SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
Events & AwardsFeb 02, 2018
Live From Tucson: 7 Updates on the Gemstone Market
Two executives from GemWorld International talked pricing, what’s selling and the biggest issues facing the sector today.
Tucson, Ariz.--There’s no better place than the Tucson gem shows to get an idea of where the market is today.
Thursday morning, GemWorld International President Richard Drucker and Vice President and Research Director Stuart Robertson did just that at AGTA GemFair.
They outlined a number of market developments and trends they’ve noticed, from what’s selling to the levels of the supply and demand for a variety of colored gemstones.
Here’s what they had to say.
1. The story of the two-level market continues.
Activity in the gemstone sector for the past few years has largely been at the high end and the low end, with very little activity in the middle, and that hasn’t changed, Robertson said.
The higher end is seeing strong demand, something a number of exhibitors told National Jeweler before the shows, because of tight supply.
The lower end has gotten “overproduced” and so prices are suffering, Robertson said, adding that sales are OK but are moving to internet sellers and other non-traditional methods of selling.
The middle tier, meanwhile, is “average at best” in terms of demand. This historically has been the “bread-and-butter” for the gemstone industry, and as long as this continues, the industry will likely continue to see the trend of more traditional stores closing faster than they’re replaced.
2. Reliance on memo is an issue.
More retailers are relying on memo to stock their stores, but the wholesale side of the trade cannot support themselves in that format or source product this way, Robertson said.
If the trend of over-reliance on memo continues and the wholesale side is expected to finance the retail side without any additional compensation for it, the market will narrow and the retail side will get hurt the most, he added.
3. Ruby and sapphire prices are declining.
With the exception of the higher-grade material, ruby prices are down, which is due in part with the increase in supply of material from Mozambique.
Sapphire prices also are down, for the most part; there’s a slight increase in price, between 5 and 10 percent, in Burmese unenhanced sapphires. Sapphire production is higher as more sources have come online.
4. Emeralds are poised for change and activity.
GemGuide has predicted higher demand for emeralds, not only because the green gemstone has seen the smallest amount of price increase among the “big three” in the past decade, presenting the
most opportunity for growth, but also because the market now better understand enhancements, especially as the labs have been educating about how they are describing treatments and what each means.
Drucker said production of Colombian emeralds appears to be consistent, and Zambian production is good and accessible to the market while the supply of Brazilian material is reportedly low.
Ethiopia, meanwhile, is poised to be an important source for emeralds, Drucker said.
U.S. dealers are focusing on the emeralds from Ethiopia that have little to no enhancement.
Colombian emeralds, meanwhile, are trading at prices 20 to 25 percent below those of Zambian emeralds right now.
5. There’s growth in unique stones.
Drucker said they’re seeing growth in demand for “non-classic gems” (those outside sapphire, emerald and ruby) and enhanced lapidary materials. He noted that at the show, the busiest booths seemed to be those that were selling unusual materials, gemstones such as chalcedony, sugilite and Sonora chrysocolla.
6. There’s also growth among many other well-known gems.
Here are the other gems Drucker said were doing well: garnet, which has become popular in almost all of its colors and benefits from being a color substitution for a number of more expensive gems; aquamarine; morganite; tourmaline; zircon; spinel; and American-sourced gems.
7. Treatments remain a major challenge for the market.
Robertson said today there are, generally speaking, more treatments and less disclosure.
He added that the issue doesn’t just involve people not knowing exactly what’s being done to the material, but also not knowing how to relay it.
“What we’re seeing is a return to using codes on invoices, codes on lab reports, as opposed to spelling out the actual details of a treatment, and that’s problematic.”
The codes developed to talk about treatment disclosure were never meant to be used on lab reports or retail receipts for a consumer. Now, the consumers don’t have any real way to make sense of those codes.
Drucker said production of Colombian emeralds appears to be consistent, and Zambian production is good and accessible to the market while the supply of Brazilian material is reportedly low.
Ethiopia, meanwhile, is poised to be an important source for emeralds, Drucker said.
RELATED CONTENT: 5 Things to Know About Ethiopian EmeraldsRobertson added that there’s been a lot of buzz about Ethiopian emeralds and they expect the stones to be one of the more popular gems at the show this year. Supply is good and pricing is attractive, though Robertson said it appears many of the dealers offering it still are trying to feel out the market to see where it settles.
U.S. dealers are focusing on the emeralds from Ethiopia that have little to no enhancement.
Colombian emeralds, meanwhile, are trading at prices 20 to 25 percent below those of Zambian emeralds right now.
5. There’s growth in unique stones.
Drucker said they’re seeing growth in demand for “non-classic gems” (those outside sapphire, emerald and ruby) and enhanced lapidary materials. He noted that at the show, the busiest booths seemed to be those that were selling unusual materials, gemstones such as chalcedony, sugilite and Sonora chrysocolla.
6. There’s also growth among many other well-known gems.
Here are the other gems Drucker said were doing well: garnet, which has become popular in almost all of its colors and benefits from being a color substitution for a number of more expensive gems; aquamarine; morganite; tourmaline; zircon; spinel; and American-sourced gems.
7. Treatments remain a major challenge for the market.
Robertson said today there are, generally speaking, more treatments and less disclosure.
He added that the issue doesn’t just involve people not knowing exactly what’s being done to the material, but also not knowing how to relay it.
“What we’re seeing is a return to using codes on invoices, codes on lab reports, as opposed to spelling out the actual details of a treatment, and that’s problematic.”
The codes developed to talk about treatment disclosure were never meant to be used on lab reports or retail receipts for a consumer. Now, the consumers don’t have any real way to make sense of those codes.
More on Events & Awards
The Latest
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
