MARKET INTELLIGENCE 市场情报 JNA November/December 2023 | 39 Coloured gemstone manufacturers are on the same page when it comes to beloved blue sapphires: These gems have become scarcer and highly coveted more than ever, but they are also a great deal pricier. According to coloured gemstone dealers, sapphire prices have generally skyrocketed by 50 per cent to 70 per cent, and as much as 100 per cent for some stones, compared to pre-pandemic times. While this represents solid market demand, it is also indicative of continued tightening of supply at the mines, particularly those of premium-quality stones. Buyers now lean towards top-quality unheated stones of 2 carats to 6 carats since bigger stones have become too expensive, revealed suppliers. Unheated stones are extremely favoured by the Chinese market while US and European customers are more receptive to heated sapphires. Colour and provenance are critical considerations, too. Clients who are on the lookout for the classic deep blue would go for Royal Blue sapphires while those opting for a more intense brilliance would gravitate towards Cornflower Blue variants. Peacock Blue sapphires meanwhile are characterised by their electric blue hues, akin to a peacock’s feathers. Key sources of blue sapphires are Sri Lanka (Ceylon), Myanmar (Burma), Madagascar and Kashmir. High prices notwithstanding, gem companies said buyer interest in sapphires is likely to stay strong, thanks to these gems’ extraordinary allure and history. Scintillating sapphires Armed with a comprehensive understanding of the market and the gemstone’s soaring value and potential for growth, traders and connoisseurs alike have invested heavily in sapphires over the years. In November 2014, Christie’s sold an exceptional necklace adorned with a 392.52-carat blue sapphire for CHF16.96 million (around US$19 million at current exchange rates), making it the most expensive sapphire ever sold at auction. Known as the Blue Belle of Asia, this cushion-shaped Peacock Blue sapphire of Ceylon origin was described by the SSEF Swiss Gemmological Institute as possessing “extraordinary characteristics and merits special mention and appreciation.” Meanwhile, the Peacock Necklace, which sold for around US$15 million at Christie’s Hong Kong in November 2018, set a world auction record for a Kashmir sapphire necklace at the time. These are just two of the many sapphires that made auction history throughout the years. Sapphires also figure strongly in the high jewellery collections of luxury jewellers such as Bulgari, Cartier and Van Cleef & Arpels, to name a few. Market overview Anurak Sinchawla, director of Thai sapphire supplier Sant Enterprises Co Ltd, said sapphires have a special beauty that has become even more desirable today due to the stone’s rarity. “Demand for sapphires, unheated stones especially, rose drastically post-Covid,” noted Sinchawla. “What makes sapphires highly sought after is the wide spectrum of colours that they come in. Different shades of blue attract different people in different ways.” Sant’s major markets are Europe and the US, but it also has a customer base in Asia, particularly Indonesia and China. Sinchawla said unheated sapphires have become 50 per cent to 70 per cent more expensive over the first half of 2023 as demand soared. Prices, however, are escalating at a rate that customers cannot fully comprehend or catch up with. Demand has gone up considerably amid a scarcity in unheated stones. However, those who understand the intricacies of the business and who want the material are willing to buy at current rates. – Anurak Sinchawla, director of Sant Enterprises Co Ltd
RkJQdWJsaXNoZXIy NjAxOTU=