dangayach. “We are also watching the Middle East and India Curators of high-end gems Color Jewels: Color Jewels: 高端宝石的专业买手 Thriving demand for luxury gems, particularly rubies, sapphires and emeralds alongside other captivating stones will continue to provide impetus to the trade amid supply and macroeconomic challenges. 尽管面临供应和宏观经济的挑战，但市场对奢华宝石，尤其是红宝石、蓝宝石和 祖母绿，还有其他令人着迷的彩色宝石的旺盛需求，将继续推动宝石贸易的发展。
INSIGHT 精辟洞见 GEMSWORLD | 23 | 2026 We feel positive about 2026 as more clients are turning their attention to coloured gemstones while designers are incorporating more vivid colours in their collections. – Ashish Dangayach, managing director of Color Jewels All jewellery pictures by Color Jewels 所有首饰均由Color Jewels提供 closely as interest in coloured gemstones in these regions is rapidly increasing,” he continued. Sparkling future Apart from the Big Three, a number of coloured gemstones were market favourites in 2025. These were pink and Padparadscha sapphires, Paraiba tourmaline from Mozambique and Mahenge spinel, which all delivered compelling results in the previous year. According to Dangayach, buyers responded strongly to these gems’ captivating colours and rarity. Color Jewels expects Paraiba tourmaline, Mahenge and cobalt spinel and tsavorite to continue drawing market interest in 2026 alongside classic rubies, sapphires and emeralds. “We plan to source more carefully selected stones in these categories to meet growing demand,” he added. “We feel positive about 2026 as more clients are turning their attention to coloured gemstones while designers are incorporating more vivid colours in their collections.” This shift in consumption preference, combined with steady interest in high-quality stones, should support growth moving forward. “Long-term demand for rare stones remains strong and we think suppliers who focus on quality and transparency will be in the best position,” noted Dangayach. Meanwhile, technology and responsible sourcing are becoming key components of the gemstone trade. Clients are increasingly opting for clear information about gemstone origin, treatments and mining conditions. Providing such clarity are improved digital reports and traceability systems and these will continue to shape the coloured gemstone landscape going forward. “We are investing in stronger internal tracking, so clients receive accurate information quickly and confidently,” he continued. As for challenges, Dangayach pointed to the limited supply of top materials and global uncertainties, which could affect short-term buying. 级宝石的价格上涨，我们预计，供应稀缺导致价格向上的趋 势还将持续。”该公司负责人表示。 随着销售势头持续强劲，Color Jewels正着眼于拓展其 在亚洲和欧洲的新市场——这些市场在2025年的业务不断 增长。 Dangayach透露，亚洲和欧洲的客户越来越关注宝石的 产地、认证和独一无二的款式。“我们也在密切关注中东和 印度市场，因为这些地区对彩色宝石的兴趣增长迅猛。”他 补充道。 璀璨未来 除了三大宝石之外，2025年还有一些彩色宝石广受市 场追捧，包括粉色蓝宝石和帕帕拉恰蓝宝石、来自莫桑比克 的帕拉依巴碧玺和马亨格尖晶石。这些宝石在2025年的销 情理想。 Dangayach表示，买家对这些宝石迷人的色彩和稀有性 反响强烈。Color Jewels估计，帕拉依巴碧玺、马亨格尖晶 石、钴尖晶石和沙弗莱石将在2026年继续吸引市场关注，同 时经典的红宝石、蓝宝石和祖母绿仍将保持热度。 “我们计划严选更多这些类别的宝石，以满足不断增长 的需求。”他补充道，“我们对2026年持乐观态度，因为越来 越多客户将目光投向彩色宝石，设计师也在他们的作品系 列中融入了更多鲜艳的色彩。” 这种消费偏好的转变，加上人们对高品质宝石的兴趣有 增无减，将推动市场未来的增长。 Dangayach指出：“稀有宝石的长期需求依然旺盛，我们 认为重视质量和透明度的供应商将处于最有利位置。” 与此同时，技术和负责任的采购正成为宝石贸易的关键 要素——客户越发倾向获取关于宝石产地、处理方式和开采 条件的清楚信息。 改进的数字报告和可追溯性系统能够提供这种透明度， 并将继续塑造彩色宝石行业的未来。“我们正在投资更强大 的内部追踪系统，以便客户能够快速且自信地获得准确的 信息。”他继续说道。 至于挑战，Dangayach指出，顶级宝石的供应有限，以及 全球的不确定性可能影响短期采购。 彩色宝石专家Color Jewels Inc，将2025年蓬勃的业 务归功于亚洲和美国等主要珠宝市场对奢华宝 石的稳定需求，其中红宝石、蓝宝石和祖母绿三 大品类尤其受到买家的青睐。 据Color Jewels董事总经理Ashish Dangayach介绍，其 他备受推崇的宝石，如帕拉依巴碧玺和马亨格尖晶石，特別 是那些颜色和净度出众的宝石也货如轮转。亚洲买家引领 了高端宝石的需求，而欧洲和美国的客戶则推动了用于定 制和高级珠宝制作的单颗宝石的销情。 “2025年表现强劲，最大的增长来自亚洲和美国。无论 是零售商还是私人客户，对优质红宝石、蓝宝石和高品质祖 母绿的需求都保持稳定。”Dangayach表示，“最大的挑战在 于采购，因为顶级的缅甸和哥伦比亚宝石愈见难求。” 顶级宝石 Dangayach表示，受持续平稳需求带动，2025年顶级缅 甸红宝石和蓝宝石，以及哥伦比亚祖母绿的价格上涨幅度 达到个位数高位至两位数低位。 殷切的市场需求，加上优质宝石和可靠产地宝石的供应 紧张，促使价格飙升。“由于缅甸和哥伦比亚的产量有限，顶
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