GEMSWORLD | 41 | 2024 SPOTLIGHT 市场聚焦 more designers and specialised jewellers prefer them. Meanwhile, more affordable commercial-grade rubies are used in manufacturing jewellery in larger quantities. This budget-friendly option is stable, with a larger user base.” China Stone primarily works with fine-quality rubies while commercial-grade rubies are by-products. “Top- and mid-grade rubies enjoy the strongest demand now as buyers heavily invest in coloured gemstones,” commented Navneet Agarwal, director of Navneet Gems and Minerals. Fine-quality rubies also command high prices regardless of origin. According to Jeffery Bergman of Eighth Dimension Gems, this trend is most notable in Mozambique rubies. Production volume, average sizes and quality of Mozambique rubies have been declining over the past years, making gem-quality stones even scarcer. He said prices of fine Mozambique rubies have risen by at least 50 per cent in the last two years. Consumer preferences While all grades of ruby are selling in the market, top-tier gems have become increasingly difficult to source. Chawin Trakulmechokchai, assistant director of Bangkok-based Lim Gems Factory, explained that buyers in general prefer rubies that appear more red in colour as opposed to gems in pinkish, purplish or darker tones. “Pigeon’s Blood is still the most popular colour of rubies. Oval shapes of 1 carat and above are also highly sought after,” remarked the company official. Li added that most of his clients prefer precision-cut rubies with a vivid red colour, clean appearance and well-cut proportions. He said, “We mainly work with rubies that are below 0.75 carat in size. There is strong demand for rubies between 0.2 carat and 0.5 carat, mostly in round and square shapes with prices ranging from around US$250 to US$450 per carat.” Meanwhile, other buyers are turning to alternative shades of red, including colour variations within the red spectrum. “Some buyers are fine with pinkish material, especially from companies like Fura Gems that is able to provide good-quality rubies at reasonable prices,” noted Agarwal. Cultural trends and online movements are also influencing consumer preferences for specific gemstone colours. Agarwal noticed higher sales of pinkish ruby, inspired by the Barbie movie released in July 2023. Emerald cuts, rounds, ovals and pear shapes ranging between 1 carat and 2 carats are deemed most popular. Agarwal said all grades of rubies are generally moving except for commercial items due to changing consumer expectations. The gemstone cut, for instance, has become extremely important for educated customers. He added that the US, China, Europe, Australia and Japan are the markets most likely to drive growth in the ruby trade moving forward. Challenges Reduced availability of Burmese rubies owing to sanctions and ethical concerns has influenced the market dynamics for rubies. This has led to increased consideration for rubies from other sources and a re-evaluation of how the industry approaches ethical and responsible sourcing. Political uncertainties in Myanmar coupled with licensing challenges have severely restricted ruby production, which in turn, is pushing prices up, remarked Bergman. “Dealers are being forced to source fine stones from secondary markets such as estates and auctions. The Artcurial auction in Monaco is a good example, with a 7.1carat unheated Burmese ruby selling for US$3.3 million, approximately US$459,000 per carat, which is nearly 12 times the pre-auction estimate,” he added. There is also growing interest in rubies from Vietnam, Afghanistan, Mozambique and Madagascar in Africa, and Thailand. Bergman sees growth opportunities in rubies from alternative sources such as the Jegdalek ruby mine in Afghanistan and mines in Vietnam. “Good-quality rubies from such sources are visually indistinguishable from fine goods of Burmese origin since these all come from marble-host geological formations that are quite similar – a key feature being high chromium and low iron content resulting in a strong red UV reaction,” explained Bergman. Despite visual and gemmological similarities, Afghan and Vietnamese rubies are selling roughly 20 per cent to 30 per cent lower than Burmese rubies, leaving plenty of room for prices to rise in a few years. According to Li, traders also face rising costs of rough stones as well as increased labour, shipping and insurance expenses compared to pre-Covid levels. Agarwal added that supply shortage has become a huge problem. He noted, “Most dealers are not able to get supply from the open market due to the quality rough being short in the mines.” Bergman said high-volume jewellery manufacturers are finding it more difficult to fulfil orders for unheated rubies, hence a rise in the trade of heated goods. He said this practice is more acceptable in the American and European markets compared to China. The 55.22-carat Estrela de Fura from Mozambique 重55.22克拉的莫桑比克红宝石Estrela de Fura
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