Veteran gemstone dealer Joseph Menzie of Joseph M. Menzie, Inc., in New York City, offered insight into the colored stone market, noting that prices for fine goods are increasing at rapid rates. One of the drivers for price has been the sale of colored stone jewelry at auction houses around the world.“ Retail stores are doing e specially well with fine merchandise, as people who have money are still spending based on transactions taking place at auctions,” Menzie said. “There is a shortage of new material, especially high-end ruby, sapphire and emerald in large sizes.” He notes that there is also a greater need for laboratory certificates to accompany these high-end stones.

Menzie states that prices for Kashmir sapphire have increased nearly 300 percent in the past few years. Stones in the 10 to 15 carat range that once sold US$85,000 to US$95,000 per carat, are now selling in the US$350,000 per carat range. Colombian emeralds in sizes over 10 carats are difficult to find, especially those with insignificant enhancement. Even material coming out of Africa is fetching higher prices, as newer materials - once the domain of Brazil, such as for example, Paraiba tourmaline - are difficult to secure, especially since many Chinese wholesalers in Africa are paying higher prices.

Kambiz Sabouri, a well-known gem dealer based in the United States, is also a frequent exhibitor at trade shows with his company Gem 2000, Inc. He agrees that the very high-end stones are in demand and, often in short supply. He indicates that he is also receiving a significant number of requests for colored stones for bridal jewellery.

“We used to see requests for sapphires as an alternative stone in bridal jewellery, but now we regularly receive requests for all varieties of colored stones, including aquamarine and morganite”. Sabouri’s wife and business partner, Shomais Shirazi, stressed that one of the biggest challenges for the wholesale gem trade today is that many people are not familiar with the types of gemstones, their colors, and the shapes and sizes available. Retailers are often caught in between requests from their clients and the wholesale gem dealer.

From Gems to Jewels

Because Dinesh Malpani, of Gems Export Centre in Jaipur, has found that consumer demand for colorful jewellery is so strong, he is collaborating with his nephew, Ankit Malpani on a collection of fine jewelry, under the Ankit Malpani label, made with a range of gemstones. Among Ankit’s colorful new designs is “Aura,” inspired by the human aura where each color has its own significance. The cuff seen here, for example, contains emeralds denoting healing, while the yellow sapphires denote energy. Another successful gem dealer who recognizes the importance of color in finished jewelry is St. Petersburg-based Pavel Sokolov who is working with his son Alexander.

The new brand, “Mousson Atelier” offers a wide selection of very prestige pieces, from nature-inspired pieces to sophisticated suites to multicolored or single tone jewellery fit for the Red Carpet. When all is said and done, industry insiders, jewelry designers, and gem dealers all agree that today’s market for colored gemstones is hotter than it has ever been, and that this trend will continue. Clearly, in jewelry today, it is all about color.

Barbara Wheat Lipatapanlop is CEO of Gemalytics LLC based in New York City. She also serves as president of the Jewelers Ethics Association (JEA). She can be reached at barbara@gemalytics.com.