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。
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