JNA Sep/ Oct 2021

MARKET INTELLIGENCE 48 | JNA Sep/Oct 2021 “Spinel was undervalued and ignored for such a long time that its rise in popularity in the past 13 or so years has really piqued the interest of gem and jewellery lovers. Many of the famous big rubies were actually spinel. This helps us explain to people new to the stone why it is such a unique gem,” Saltzman remarked. Fine spinel – clean, well cut and with a nice open colour – moved well across markets in pre-Covid times, he noted. Despite the general downturn brought about by the pandemic, demand has been consistent for nice spinel in reds, pinks, lavender, blue, cobalt blue and grey. Leading spinel expert Vladyslav Yavorskyy shares this observation. Founder of gemstone specialist Yavorskyy and fine jewellery company Ivy New York, he has been collecting the stone for over 25 years. “In the last two years especially, spinel has become the hottest item all over the world. Nowadays, gemstone dealers get the most calls for Paraiba tourmaline and Mahenge red spinels,” he noted. Yavorskyy's bestsellers this year though have been lavender spinels, which he said are rarer still than the lucrative fine reds. Demand for grey spinels has also skyrocketed of late, he added. Kazemini said, “Twenty years ago, spinel was the stone nobody loved or even noticed. (Yavorskyy) took the contrarian view and started collecting the gem. It took time for the market to catch on, but today, spinel is the stone that everybody wants and needs.” Colour, cut and clarity are the main determinants of a spinel’s appeal, unlike other gemstones such as emeralds, rubies and sapphires whose provenance can dictate their value and market demand. “Customers are mainly concerned with the quality of the spinel, not its origin. This is beneficial to the trade as the focus is on the stone, not where a certificate says it is from,” said Saltzman. Cobalt spinels are the exception to this rule. “Cobalt blue spinels from Vietnam are highly sought after because of their vivid colour and rarity. Stones over 1 carat are difficult to find,” he explained. “Cobalt spinels from Sri Lanka meanwhile tend to be darker and more saturated in colour, but their finest vivid blues are also in high demand due to their rarity.” Vivid red spinels from Man Sin in Myanmar, often called Jedi spinel, are popular too, Saltzman continued. The Mahenge mine in Tanzania produces vibrant pinks and deep reds. Mogok in Myanmar yields red spinels in many hues, saturations and shades; those from the Man Sin mine emit a neon-like glow. Mines in the Pamir mountains of Tajikistan gave the world beautiful specimens of red and pink spinel. Yavorskyy noted that for spinel under 5 carats, the best Mahenge stones are pinkish-red while Mogok delivers top-saturation goods but seldom yields vivid reds in bigger sizes. Business considerations The main challenge facing the spinel trade is the limited supply of fine material, according to Saltzman. Spinel has never come to the market in large quantities. Big finds in Mahenge in 2007 resulted in a larger amount of fine material for a certain period of time. Supply has been tight since. “The restrictions of the past year have exacerbated the situation. There seems to have been limited mining and, given logistical and travel challenges, some difficulty in bringing material to the market,” Saltzman explained. A 3.12-carat pink Mahenge spinel, 4.48-carat red spinel and lavender spinels from Yavorskyy Yavorskyy 的 3.12 克拉粉紅色馬亨蓋尖晶石、 4.48 克拉紅色尖晶石和薰衣草色尖晶石 In the last two years especially, spinel has become the hottest item all over the world. Gemstone dealers get the most calls for Paraiba tourmaline and Mahenge red spinels. - Vladimir Yavorskyy, founder of Yavorskyy and Ivy New York