b'THE STATE OF RETAIL DIAMONDSJEWELRYCOLORED DESIGN STONESA lot of sapphires are not that expensive. It depends what colorDealers who have the material are keenly aware that even if they you want, Dussart says. A lot of people are exclusively looking atare able to sell, replacing the stone will be a challenge.sapphire for the royal blue colorIf youre looking at that, then yes, prices are princess-only department. UNDERSTANDING EMERALDSFine quality, untreated sapphire is still in limited supply, and there- The emerald market has experienced a similar pricing phenome-fore, pricey. Gemfields report stated that its sources indicate thatnon in that vendors report buyers looking for untreated fine-quality more than 90 percent of sapphires are treated. stones come shopping with apparently no ceiling.New discoveries have been offset by the depletion ofA variety of beryl, emerald has enjoyed a existing mines, leading to inconsis- boost from the popularity of green gem-tency in overall sapphire supplystones over the last few years. over the last few decades.It also has become a popular Production of thechoice for those seeking a gemstone is relativelycolorful engagement ring stable, though the overalldespite its relative soft-quantity of sapphiresness (7.5-8) on the Mohs available has decreasedscale when compared significantly since thewith diamonds, rubies, 1980s, according toNiveet Nagpals suite of Sri Lankan cushion-cut blueand sapphires. Gemfields report. sapphires totaling 114.89 carats that won first place inThe emerald mines Quality is dwin- the Pairs and Suites category of AGTAs Spectrum &in Bogot, Colombia, Cutting Edge Awards in 2024dling as well, accord- regarded by many as pro-ing to Dussart, andducing the worlds finest less material is filteringemeralds, have a history dat-down into the market.ing back more than 800 years, With ultra-high pricesand theyre still producing. for classic blue sapphiresNeighboring Brazil also offers a posted throughout the Tucsonconsistent supply, though it produces shows in 2024, buyers shifted fo- less fine quality. cus to other shades of blue, opting forTogether with Zambia, these three coun-teal sapphires from Australia and the earthy,tries dominate the global emerald supply.denim-blue material from Montana. In the last 40 years, there have been no major discoveries However, several vendors at the 2025 trade shows inthat have dramatically changed the emerald supply dynamic. Tucson and at the Bangkok Gems & Jewelry Fair in FebruaryAccording to Gemfields report, the key factors affecting volume reported that buyers appear to be leaning back into the Ceylon and supply in the last four decades have been changes in mining blue tones.activities, including a shift towards larger, more mechanized and Not surprisingly, many are still hunting for top-quality material.formalized operations. For these untreated stones, dedicated collectors and investorsHowever, the finer-quality material is becoming rarer as the appear willing to face the sticker shock.appetite for untreated gems grows.Kagem, an emerald mine in the Copperbelt region of northern Zambia owned in part by Gemfields74 STATE OF THE MAJORS 2025'