【Colombia】Emerald Exports Tripled in the Last Year

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Editor’s Note

This article highlights a remarkable rebound in Colombia’s emerald exports, which tripled in 2021 following a pandemic slump. The surge is attributed to a significant increase in the international valuation of these gems.

Fura Gems anunció la celebración de un acuerdo, con Emporium HS, para adquirir, por US$ 10,2 millones, el 76 % de las acciones de Esmeracol S.A.
Emerald Exports Tripled in the Last Year

While the pandemic in 2020 affected the foreign sales of Colombian emeralds, the other side of the coin is 2021, a year in which gem exports set a record in their commercialization in world markets.

Thus, thanks to the international valuation of the stones in various corners of the globe, which recorded an increase of over 35 percent, the exports of national emeralds tripled in the last year.

Records from the National Administrative Department of Statistics (DANE) indicate that in 2021, over $129 million worth of gems were sold abroad, a figure that is three times more than that reported in the immediately preceding year, which was only $42 million.

Although 2020 was an atypical year for the commercialization of emeralds abroad due to the international closure of airspace resulting from COVID-19, the 2021 sales figure represented growth of over 300 percent.

The percentage is noteworthy when compared with the last reported increase record (2018 to 2019), which was 6.8 percent. Likewise, the rise in the valuation of gems in international markets brought Colombia new buyers.

New Markets Drive Growth

In this regard, DANE records indicate that 10 countries acquired raw national emeralds in 2021, with revenues of $20 million. In the same vein, 26 nations bought worked gems from the country, which brought in over $109 million.

For comparison, Colombia sold raw gems to eight countries and worked gems to 24 in 2019, and in 2020, the figure was nine nations that were sold raw stones and 20 that were sold worked ones.

“Colombia is the largest producer of high-quality emeralds in the world. Thanks to its hydrothermal sedimentary origin, it provides unique characteristics such as brilliance, transparency, color, light play, and optimal hardness, which make them the most sought-after in the markets of the United States, Europe, and Asia,” said Oscar Baquero, president of Fedesmeraldas.
How 2021 Would Have Closed

Revenues from the sale of gems in international markets allowed emerald projects in the country to optimize operating costs, which helped them increase production.

Although there are no consolidated records of emerald production in 2021, technicians from the Ministry of Mines and Energy (MME) estimate that the extraction volume would be around 1.7 million carats, a figure higher than the 1.5 million carats in 2020 and 0.5 million carats in 2019.

“The growing demand for luxury products globally, which has come hand in hand with the reopening of economies (such as the issue of jewelry), has allowed the emerald sector to go through a good moment in the last year, which is being driven by high levels of consumption, where auctions of these stones have been seen again and where the appetite for them has resurfaced in Asian countries,” explained Nicolás Arboleda, leader of the mining and metals area at Baker McKenzie.
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⏰ Published on: February 23, 2022