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
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