The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
Spinel: The hot “new” gem with an ancient heritage
Spinels are growing in popularity but supply remains inconsistent, pushing prices skyward. Graduate Gemologist (G.G.) Edward Boehm advises buying them now, as prices only will continue to climb.

History
The word spinel is most likely derived from the Greek words “spina,” meaning thorn and probably referring to its thorn-like crystal habit, or “spinther,” meaning spark and referring to its often burning ember-red color.
Spinel enjoys a long history of notoriety beginning with its confusion with numerous famous “rubies.” The two most notable are the 170-carat Black Prince’s “ruby” and the 361-carat Timur “ruby,” both in the British Crown Jewels. Other large “ruby” spinels are featured in almost every major royal collection from India, Iran, Russia and others.
These large spinels most likely came from the Pamir Mountains in the region of Badakhshan in what is today part of southeastern Tajikistan and northeastern Afghanistan. Timur or Tamerlane is still revered as one of the greatest conquerors of all time. He was also known for building canals, dams and diverting rivers in the Pamir Mountains, which is where he likely obtained the famous Timur “ruby.”
The Great Silk Road crossed through the Pamirs connecting China to the West. Thus, it is quite possible that the large, relatively clean, and similarly colored spinels we see today from Kuh-i-Lal, Tajikistan, are from the same locality as these ancient royal spinels.
Geology & Mineralogy
Spinels typically form in altered limestone marbles or granitic gneisses as a result of metamorphic or metasomatic processes. They are often found in association with corundum and thus easily confused with one another. However, spinels form in the cubic crystal system, and rubies and sapphires form in the hexagonal crystal system. Most gem quality spinels from Southeast Asia formed as a result of the collision of the Indian subcontinent with the Eurasian continent that created the Himalayas 50 to 60 million years ago.
Gemology
Spinel’s various colors may be attributed trace elements such as chromium, which is responsible for red; chromium and iron combined, which causes the more orangy-red or “flame” color; iron, which can cause the blue or “steely” blue; and cobalt, which is responsible for
Burma
Many of the finest red spinels come from Burma (now Myanmar) but this source is also known for producing many other colors, including blues and vivid to pastel pinks. Burmese spinel is recovered from primary and secondary deposits mined by small-scale artisanal mining techniques.
Spinels often contain negative octahedral crystals, apatite crystals or calcite crystals. These inclusions confirm that the gem is natural and, if unaltered, also that it has not been heated. Some orangy-red spinels have been reported to improve their color upon heat treatment.
Sri Lanka
The island of Sri Lanka has been producing gems for thousands of years and spinel is one of its most plentiful gems. Every possible color of spinel is known to come from this rich source, including color-change (blue to purple) and cobalt blues. Small-scale artisanal miners recover the gem gravels “illam” from secondary alluvial deposits in ancient streambeds.
Tanzania
In 2004, a new discovery of fine vivid red spinels from Ipanko, near the village of Mahenge, quickly catapulted this under-appreciated gem to new status. These spinels, possessing an electric color that rivals and often surpasses the best from Burma, have brought spinel from all sources to the attention of designers and collectors. In 2007, several extremely large crystals were discovered, adding further to the allure of this amazing deposit. Unfortunately, limited quantities have surfaced since and most material coming out today is quite small.
Vietnam
Spinels were discovered near Luc Yen, Vietnam, along with ruby, in late 1987 but didn’t make much of an initial impact because the Burmese-like fluorescent pinkish-red rubies overshadowed them. As demand for spinel finally began to increase toward the end of the decade, much of the ruby production had dwindled. Vietnamese miners began focusing on spinels but much of the initial production was darker-red to orangy-red. By 2007 production had improved dramatically along with demand for spinels from all sources. Vietnamese spinels are found in primary deposits of metamorphosed limestone marbles as well as secondary placer deposits.
While most spinels from Vietnam are pink to orangy-red to red, and violet to purple, recent discoveries of vivid cobalt blue have entered the market.
Conclusion
With its rich history, colorful options, and new sources, spinel is poised to become one of the most popular gems, finally achieving its rightful place next to ruby and sapphire. But get them now because prices are rising fast. Spinels have increased in price by well over 100 percent in the past five years averaging about 20 percent per year. As their popularity increases, and ruby and sapphire prices also continue to climb, spinels are likely to continue at that pace for many years to come.
Edward Boehm's company, RareSource, specializes in fine and collectable gemstones, collection sales and acquisitions, and museum consulting. He has authored and co-authored numerous articles in Gems & Gemology and is a member of its editorial review board, as well as, the Journal of Gemmology. Boehm has also written articles or been featured in JCK, Colored Stone, Professional Jeweler, Modern Jeweler, Jewelers Quarterly, Jewelry News Asia, The Loupe, Robb Report, The Economist, and Chubb Insurance magazines. His current work takes him to mining localities throughout the world as a consultant and buyer.
The Latest

The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.


The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

The jeweler’s largest store yet is set to open in Little Rock next fall.

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.