SPOTLIGHT 市场聚焦 GEMSWORLD | 32 | 2026 In the hierarchy of coloured gemstones, rubies and sapphires – together with the evergreen emerald – continue to reign supreme. The Big Three often pave the way for other gems in emerging markets and effortlessly retain their value – and prestige – through good times and bad. Rubies and sapphires are perennial favourites, as evidenced by auction results and global demand. According to Christie’s, the most valuable jewel sold at auction in Asia in 2025 was The Royal Blue necklace, which is adorned with 16 Kashmir “Royal Blue” sapphires totalling 104.61 carats. The sapphire- and diamond-studded necklace fetched around US$16.19 million at Christie’s Magnificent Jewels auction in Hong Kong last November, setting a world auction record for a Kashmir sapphire necklace. “Sapphires were highly coveted overall and 100 per cent sold,” said Christie's of the sale. According to Sumed Prasongpongchai, director general of The Gem and Jewelry Institute of Thailand (Public Organization) or GIT, demand remained strong for rubies and sapphires in 2025. High-quality stones with vivid colours and minimal treatment were especially favoured. Smaller to medium-sized gems – typically below 3 carats – were particularly sought after due to their suitability for daily-wear jewellery, he noted. “Buyers are also placing greater emphasis on certified stones and traceability. Purchasing patterns have shifted toward smaller but more frequent orders, customised cuts, and matched pairs or sets to suit modern jewellery manufacturing needs,” Prasongpongchai disclosed. Market shifts While business from China – once an avid buyer of rubies and sapphires – has softened in recent years, other promising markets are showing heightened interest in these coveted gems. Chinese buyers were once the top customers of Blue Gems Co Ltd, a Thailand-based coloured gemstone manufacturer that specialises in rubies and sapphires. Deputy Managing Director Sirikul Vuthipanyakom noted that many of her former clients from China have since turned into sellers themselves as they faced difficulties moving their goods in their home base. A new market however demonstrated stronger demand for rubies and sapphires in 2025: Japan. Sirikul said business from Japanese jewellery manufacturers skyrocketed last year. The country’s thriving inbound tourism, bolstered by the weaker yen, has rejuvenated its jewellery retail sector, with coloured gemstone jewellery proving especially popular among international arrivals. “Surprisingly enough, Chinese tourists are among the top buyers of ruby and sapphire jewellery in Japan. They prefer to buy from Japanese companies as they have greater confidence in the quality and authenticity of the ‘Made in Japan’ brand,” Sirikul revealed. Jewellery manufacturers from Japan favour rubies of 1 to 2 carats with “good, pretty colours” and accompanied by certificates, she continued. Japan is also showing tremendous potential for corundum specialist World Gemstone Co Ltd. Export Officer | Olivia Quiniquini 程爱莉 | CORUNDUM Compelling case for 地位显赫的刚玉 Rubies and sapphires retain their supremacy in the gemstone world, with more markets falling under their spell. 红宝石和蓝宝石在宝石界的崇高 地位稳如泰山，越来越多市场被它们的魅力所征服。 The Royal Blue necklace (Photo credit: Christie’s) 皇家蓝项链，镶嵌16颗克什米尔蓝宝石（图片来源：佳士得）
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