CONTENTS Issue #445 | MAY/JUNE 2024 26 STRATEGY 企业策略 26 Smart gold retailing in China 中国黄金智慧零售新气象 8DIGEST 市场指标 8 Dubai diamond trade hits US$38.3B in 2023 2023年迪拜钻石贸易额高达383亿美元 10 FOCUS 焦点 10 The age of fancy colour diamonds 彩色钻石新时代 14 Big Three: Perpetuating value and opulence 三大宝石之不朽奢华 18 DESIGN 设计 18 Gender-fluid creativity 性别流动 创意无限 22 Bold elegance 优雅大气
On the Cover 封面 Envol parure from Chaumet’s 2024 high jewellery capsule, Un Air de Chaumet, featuring an ear cuff and a transformable head ornament that can be worn as a brooch that can, in turn, be divided into two motifs. The jewellery pieces in white gold are embellished with pear-shaped and round brilliant diamonds. Un Air de Chaumet’s four distinctive parures depict the grace of swallows in flight through diamond-encrusted creations in gold. Chaumet 2024年高级珠宝系列Un Air de Chaumet的Envol首饰套装，包括耳骨 夹耳环和可转换式头饰。头饰可用作胸针佩戴，胸针又可再转换为两个款式。这些 白金珠宝均镶嵌梨形和圆形明亮式切割钻石。Un Air de Chaumet四款与众不同的 镶钻金饰，描绘出燕子飞翔的优雅姿态。 Digital version 电子版： https://news.jewellerynet.com/en/publications 43 MARKET INTELLIGENCE 市场情报 43 Bridal jewellery to dazzle at JJF 2024 婚嫁珠宝将在JJF 2024上大放异彩 44 Rising jewellery trends in 2024 2024年珠宝业的新兴趋势 34 Sustainability diary 可持续发展日志 34 JWA reveals judges for Sustainability Awards 2024 2024年JWA可持续发展大奖 公布评审团名单 30 SPOTLIGHT 市场聚焦 30 A tale of two sustainable jewellers 可持续珠宝之双城记 38 MARKET WATCH 市场观察 38 Shifting tides in US jewellery retail 美国珠宝零售新潮流 46 Thailand maintains manufacturing supremacy 泰国珠宝制造业稳住优势
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DIGEST 市场指标 8 | JNA May/June 2024 4,145-carat gem-quality rough emerald 重达4,145克拉的宝石级祖母绿原石 Photo credit 图片来源: Grizzly Mining Ltd humphery / Shutterstock.com US$38.3B 383亿美元 4,145 carats 克拉 RMB820B (around US$113.3B) 8,200亿元人民币 (约1,133亿美元) China’s gem and jewellery sales in 2023, which shows a 14 per cent increase from 2022, data from the Gem and Jewelry Trade Association of China revealed. The gold sector led the growth, achieving sales of RMB518 billion (approximately US$71.6 billion), followed by jade, diamonds and pearls. 中国珠宝玉石首饰行业协会的数据显示，2023年中国珠 宝玉石首饰产业市场的销售额同比上升14%。其中，黄金 产品市场规模最大，销售额高达约5,180亿元人民币（约 716亿美元），其次是玉石、钻石和珍珠。 Weight in carats of a single gem-quality rough emerald, which was the top lot at emerald producer Grizzly Mining Ltd’s international auction in Dubai in March 2024. The rough, mined in Zambia, sold for over US$1 million to Indian emerald supplier K Sunil Narnoli, according to Grizzly. 一颗宝石级祖母绿原石的重量。这是祖母绿生产商Grizzly Mining Ltd于2024年3月在迪拜举行的国际拍卖会上呈献 的最高价拍品。Grizzly表示，这颗祖母绿原石出产自赞比 亚矿场，并由印度祖母绿供应商K Sunil Narnoli以超过100 万美元成功投得。 Value of Dubai’s rough and polished diamond trade in 2023, representing a five-year compound annual growth rate of 11 per cent, data from the Dubai Multi Commodities Centre (DMCC) showed. Polished diamonds traded in the United Arab Emirates grew 32 per cent to US$16.9 billion compared to 2022. This indicated a shift in Dubai’s focus from predominantly rough diamonds to polished diamonds, which now account for 44 per cent of the total trade value. Meanwhile, Dubai's rough diamond trade dipped 13 per cent last year to US$21.3 billion amid declining rough diamond prices. Volume of traded goods remained strong, said DMCC. 迪拜多种商品交易中心(DMCC)的数据显示，2023年迪拜毛坯和抛光钻 石的贸易额。而五年复合年增长率则为11%。与2022年比较，在阿联酋交 易的抛光钻石上升32%至169亿美元，这意味着迪拜正将其重心从毛坯 钻石扩展到抛光钻石。目前，抛光钻石占贸易总值的44%。与此同时，由于 毛坯钻石的价格下滑，迪拜的毛坯钻石贸易额于去年下跌13%至213亿美 元。DMCC表示，毛坯钻石的交易量依然强劲。
DIGEST 市场指标 JNA May/June 2024 | 9 15.51-carat fancy vivid yellow diamond ring 重15.51克拉的艳彩黄钻戒指 Photo credit 图片来源: Phillips Online Trade Updates 新闻快讯 Design, technology driving new phase in HK jewellery sector 设计和 科技推动香港地区珠宝业进入新阶段 Gemfields records US$262M in 2023 revenues Gemfields 2023年 录得2.62亿美元收入 Diamond trade eyes new avenues for growth 钻石业界窥探崭新发展领域 Design-centric products and technological advancements are crucial to steering the jewellery business forward amid a slow global economic recovery, according to Hong Kong jewellery manufacturers. 香港地区珠宝制造商表示，在全球经济复苏缓慢 的环境下，以设计为中心的产品和科技进步对珠 宝业的发展至关重要。 Gemfields made US$262 million in revenues last year, the second-highest annual revenue in the company’s history despite calling off one finerquality emerald auction in November. 尽管Gemfields在去年11月份取消了一次高品质 祖母绿拍卖会，仍录得2.6亿美元的收入，是该公 司历史上第二高的年度收入。 Diamond manufacturers are looking to alternative markets such as India, the Middle East and Southeast Asia to sustain business amid the continued slowdown in demand from China. 在中国市场需求疲弱的情况下，一些钻石生产商 正在开发印度、中东和东南亚等市场以维持业务。 Our digital platform provides additional content for an even more comprehensive industry perspective. Scan the QR code for the full story and more trade news. 我们的数字平台载有更多更全面的 行业视角报道，请扫瞄二维码查看 全文和更多行业信息。 news.jewellerynet.com/en/jnanews Weight in carats of a yellow diamond ring, which was among the highlights of Phillips’ Hong Kong Jewels auction on March 28, 2024. The ring, adorned with a round brilliant-cut, VS2-clarity, fancy vivid yellow diamond, fetched US$1.13 million against a pre-sale estimate of US$950,000 to US$1.3 million, according to Phillips. 在2024年3月28日于富艺斯香港地区拍卖会上呈献的瞩目黄钻戒指的 重量。富艺斯表示，这枚戒指镶嵌一颗圆形明亮式切割VS2净度的艳彩黄 钻，以高达113万美元成交，接近拍前估价范围95万至130万美元的上限。 Year-on-year growth in Hong Kong’s jewellery exports from January to February 2024 to HK$34.8 billion (around US$4.4 billion), according to the city’s Census and Statistics Department. In February alone, exports rose 2.8 per cent year on year to HK$14.9 billion (around US$1.9 billion). Meanwhile, January to February sales of jewellery, watches and clocks, and other valuable gifts grew 8.8 per cent year on year to HK$10.2 billion (around US$1.3 billion). The government expects inbound tourism to strengthen further and benefit the retail sector. Additionally, government initiatives to boost consumption sentiment are seen to provide further support. However, challenges remain due to potential changes in consumption patterns, noted Hong Kong. 根据政府统计处的数据，香港地区珠宝出口额在2024年1月至2月同比 上升348亿港元(约44亿美元)。仅2月份，出口额则同比上升2.8%至149亿 港元(约19亿美元)。与此同时，珠宝首饰、钟表和其他贵重礼品销售额在 今年1月至2月同比增长8.8%至102亿港元(约13亿美元)。香港特区政府 预计，访港旅游业将进一步恢复，并惠及零售业。此外，特区政府为提振 消费气氛而推出的措施也将为零售业提供支持。然而，由于市民和旅客 的消费模式持续转变，业界仍面对挑战。 6% 15.51 carats 克拉
FOCUS 焦点 10 | JNA May/June 2024 Colours are all the rage in the jewellery industry, with fancy colour diamonds enjoying steady market demand. International brands like Bulgari, Graff and Tiffany, to name a few, have successfully placed fancy colour diamonds on the map of the most coveted luxury products over the years. As such, these diamonds are now viewed as prized possessions and a store of wealth. They likewise rule in auction circles. Five of the topperforming jewellery pieces at 2023 auctions were adorned with fancy colour diamonds, specifically blues and pinks. According to industry players, consumers’ love affair with fancy colour diamonds is fuelled by their desire for change – from previously owning white diamond jewellery to infusing colour and variety in their fine jewellery collections. Also driving the continued ascent of fancy colour diamonds as go-to luxury items are younger people who place greater value on personal expression and individuality. State of the trade Fancy colour diamonds are especially appealing to a discerning audience because they come in a variety of colours, connotations and value. According to Paul Chieveley-Williams, founder of Diamwill, demand for fancy yellow diamonds has softened, save for larger stones of around 10 carats in vivid colours, which are harder to come by. | Bernardette Sto. Domingo 杜明高 | Fancy colour diamonds are taking pride of place in the luxury jewellery industry, buoyed by heightened consumer awareness and buyers’ relentless quest for style versatility and enduring sophistication. 彩色钻石在高级珠宝行业中岿然不动，全賴消费者的意识 日渐提高，并对绚丽多彩的款式和精致细腻的瑰宝有不懈的追求。 The age of fancy colour diamonds 彩色钻石新时代 Fancy intense yellow diamond necklace by Scarselli; rings with pink and green diamond, and pink diamond by Leibish; and fancy intense blue-green diamond by Arihant Star (HK) Ltd Scarselli的浓彩黄钻项链；Leibish的粉红钻、绿钻戒指和粉红钻戒指；Arihant Star (HK) Ltd的浓 彩蓝绿色钻石
FOCUS 焦点 JNA May/June 2024 | 11 The Chinese market is expected to recover in 2025, added Chieveley-Williams. Leibish Polnauer, owner and founder of Leibish & Co, said due to weak demand in China, other markets like the US and Asia will likely account for majority of jewellery sales this year, with big-ticket items selling at auctions in Asia. The fancy colour diamond business is also more resilient compared to other jewellery segments owing to fancy colour diamonds’ exceptional appeal, added Polnauer. Prices are also likely to remain high due to short supply of high-quality yellows and pinks. Demand is most robust in the 1-carat to 3-carat segment. “Intense and vivid pink, yellow and blue diamonds will be strong sellers and larger yellows will command higher prices,” shared Polnauer. “Argyle mine’s closure in 2020 likewise caused major shifts as the market started looking for alternatives like pink diamonds from Africa.” Allure of colours The fancy colour diamond business is also booming over at Arihant Star (HK) Ltd, revealed company director Sohil Jogani. Driving sturdy sales are jewellery brands in Europe and Asia, Taiwan in particular, that recognise the market’s soaring appetite for colours and variety in jewellery choices. Among the most expensive stones now are rare fancy red diamonds, followed by conventional favourites blue and pink. Pear shapes, which allow jewellers greater flexibility in conceptualising designs, are particularly favoured in the trade, alongside cushion cut. In terms of sizes, Arihant sells anywhere from 50 points to 5 carats, with 3-carat diamonds moving the fastest. “Another trend that I am seeing now is buyers consistently asking for colour combinations of pink, blue, green and orange diamonds in pear shapes – like a rainbow collection. These are moving well. Brands are on the lookout for these,” noted Jogani. Fancy orange and green diamonds are also gaining steam in jewellery circles, specifically straight orange colours. Arihant recently sold a 1-carat fancy orange diamond for half a million US dollars, the company official disclosed. Blue diamonds, meanwhile, have become too pricey for buyers due to scarce resources, prompting some to scout for alternatives that bear equally captivating colours minus the exorbitant prices such as Paraiba tourmalines. Pinks are faring better, helped in part by the success of the Barbie movie that came out last year, noted ChieveleyWilliams. Buyers are also partial to elusive straight-pink colours, which means there is little interest in purplish-pink or orangey-pink diamonds. Meanwhile, fancy colour diamond expert Scarselli saw steady demand for fancy yellow diamonds, which the company specialises in. Extremely sought after were fancy intense and vivid yellow diamonds while interest in pinks, blues and greens was subdued due to high prices. According to Davide Scarselli, co-owner of Scarselli, Europe and the US were the company’s strongest markets last year. Business, however, slowed down towards the last quarter of 2023 but is expected to pick up in the second quarter of 2024 as jewellery brands regain their footing and start working on new collections. The 2024 Olympics, scheduled for July 26 to August 11 in Paris, France, could also bolster sales. Davide shared, “Paris is home to the most prominent luxury brands, and we expect them to be buying and stocking up in preparation for a massive flow of tourists into France.” Echoing prevailing sentiments in the trade, Davide said buyers seem hesitant to spend for larger stones of around 15 carats to 30 carats. Instead, they are more inclined to purchase diamonds and gemstones weighing between 2 carats and 6 carats. “For us, fancy colour diamonds of 3 carats to 10 carats and matching pairs for earrings are moving exceptionally well,” revealed Scarselli. “The most interesting shapes tend to be oval, emerald and asscher cuts.” Markets Aside from varying consumer preferences, industry players said macroeconomic instability and a generally cautious market sentiment are influencing global sales of fancy colour diamonds. China, for instance, is a huge market for luxury jewellery but the country has been exhibiting stagnant demand for fancy colour diamonds due to a challenging economy. These heart-shaped fancy vivid blue and pink diamond rings sold for a combined US$18.7 million at Sotheby's Hong Kong in 2020 这心形切割艳彩蓝钻和粉红钻 戒指在苏富比香港拍卖会以 1,870万美元成交 Buyers consistently ask for colour combinations of pink, blue, green and orange diamonds in pear shapes – like a rainbow collection. Brands are on the lookout for these. - Sohil Jogani, director of Arihant Star (HK) Ltd
FOCUS 焦点 12 | JNA May/June 2024 “We have witnessed higher sales of orange diamonds from Europe, Taiwan and Hong Kong, among other markets, since the second half of last year,” added Jogani. “Green diamonds are also making waves in the trade, specifically neon- and electric-green stones.” David Ebrani, president of Color Diamond Trading Co Inc, also attested to the scarcity of orange diamonds, specifically the vivid orange variants, which he said could even be rarer than reds. “There are not too many vivid oranges that come out from the ground on an annual basis, so those with intense, deep orange colours are highly sought after,” shared Ebrani. Color Diamond Trading recently sold a 103-carat fancy orange diamond. Fascination for fancy colour diamonds is likely to stay strong amid uncertainties and high prices as buyers increasingly seek colour and compelling narratives in their choice of diamonds. Interestingly, there is also growing affinity for fancy colour diamonds among a younger demographic, with Sotheby’s earlier saying that young collectors are increasingly demonstrating keen interest in luxury auctions. Mishael Vardi, founder and CEO of VMK Diamonds, agreed, adding that young people see big auction houses like Sotheby’s and Christie’s selling high-end blue and pink diamonds, which sparks inspiration. He explained, “A great deal of young people are looking to indulge in luxury sales. Similar to buying a designer bag, they also want to wear an exquisite piece of jewellery that is worthy of being auctioned off down the road.” VMK Diamonds likewise observed stable demand for pink, blue and green diamonds of 20 points to 1 carat or 2 carats. Customers are opting for smaller diamonds of a higher quality or bigger items in lower quality or softer colour saturation, added Vardi. They are also willing to pay anywhere between US$10,000 and US$50,000 in total for a decent-quality pink, blue or green diamond. “People will be more hesitant to buy goods that are closer to US$100,000 for stock. They will wait until there is an actual order from their customers,” remarked Vardi. “This is particularly true in the Southeast Asian market now. There is a more conservative purchasing behaviour as they do not want to end up with stock.” Lab-grown diamonds Chieveley-Williams noted that transparency plays a critical role in the diamond trade, adding that some sellers have been passing lab-grown diamonds off as natural diamonds when this should not be the case. Natural diamonds and lab-grown stones can co-exist in the market but clear-cut rules on disclosure should be followed. Afraid of being misled, buyers would rather not purchase when faced with a choice between a natural or lab-grown diamond, he said. This, however, is not applicable in the fancy colour diamond segment where buyers are still developing awareness of and expertise in fancy colours. “Consumers have a hard enough time understanding that natural diamonds can be coloured,” remarked ChieveleyWilliams. “That is already a big hurdle to them, so once they have gotten that far, they are more likely to go for a natural fancy colour diamond.” 色彩缤纷的珠宝大行其道，令彩钻需求稳如泰山。 宝格丽、格拉夫和蒂芙尼等国际品牌，近年来成 功塑造彩钻的定位，成为值得珍藏和投资保值的 奢侈配饰。 彩钻在拍卖会上也连番报捷。在2023年，五件成交表现 最突出的珠宝都镶嵌了彩色钻石，特别是蓝钻和粉红钻。 业内人士指出，消费者对彩钻的热爱源于渴望求变—— 以往他们大多拥有白钻首饰，但现在也希望赋予更多色彩 和变化。渴望表现自我个性的年轻人，也将彩钻首饰视为首 选奢侈品。 行业状况 彩钻的颜色、质量和价值各有不同，对于眼光独到的 买家别具吸引力。钻石商Diamwill的创办人Paul ChieveleyWilliams表示，黄色彩钻的整体需求放缓，但颜色鲜艳而较 稀有的10克拉大型黄钻则例外。 蓝钻方面，由于供应紧张导致价格飙升，促使一些买家 物色价格较易负担的美丽宝石，如帕拉伊巴碧玺。 Chieveley-Williams亦指出，粉红钻某种程度上受到去年 上映的《芭比》电影带动，销售表现胜过其他品类。买家还偏 好较罕有的纯粉红钻，反映出他们对紫粉红钻或橘粉红钻 兴趣不大。 专营彩钻的Scarselli则认为，市场对黄钻需求稳定。浓彩 和艳彩黄钻大受欢迎，而粉红钻、蓝钻和绿钻则由于价格高 昂而销量稍逊。 Fancy yellow diamond jewellery set by Leibish Leibish镶嵌的精美黄钻首饰 Green and orange diamonds 绿钻;橘钻
FOCUS 焦点 JNA May/June 2024 | 13 Scarselli的联合持有人Davide Scarselli表示，欧美市场 在2023年表现最强劲。业务到了2023年最后一个季度虽然 有所放缓，但随着各大珠宝品牌开始制作全新系列，业务可 能会在2024年第二季回升。 7月26日至8月11日在法国巴黎举行的2024年奥运会， 也可能会提振销售额。Davide表示：“巴黎是著名奢侈品牌 之都，我们预计该些品牌会大举采购和补充储备，为旅客潮 做好准备。” Davide续说，买家似乎不愿意购买15至30克拉的较大型 彩钻，2至6克拉较受欢迎。 Scarselli则透露：“我们的3至10克拉彩钻和耳环对装钻 石销量不错。椭圆形、祖母绿式和上丁方形切割备受青睐。” 市场需求 除了消费者各有喜好外，宏观经济不稳定和市场普遍的 谨慎态度，也对彩钻的销售构成影响。 举个例子，中国是庞大的高级珠宝市场，由于陷入经济 困境而令彩钻需求停滞不前。Chieveley-Williams表示，中国 市场预计将于2025年复苏。 Leibish & Co的创始人兼老板Leibish Polnauer表示，鉴 于中国市场需求疲弱，2024年大部分销售额可能会来自美 国和亚洲，价值高昂的彩钻亦将于亚洲拍卖会上亮相。 Polnauer补充道，彩钻比其他珠宝更具韧性，而优质黄 钻和粉红钻供应短缺，很可能会导致价格持续高企。一般来 说，1至3克拉彩钻的需求最强劲。 他说：“浓彩及艳彩粉红钻、黄钻和蓝钻将非常畅销，而 较大颗的黄钻的叫價会更高。阿盖尔矿于2020年正式关闭， 同样在市场上激发非洲粉红钻等替代品类的需求。” 诱人色彩 与此同时，Arihant Star (HK) Ltd董事Sohil Jogani表示， 欧亚两地的珠宝品牌，特别是台湾地区，都意识到市场对色 彩和多元化风格的殷切需求，成为了彩钻销售的动力。 稀有的红钻是当今最昂贵的钻石品类，其次是传统上最 受欢迎的蓝钻和粉红钻。 梨形与枕形切割一样备受爱戴，前者在设计方面提供了 更大的灵活性。Arihant出售的钻石尺寸由50份到5克拉不 等，其中3克拉最畅销。 Jogani指出：“依我看来，买家亦趋向采购梨形的粉红 钻、蓝钻、绿钻和橘钻，该色彩组合有如彩虹般，销量相当不 错。珠宝品牌正在搜罗这些原材料。” 橘色和绿色彩钻也很受欢迎，特别是纯橘色。Jogani透 露，Arihant最近以大约50万美元出售了一颗1克拉橘色彩钻。 “自去年下半年以来，我们发现橘色钻石在欧洲、台湾 地区和香港地区等市场的销量有所增加。”Jogani补充道。 “绿色钻石也很畅销，特别是霓虹绿和电绿色。” 此外，Color Diamond Trading Co Inc主席David Ebrani 也认同橘钻的稀缺性，特别是艳彩橘钻甚至比红钻更稀有。 Ebrani称：“每年开采出来的艳彩橘钻数量不多，因此拥 有深浓色调的橘钻特别受到追捧。”Color Diamond Trading 最近出售了一颗103克拉的橘钻。 在市场不确定性和价格高昂的情况下，加上越来越多买 家被彩钻及其背后的故事所吸引，彩钻的热度很有可能会 维持强劲。 有趣的是，年轻买家对彩钻的热爱程度也与日俱增。苏 富比早些时候表示，年轻收藏家对奢侈品拍卖展现浓厚的 兴趣。 VMK Diamonds创办人兼首席执行官Mishael Vardi对此 表示同意，他说年轻人看到苏富比和佳士得等大型拍卖行 陆续成交顶级蓝钻和粉红钻，从而受到启发。 他解释说：“很多年轻人都渴望投资奢侈品。就如购买名 牌包一样，他们都想拥有和佩戴有拍卖价值的奢华珠宝。” VMK Diamonds同样观察到，20份以至1或2克拉的粉红 钻、蓝钻和绿钻的需求颇为稳定。Vardi补充道，顾客会选择 品质较高的小钻石，或选择品质较低或色泽较柔和的大颗 钻石。他们还愿意付出1万到5万美元来购买优质的粉红钻、 蓝钻或绿钻。 “对于价值近10万美元的库存货品，业内买家会显得比 较犹豫。他们会等待客户实际下单后才会真正采购。”Vardi说。 “现在东南亚买家因为不想囤积库存，所以变得特别保守。” 实验室培育钻石 Chieveley-Williams指出，透明度在钻石行业中发挥着 关键作用。一些卖家将实验室培育钻石(LGD)冒充为天然钻 石，但其实两者各有价值。 他解释说，天然钻石和实验室培育钻石可以在市场上共 存，但应遵循明确的公开资料守则。买家如对天然钻石或实 验室培育钻石产品有怀疑的话，最稳妥的做法是放弃购买。 然而，这点不适用于彩钻行业，原因是买家仍在累积对 彩钻的专业知识。 Chieveley-Williams说：“彩色天然钻石这个概念，对于消 费者来说已需要花点时间理解。一旦他们掌握当中的知识， 就更有可能会选购天然彩钻产品。” Botanica Orchid yellow diamond earrings by Tiffany & Co 蒂芙尼的Botanica Orchid黄钻耳环
FOCUS 焦点 14 | JNA May/June 2024 The market for the coloured gemstone trio of emerald, ruby and sapphire remains stable in the face of multiple challenges, including lacklustre sales in China, supply constraints and soaring prices, as well as macroeconomic and geopolitical upheavals. Citing these gems’ inherent beauty and value, dealers said demand is steady for top-quality stones, particularly in the 2-carat to 10-carat ranges. Companies are also exploring growth possibilities in destinations other than China, including Asia and the US. The future of these gems is brighter, too. Amid the markets’ centuries-old affinity for the so-called Big Three in the jewellery trade, there are new opportunities to be had with a younger generation of buyers developing appreciation of and love for these gems. Steady demand Hong Kong-based Gems Trading Co is seeing robust demand for Colombian emeralds across the board, especially since prices are constantly on the rise. The company deals in a wide range of gemstones, including Colombian emeralds. Ashish Dangayach, director of Gems Trading, said companies are seeing 10 per cent to 15 per cent price increases per year – a development welcomed by the trade because it inspires heightened confidence in emeralds as a store of value. Right now, however, demand significantly exceeds what is in the market, which means prices are likely to continue rising. Dangayach remarked, “People are training their sights on emeralds because prices keep appreciating, which is healthy for the trade. Supply remains tight, though. As suppliers, we are buying more than we are selling.” Asia is a steady market for emeralds, followed by Europe and the US, with buyers opting for finer-quality goods. India is also a top buyer, specifically for larger but lower-quality gems. Chinese customers, in particular, favour higher-quality stones in smaller sizes. For his part, Raghav Lashkary, sales manager at Rajender Gems HK Ltd, pointed to an uptick in demand for fancy carved emeralds as well as small-sized cabochons ranging from 1 carat to 5 carats from the Chinese market. Preference is higher for emeralds of Colombian origin, but Zambian gems are likewise moving well. Lashkary also shares Dangayach’s observation about a boom for emeralds in the Indian market, almost three years after the Covid pandemic. Their experience varies, though. Rajender Gems is witnessing a preference for large emeralds of above 50 carats to 300 carats among Indian clients. | Bernardette Sto. Domingo 杜明高 | Emerald, ruby and sapphire will always epitomise affluence and refinement in the jewellery industry, with buyer enthusiasm for these premium gems staying strong amid escalating prices. 祖母绿、红宝石和蓝宝石以其雍容华贵的美态，艳压珠宝业界。尽管价格 不断上涨，买家对这些优质宝石，依然寤寐求之。 Perpetuating value and opulence Big Three: 三大宝石之不朽奢华
FOCUS 焦点 JNA May/June 2024 | 15 William Hakimi, CEO of A Hakimi & Sons, cited steady sales for finer-quality single stones amid tighter supply. Strong demand is also causing prices to skyrocket. By Hakimi’s estimates, ruby prices have gone up by at least 30 per cent on average since last year. The company mainly sells Mozambique rubies and a limited stock of Burmese rubies. “Price hikes may be steep, but buyers are still interested, with the finer gems continuously selling, specifically in the US and Europe,” noted Hakimi. “Buyers from China, on the other hand, are on the lookout for medium-quality rubies.” Meanwhile, Nitin Golechha, director of Mozambique ruby dealer Gems & Jewels, highlighted challenges in the China market, which are largely due to a sluggish economy and buyers’ weaker purchasing power. This was not the case about a year ago when Chinese customers enthusiastically bought gems to fill inventories. The drop in their buying capacity also meant those who are still acquiring gems are now settling for lower-quality, more pocket-friendly goods such as 1-carat to 2-carat stones. Gems & Jewels’ major markets are China, Japan and Hong Kong, but with continuing uncertainties, the company is focusing on strengthening its US business. “US clients are interested in both heated and no-heat rubies. In fact, the US market is more inclined to buying a mixture of materials. China, on the other hand, only goes for unheated rubies, so it is a bit limited,” explained Goleccha. Pann Myintzu Thein of Myanmar’s Naing Family Mogok Gems & Jewellery Co Ltd corroborated industry concerns on supply scarcity, particularly in Myanmar (formerly Burma) because of an ongoing civil war in the country. Political unrest notwithstanding, appetite for top-quality Burmese rubies is steady, the company official said. Rubies account for about 90 per cent of Myanmar’s coloured gemstone production, she added. “Buyer interest in Burmese rubies is only getting stronger, but mines have stopped producing because of the civil war, which means there is more demand than supply,” explained Pann Myintzu Thein. “Prices, too, have escalated five-fold since 2023.” Naing Family specialises in oval and cushion cuts, which are highly sought after in the trade today. Pann Myintzu Thein also agreed with industry observations that a rising number of people are opting for coloured gemstones, rubies included, for engagement rings. She attributes this trend to celebrities increasingly wearing coloured gemstone engagement rings as well as red-carpet and everyday pieces, which reinforces coloured gemstones' reputation as the more exceptional, versatile jewellery option. Brilliant possibilities Opportunities, meanwhile, are aglow in the sapphire business, with major global markets actively purchasing the beloved gem, according to Sam Haghighat, owner of New York-based Ijadi Gem. Prices, especially for unheated stones, remain strong and have been on the uptrend over the past two years. “We recently sold a 700-carat emerald. Indian buyers are more willing to invest in larger stones because there is demand for jewellery sets and statement pieces,” revealed the company official. For Rupesh Jain, owner of India-based coloured gemstone dealer Arham Gems & Jewels, the emerald business is a bit subdued, specifically in the China market on account of the country’s lacklustre economy. The company mainly sells Zambian emeralds, with China, Hong Kong and India as major markets. There is still some activity in China, but buyers have become very selective, noted Jain. “They want a particular range. Between 2 and 4 carats and around US$400 to US$800 a carat – that is the sweet spot for them. Interestingly, they were willing to spend as much as US$1,000 per carat in the past,” he added. Exceptional gems Ruby maintains its preeminent position in the trade as a perennial darling among coloured gemstones. Emerald cabochons 凸圆形祖母绿 Sapphire bracelet 蓝宝石手链
FOCUS 焦点 16 | JNA May/June 2024 Demand is primarily concentrated on 2 carats to 10 carats, with sturdy market interest in high-quality sapphires with superior clarity. “The main driving force of the price hikes is solid demand from Europe and Asia,” shared Haghighat. “China has slowed down considerably over the last three or four months, but the rest of Asia is doing well.” Ijadi Gem sources its sapphires mainly from Sri Lanka and Madagascar as well as Myanmar. The latter, however, has stopped producing sapphires, so the company acquires its Burmese sapphires from second-hand sources or the antique market to be recut, explained the company official. At the moment, around 90 per cent to 95 per cent of sapphires being traded globally are from Sri Lanka and Madagascar, he added. Sapphires are similarly facing brilliant possibilities in the bridal jewellery segment. Like other premium-quality coloured gemstones, sapphires are figuring a great deal in modern engagement rings, thanks to jewellery brands purposefully promoting colour in their latest collections. Smaller sapphires of around 2 carats to 3 carats are extremely popular engagement ring choices, according to Haghighat. “There is a big movement in the engagement ring category where buyers are choosing coloured gemstones more and more as an alternative to white diamonds. This trend is also influenced by a younger generation of buyers,” he continued. Ron Rahmanan, vice president of Sara Gem Corp, likewise recognises the potential of coloured gems becoming top of mind for couples, but the possibility is not being explored as much as it is supposed to be. “Sapphire, ruby and emerald are much rarer than diamonds and are better options especially if you are making a lifetime commitment,” noted Rahmanan. “They also carry different meanings.” The trade should strengthen promotion of coloured gems, too. Unfortunately, the gemstone sector is more fragmented and with limited budget, unlike white diamonds, which has the backing of industry giants like De Beers. Rahmanan, however, highlighted the inimitable allure of coloured gems, especially finer-quality stones amid challenging times. The most desired sizes at present are below 10 carats, he added. “The best-selling gems now are between 2 carats and 6 carats. There is also consistent demand for melee sizes of 2mm to 3mm,” he shared. “Large and extra-fine gems of 20 carats to 30 carats, which are investment pieces, also move well. There is however very little interest in anything between 10 carats and 20 carats. For sapphires, this is the category where prices were almost unchanged.” There is also a recurring trend for multicolour jewellery layouts, giving rise to higher demand for pink sapphires. “Fancy sapphires, like pink, green or purple, are very trendy. But they come and go, and dealers just have to ride the trend. The classic blue sapphire, however, will always have a strong following, led by educated and discerning consumers,” explained Rahmanan. 祖母绿、红宝石和蓝宝石市场纵使面临多重 挑战，但仍然保持稳定。现今的市场主要把 现象归因于内地销售疲弱、供应限制和价 格飙升，以及宏观经济和地缘政治动荡等。 不少珠宝商表示，三大宝石璀璨动人且价值不 菲，2至10克拉顶尖品种的需求一直保持平稳。而中国 以外，例如亚洲和美国等市场也存在发展机遇。 另外，数百年来人们对三大宝石宠爱有加，而年轻 一代消费者也逐渐培养鉴赏力，为市场带来了崭新商 机，令宝石行业前景一片光明。 需求持续 中国香港宝石商Gems Trading Co指出，在价格 不断上升的情况下，哥伦比亚祖母绿的需求愈见强 劲。该公司经营各类宝石业务，当中包括哥伦比亚祖 母绿。 Gems Trading Co董事Ashish Dangayach称，祖母 绿价格每年上涨10%至15%，意味着人们对其作为保 值品充满信心，是一个值得欣喜的趋势。然而，由于目 前供不应求，价格可能会继续上涨。 Dangayach表示：“买家因祖母绿持续升值而热衷 购买，这点对行业来说是健康的，但问题在于供应紧 张。身为供应商，我们专注采购充足的货源，买的比 卖的多。” Emerald ring 祖母绿戒指 Ruby necklace 红宝石项链
FOCUS 焦点 JNA May/June 2024 | 17 综观环球祖母绿市场，亚洲表现相当稳定，紧随其后的 欧美市场则偏爱高质量的产品。印度买家亦购入大量祖母 绿，而且偏爱大型的较低档次宝石。中国客户则青睐小型的 优质宝石。 Rajender Gems HK Ltd的销售经理Raghav Lashkary表 示，中国市场对精雕细琢的祖母绿和1至5克拉的小型凸圆 形祖母绿需求递增。哥伦比亚祖母绿大受市场欢迎，而赞比 亚的出品也非常畅销。 在新冠疫情爆发后近三年的今天，Lashkary也赞同 Dangayach对印度祖母绿市场走强的观点。不过，两家企业 的买家需求各异。Rajender Gems的印度客户对50至300克 拉的大型祖母绿需求较为殷切。 Lashkary透露：“我们最近售出了一颗700克拉的祖母 绿。印度人钟情于珠宝套装和夺目设计，因此买家较愿意斥 资购买大型宝石。” 印度彩宝经销商Arham Gems & Jewels的东主Rupesh Jain指出，中国市场经济低迷是影响其祖母绿业务的主因。 该公司主要销售赞比亚祖母绿，主打中国内地、香港地 区，还有印度市场。 Jain指出，中国市场仍有一定的交易量，但买家非常挑 剔。他补充道：“他们最渴望购入2至4克拉之间，每克拉约 400至800美元的产品。有趣的是，过去他们愿意以每克拉高 达1,000美元的价位入手。” 非凡瑰宝 红宝石作为买家的摰爱，一直稳守彩宝业界的顶尖地位。 A Hakimi & Sons首席执行官William Hakimi表示，尽管 供应趋紧，优质单颗宝石的销量屹立不倒。但在强劲的需求 带动下，价格亦随之上涨。自2023年起，红宝石的价格平均 上升至少30%。 该公司主要销售莫桑比克红宝石，也供应缅甸红宝石。 “价格虽然大幅飙升，但买家仍旧对产品深感兴趣，从 而推动欧美等市场的优质宝石销情。”Hakimi指出。“与此同 时，中国买家则主要搜罗中等品质的红宝石。” 莫桑比克红宝石商Gems & Jewels的董事Nitin Golechha表示，中国市场之所以面临重重挑战，主要是经济 低迷和购买力减弱所致。 相比之下，中国消费者在一年前仍然热衷购买宝石。如 今其购买能力降低，意味着他们会转而购买价格实惠且品 质较低的1至2克拉品类。 Gems & Jewels主打中国内地、香港和日本市场，但由于 外在环境持续不稳定，该公司现计划拓展其美国业务。 Goleccha解释道：“美国客户对加热和未加热红宝石均 感兴趣，乐于采购不同种类的产品。但中国买家只会购买未 经加热的红宝石，因此限制较多。” 缅甸Naing Family Mogok Gems & Jewellery Co Ltd的负 责人Pann Myintzu Thein亦指出，由于缅甸内战持续不休， 宝石供应短缺并非过虑。 即使存在政治动荡，她表示优质缅甸红宝石的需求仍然 稳定，并指出红宝石约占缅甸彩宝产量的90%。 “缅甸红宝石的需求只会越来越强劲，但由于内战令矿 场停产，意味着市场上求过于供。”Pann Myintzu Thein解释 道。“自2023年以来，红宝石价格已飙升了五倍。” Naing家族专营大受欢迎的椭圆形和枕形切割宝石。对 于有观察指消费者日益选购镶嵌红宝石等彩色宝石的订婚 戒指，Pann Myintzu Thein亦表示同意。 她将此归因于名人佩戴镶嵌彩宝的首饰蔚然成风，不论 是订婚戒指、红地毯珠宝抑或是日常首饰，从而巩固了宝石 的声誉，是多功能优秀珠宝之选。 耀眼机遇 与此同时，纽约宝石商Ijadi Gem的老板Sam Haghighat 表示，蓝宝石业务商机处处，全球主要市场的买家都在积极 购入。 过去两年蓝宝石价格坚挺且不断攀升，尤以未加热品种 为甚。需求集中在2至10克拉，特别是高净度的优质蓝宝石。 Haghighat称：“欧亚市场的强大需求推动价格上升。在 过去三、四个月，中国的需求明显放缓，但亚洲其他地区表 现理想。” Ijadi Gem的蓝宝石主要来自斯里兰卡和马达加斯加，以 及已停止生产蓝宝石的缅甸。他说该公司会从二手或古董 市场收购缅甸蓝宝石，并重新进行切割。他亦指出目前全球 的蓝宝石买卖，约有90%至95%集中于斯里兰卡和马达加斯 加的出品。 蓝宝石在婚庆珠宝市场也拥有骄人潜力。有赖各大珠宝 品牌近来大力推广色彩主题，现在市场上出现了不少镶嵌 蓝宝石以至其他优质彩宝的订婚戒指。 Haghighat指出，约2至3克拉的小型蓝宝石是大热的订 婚戒指宝石之选。 “这个珠宝类别与时并进，越来越多买家都选择彩色宝 石作为白钻的替代品。年轻买家也是这股趋势的推动力。” 他继续说道。 Sara Gem Corp副主席Ron Rahmanan同样意识到，彩宝 有可能成为订婚恋人的首选宝石，但业界并没有对此给予 充分的探索。 Rahmanan称：“蓝宝石、红宝石和祖母绿比钻石更稀有， 更能象征终生的承诺。不同宝石也具有不同的含义。” 宝石业界应该更积极推广彩宝产品，但无奈行业结构比 钻石业更加分散而预算有限，不像白钻产品般得到戴比尔 斯等巨头的支持。 然而，Rahmanan却强调彩色宝石的独特魅力，就算在充 满挑战的时期，优质宝石仍然深受追捧。他补充说，10克拉 以下的宝石最受市场欢迎。 “2至6克拉之间的宝石销量最佳，至于2至3毫米的米粒 宝石，需求也一直存在。”他分享道。“投资级别的20至30克 拉大型和顶级宝石也销量甚佳。不过，人们对10至20克拉之 间的宝石兴趣不大，此类别的蓝宝石价格几乎没有变化。” 缤纷多彩的珠宝潮流也卷土重来，令粉红色蓝宝石的需 求大增。 Rahmanan解释道：“粉红色、绿色或紫色等彩色蓝宝石 大行其道，但潮流变幻莫测，宝石商只是顺势而行。蓝色蓝 宝石始终稳守经典宝座，永远受到教育程度高且眼光独到 的消费者推崇。” Sapphire 蓝宝石
DESIGN 设计 18 | JNA May/June 2024 In an era of individualism and inclusivity, gender boundaries are gradually dissipating. Innovative fashion collections are blurring the lines between menswear and womenswear – and so are jewellery designs. The so-called unisex jewellery per se is not new, but the industry is now seeing more refined pieces continuously pushing the envelope of design. Traditional perceptions of jewellery tend to associate men’s jewellery with masculine traits such as strength and boldness while female-oriented pieces are often presented as softer and more delicate. Today’s genderless designs, however, are reshaping these conventional notions of masculinity and femininity. Fluid designs As gender-neutral jewellery continues to gain traction in the market worldwide, it is becoming more of a staple rather than a mere trend. Joy Wei Chow, creative director of Joy Wei Chow Fine Jewelry from Taiwan, is at the forefront of this design revolution. She said men’s jewellery often embodies geometric shapes that convey a sense of strength and power. In contrast, women’s jewellery tends to feature delicate, softer lines. Chow explained, “The essence of gender-fluid designs is blending these binary distinctions into a singular aspect that embodies softness within strength and strength within softness.” Chow’s forte lies in utilising lines that flow smoothly into the designs to achieve her artistic pursuits. She compares lines to calligraphy as a tool to express tension and vigour, and create intriguing designs that unleash an artist’s vivid imagination. Chow's experiences living and studying in the US alongside her exposure to American culture are reflected in her creations. Her distinctive designs feature bold and expressive lines as well as fancy cut and freeform gemstones and diamonds that reflect individuality. Her latest creation – the Fintastic ear cuff – demonstrates her unique aesthetic approach. It features an amber centre stone set in 18-karat white gold and black rhodium-plated black gold, with the two-toned design adding layers and depth to the jewellery piece. | Sharon Kwok 郭芷雯 | The number of jewellers embracing the concept of gender neutrality is on the rise, giving birth to jewellery designs that are inclusive and universal and allow both men and women to express their individual style. 推崇中性概念的珠宝商日益增加，他们推出更多 具有包容性和通用性的珠宝款式，让男士和女士都能展现个人风格。 1 2 Gender-fluid CREATIVITY 性别流动 创意无限
DESIGN设计 JNA May/June 2024 | 19 No boundaries Genderless jewellery not only defies traditional norms but is also breaking creative boundaries by removing gender-specific characteristics in jewellery designs. “Neutral style is a boon for designers as it eliminates gender boundaries at the design level. We do not have to design exclusively for men or women as our jewellery creations can now be appreciated and worn by all genders,” said Daisy Chan, an award-winning jewellery designer from Hong Kong. Chan’s Muse Collection has garnered international acclaim, earning prestigious awards such as the Muse Design Awards 2021 (platinum awardee), the New York Product Design Awards 2021 (gold awardee) and the IDA Design Awards 2021 (silver awardee). She has also embraced gender-fluid designs for her jewellery brand, Thinking Daisy Jewellery. Her Stone Collection, for instance, featuring rock-like, nature-inspired sterling silver rings, has been well-received by both male and female customers. The designer recently unveiled a new piece called East Dam – a statement ring that exhibits more masculine attributes. It was inspired by the popular High Island Reservoir East Dam in Sai Kung, Hong Kong. “I thought it would be more appealing to men for its larger and more rugged design. To my surprise, it has gained greater popularity among women,” Chan said. “Modern women are drawn to edgier and more chic designs that go beyond traditional gemstone and diamond settings. Some men, on the other hand, are not so keen on conventionally masculine designs.” Universal appeal According to jewellery designers, certain artistic themes, especially those depicting everyday lives, resonate with genders across the board. Chow highlighted the popularity of animal-themed jewellery, which was central to her Uptown Funky Dog Collection. “Animal-inspired jewellery is enjoying strong demand this year compared to a few years ago probably because fewer people are having children nowadays and are instead having pets. The dog motif particularly appeals to a wide range of customers, regardless of gender,” she added. Each piece in the collection carries its own story, inspired by Zhou Wei's observations of everyday life. One of the pieces, "Foodie Dog," features popular food items like croissants and pizza. Thomas Tjiong, director of Cattivo Jewelry Co Ltd, believes that gender-fluid designs are taking centre stage due to the market’s ever-growing appetite for nonconforming jewellery pieces. Case in point is the strong momentum for pearl jewellery and the rising trend of “puffy style” jewellery. Cattivo’s pair of Duality Puff earrings is one of the company’s fast-moving pieces. These earrings designed in a striking two-toned, double-sided format “seamlessly blends fashionable aesthetics with the essence of fluidity and self-expression,” shared Tjiong. 3 6 4 5 1) Fintastic ear cuff by Joy Wei Chow Fine Jewelry; 2) East Dam ring by Thinking Daisy Jewellery; 3) Duality Puff earrings by Cattivo Jewelry Co Ltd; 4) Ring from Thinking Daisy Jewellery’s Stone Collection; 5) Earrings from Thinking Daisy Jewellery’s Muse Collection; 6) Queen Margaret ring by Joy Wei Chow Fine Jewelry 1) 周薇设计师珠宝的 Fintastic耳骨夹耳环; 2) Thinking Daisy Jewellery的东坝戒指; 3) Cattivo Jewelry Co Ltd的Duality puff耳环; 4) Thinking Daisy Jewellery Stone系列的戒指; 5) Thinking Daisy Jewellery Muse系列的耳环 ; 6) 周薇设计师珠宝的玛格丽特皇后戒指
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