MARKET INTELLIGENCE 市场情报 40 | JNA November/December 2023 “Some buyers are adapting to these new price levels, but there is resistance,” he explained. “Demand has gone up so much 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.” Buyers prefer no-heat sapphires of 2 carats to 5 carats as bigger pieces are more costly and are better suited as a collector’s item. There is also a steady shift towards unheated sapphires, he continued. The robust demand for no-heat sapphires is fuelled by Chinese buyers, according to MYA Rishaf, CEO of coloured gemstone dealer Domico Gems, which has offices in Sri Lanka, China, Malaysia and the US. “Buyers would frequently ask for 3-carat to 6-carat sapphires in Royal Blue or Cornflower Blue. There is also a market for heated stones, especially in Europe and America as opposed to Chinese buyers who would only go for unheated stones,” noted Rishaf. Domico Gems’ top market was China before the pandemic, but it has since refocused its business on Thailand. China’s reopening presents an opportunity to re-establish Domico Gems’ presence in the mainland market, he remarked. Echoing prevailing market observations, Rishaf explained that buyers now need deeper pockets to continue purchasing premium goods, owing to a 30 per cent to 50 per cent rise in prices. For example, a 6-carat Royal Blue Sri Lankan sapphire with inclusions now sells for around US$16,000 to US$19,000. A better-quality stone could command a price tag of about US$40,000, depending on clarity, quality and colour. By comparison, heated sapphires of 1 carat to 2 carats could cost about US$1,000 while a 10-carat to 15-carat stone could fetch anywhere between US$2,000 and US$5,000. Mihir Patel, director of Krish Creations, also confirmed the market’s growing affinity for no-heat sapphires. “There are also buyers asking for heated sapphires, but they have one condition to fulfil: The sapphires must be Royal Blue,” he revealed. In terms of sizes, 1-carat to 2-carat sapphires move the fastest as the market is more inclined to buy smaller stones that are more affordable. Customers also have at their disposal a few alternatives to sapphires from known sources. At a jewellery fair held earlier this year in Hong Kong, Gemmatrix of Thailand displayed a 23.73-carat sapphire from Ethiopia. “This stone exhibits a darker shade of blue, but there are others with more open colours. This specific Ethiopian sapphire is unheated and is more of a collectible,” Nikita Sachkov, manager at Gemmatrix, explained. The stone carries a US$5,000 per-carat price tag compared to US$11,000 a carat for a 6.02-carat Royal Blue Sri Lankan sapphire that the company was also offering. Gemmatrix has a vast selection of sapphires, emeralds, rubies, spinel and tanzanite stones and fancy sapphires, to name a few. It mainly caters to buyers from Europe, the US and Russia. Sachkov said blue sapphires from Sri Lanka and Madagascar continue to be a market favourite, but some buyers have become more accepting of unconventional options, depending on their preference and requirements. Future of sapphires Sant, which has been in the sapphire business for over a century, remains confident about growth going forward, owing to buyers’ unwavering fascination for sapphires, according to Sinchawla. Supply constraints, however, will likely continue to put pressure on the trade. He explained, “Demand, especially for unheated sapphires, is far greater than what is in the market today. Eventually, there will be a plateau. People are going to resist the price and that is when we can see a slight drop in demand.” 392.52 Weight in carats of the Blue Belle of Asia – a prized Peacock Blue sapphire with excellent clarity and well-documented provenance. Deemed the most valuable sapphire in the world, it sold for CHF16.96 million (around US$19 million at current exchange rates) at Christie’s Geneva in November 2014. “亚洲蓝色美人”的克拉重量——这颗弥足珍贵的 孔雀蓝色蓝宝石，净度绝佳而且来源显赫，并在2014年11月于 日内瓦佳士得以1,696万瑞士法郎成交(按当前汇率换算约为 1,900万美元)，成为世界上最有价值的蓝宝石。 The Peacock Necklace with 21 cushionshaped Royal Blue Kashmir sapphires “孔雀”项链镶嵌21颗枕形皇家蓝色 喀什米尔蓝宝石
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