Editor’s Note
As the diamond market navigates competition from lab-grown alternatives, consumer interest is shifting toward the unique appeal of colored gemstones. This article explores how rubies, emeralds, sapphires, and other gems are gaining prominence in a changing luxury landscape.
The massive production of natural diamonds is slowing down somewhat, primarily due to increased competition from synthetic diamonds. Mainly produced in India and China, this low-priced substitute is highly popular in the United States, a country that alone accounts for half of the global diamond demand. This slowdown does not affect the colored gemstone market, which encompasses both so-called precious stones (rubies, emeralds, sapphires) and the vast range of so-called “fine” stones, formerly known in France as “semi-precious.” This enthusiasm is confirmed by Parisian traders.
This shift towards chromatic abundance raises several challenges while highlighting some contradictions. These are pointed out by the house of Boucheron. In an ambitious report published in 2022 and updated since, the Place Vendôme jeweler details its sustainability strategy and lists its commitments aimed at achieving complete traceability of its raw materials. Colored stones, prized by clients who hold social and ecological responsibility in the highest regard, paradoxically seem to structure a complex and fragmented supply chain. The house acknowledges that colored gemstones often come from small-scale artisanal mines, where opacity is still the norm. Boucheron remedies this situation by working with selected suppliers and replacing some difficult-to-trace stones with others.
The first challenge: the multiplicity of small-scale deposits scattered across the globe. It is not uncommon for a single jewelry house to offer stones from nearly fifty different countries, while diamonds are mainly extracted from African, Canadian, and Russian soils. The second challenge: the “treatments” undergone by colored stones. These treatments – heating, chemical element diffusion, irradiation – are historically accepted but not always well known or understood. They have a decisive influence on the gem’s hue and clarity, and especially on its price. The premium can reach 200% for an unheated specimen. Much more if its weight is significant.
These double-digit increases concern both precious stones – notably Burmese rubies, Padparadscha sapphires – and fine gemstones. Experts agree that the prices of Mahenge spinels and Paraíba tourmalines should continue to soar this year.
These challenges, disparities, and potentials justify why luxury houses, themselves spurred on by their clientele, are paying more attention than ever to certification processes. They stem from a handful of companies announcing several important changes at the beginning of this year. Since January 1st, the most renowned among them – the GIA (Gemological Institute of America) – confirms its primacy by revealing a significant overhaul of its reports. Adding to the services already offered for precious stones and rare fine stones, the company now proposes to determine the geographic origin of opal, peridot, demantoid garnet, and some untreated jades. This determination has been made possible through the analysis of tens of thousands of samples collected in the field.
