We all know the song Marilyn Monroe made famous back in the day? Back then, diamonds were where it was at, but these days it looks like Emeralds and Rubies are more a girl’s best friend.
Diamonds have always been a popular gem, from engagement rings to bracelets and everything in between, they’ve adorned the necks of movie stars and royalty, and been passed down as treasured heirlooms.
Diamonds will, most likely, always be a popular gem choice, but they are no longer the most popular gem choice. Women and men are both favoring colored stones, such as emeralds and rubies. This is a trend that is catching the attention of the gem industry, both in distribution and acquisition.
Not In It For The Grade
Over the years, a stringent guideline has been created for diamonds, dictating class, and quality. Within the confines of a laboratory, a group of experts will determine the grade of said diamond and create a report that reflects their findings. This report makes it easy for buyers to trust diamond sales online; they don’t need to see the stone to purchase it.
The same can not be said for colored jewels. Due to varying tones of color within each stone, emeralds, and rubies are much harder to grade. One must hold and see the gem to purchase it. And what they do buy is something uniquely special. AS such, it is a more complex task for the seller to decide the price and determine the quality of the jewel. For the buyer, this means perhaps, that the gem they pick and have potentially spent hours deliberating over, will hold more sentimental value to them. They didn’t pick any jewel; they chose this particular jewel of this specific grade and tone.
Double The Growth
Experts expect that the current 2 billion dollar global market for colored gemstones could potentially double in the next couple of years, perhaps even growing to heights of 5 billion.
The Middle East, the world’s third-largest market for emeralds, has currently seen an increase in demand for the green jewel. The color green holds significant meaning in Islam and therefore makes emeralds a very auspicious gem indeed. The countries within the Middle East, specifically Saudia Arabia and UAE has seen as a recent uptick in the market for these jewels.
Supply Meets Demand
In past years, a major roadblock for emeralds and rubies has been their intermittent supply. However, with a healthy stream of supply coming from the South and Central Americas and Africa, specifically Columbia, the supply of emeralds are ready to meet demand. Rubies are also seeing steady outsource from Mozambique.
Gem companies are buying mines in these countries, hoping to get in on the ground floor for sale of these stones. Alongside growing transparency in companies offering details about the gem’s source, the route to market, and the ethical origins, the demand for colored gemstones are growing at a fast rate. And diamond sellers who are currently making thin margins on the clear stone, are fast looking into getting into the colored gem game.