FOCUS 焦点 GEMSWORLD | 10 | 2024 Prices, supply issues, responsible sourcing and next-generation consumers are among the factors shaping the business landscape of the coloured gemstone sector in the post-pandemic world. Demand for coloured gems has been at an all-time high since the pandemic as the market gravitates towards colour after the gloom of the Covid-19 years. Robust demand, coupled with supply disruptions, resulted in exponential increases in the prices of favoured coloured gemstones since the second half of 2022. This upward trajectory continued into 2023, with gemstone manufacturers and dealers remaining firm on their prices amid market hesitation over the hefty increases. Despite the resumption of trade fairs around the world in 2023, high prices slowed trading and professional trade buyers spent cautiously, mostly seeking to fulfil orders than to stock up on gems. Towards the end of 2023 though, the market started to settle amid economic and geopolitical uncertainties, with the trade anticipating a strong start to business in 2024. According to S A Ali, managing director of Bangkokbased United Colour Stones Co Ltd (UCS), the slowdown started in October 2023. “Rubies and sapphires continue to be in high demand but the market for other coloured gemstones such as aquamarine, zircon and tanzanite, among others, softened slightly from October to December 2023. Business will likely strengthen again from the first quarter of 2024,” the company official disclosed. Damien Cody, president of the International Colored Gemstone Association (ICA), agreed, pointing to “some consumer nervousness surrounding inflationary impacts and rises in interest rates” towards end-2023. The top-end of the market, however, remained robust, witnessing strong demand and high prices as borne out by auction results and reported sales, he added. Growth segments All indicators point to significant growth in the coloured gemstone sector in 2024, with prices poised to settle at their new post-pandemic levels. Cody noted solid demand for better-quality stones at the major trade fairs in the latter part of 2023. Improving economies will also drive transactions as retailers start to fill their inventories ahead of anticipated consumer demand. “Inventories have fallen to low levels and, as prices stabilise, we can expect increased demand from all sectors of the market to rebuild stocks,” Cody said. Clement Sabbagh, director of Ben Sabbagh Bros and former ICA president, said better-quality rubies, sapphires | Olivia Quiniquini 程爱莉 with reports from Richa Goyal Sikri and Julius Zheng 郑嵘 | With pricing levels and trading conditions of coloured gemstones set to stabilise in 2024, the gemstone industry trains its sights on nurturing demand in a socially conscious market while winning over younger consumers. 来到 2024年，彩色宝石的价格水平和贸易条件将渐趋稳定，宝石行业亦针对具社会意识的市场 及培养其需求，并吸引年轻消费者。 Glittering road ahead for coloured gemstones 彩色宝石迈向璀璨未来
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