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
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