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.
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