CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
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
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
