Forget rubies and diamonds! Lesser-known gemstones are on the rise
What's the story
The value and popularity of previously overlooked gemstones are increasing as collectors and connoisseurs move beyond the traditional "Big Four" - diamonds, emeralds, rubies, and sapphires.
A red spinel ring sold by jeweler Olivia Young in 2016 for $7,700 (₹6,39,100) had to be replaced by the client's insurance company at $38,400 (₹31,87,2000) last year.
This significant increase indicates a growing desirability for such niche gemstones.
Spinels surge
Spinels: The rising star of the gemstone market
Spinels, found in countries like Sri Lanka, Myanmar, Vietnam, Afghanistan, Tajikistan, and some African nations, are gaining recognition.
According to Jennifer Tonkin from Bonhams, "fire-engine red" and hot-pink spinels from Burma and rose-pink ones from Tajikistan are highly sought after.
Rahul Kadakia, the international head of jewelry at Christie's, has forecasted that the market for pink and purple spinels is likely to keep appreciating, with top-quality stones potentially fetching prices as high as $25,000 (₹20,75,000) per carat.
Tourmaline trend
Paraiba tourmalines: The new gemstone sensation
The Paraiba tourmaline, known for its electric turquoise color, is another gemstone gaining attention.
Discovered in Brazil's Paraiba state in the 1980s, the scarcity of these stones has seen prices skyrocket.
According to Tonkin, top-quality Paraiba tourmalines reached $75,000 (₹62,25,000) per carat in 2022 compared with $4,800 (₹3,98,400) per carat in 2009.
Roberto Boghossian, from the jewelry house Boghossian, noted that their price has doubled over the last three to five years due to their "rarity, beauty and enduring appeal."
Afghan appeal
Jewelers turn to Afghan tourmalines amid rising demand
Jewelers are increasingly sourcing tourmaline from Afghanistan.
Olivia Young is purchasing as much of this bi-chrome material as she can due to its unique blue-green color.
Gemmologist, Lucy Crowther also counts blue-green tourmalines among top choices for unconventional engagement rings and colorful cocktail rings.
Both Young and Crowther are committed to educating clients about these lesser-known but equally beautiful gemstones.
Market forecast
Future growth predicted for lesser-known gemstones
Moti Ferder, founder of Lugano Diamonds, anticipates continued growth in value for these gemstones as demand increases and supply diminishes, making it one of the market's most coveted and prized gemstones.
Charles Abouchar, director of Abouchar SA in Geneva, who showcases at the Gem Genève trade show, mentioned that increasing demand for colored gemstones has resulted in a shortage of high-quality specimens, thereby pushing up prices.
This trend indicates a promising future for lesser-known gemstones in the market.