Editors

6 Important Developments in the Gem Market This Year

EditorsDec 20, 2017

6 Important Developments in the Gem Market This Year

Supply chain developments, gemstone trends and movements from the biggest players shaped the colored gemstone sector in 2017.

20170915_Yogo-header.jpg
This year saw an increase in supply of and demand for American gemstones. Pictured here are Yogo sapphires from Montana’s Vortex mine.

The colored gemstone sector can change so quickly, and a year can bring many new developments that alter the landscape of the market.

This year seemed to bring even more stories about shifts in the supply side, whether that be a focus on ethical sourcing, or new sources or companies entering the game.

Here are some of the most notable developments that impacted the colored gemstone market in 2017.

1. Responsible sourcing.
This has carried over from 2016, but I think responsible and sustainable sourcing remains one of the biggest, and most complicated, stories for the gemstone sector right now.

With today’s socially conscious consumer, it’s a conversation the industry has to be a part of, and is something many already have been practicing. But the colored stone sector is vast and largely artisanal, meaning there are a lot of players and that no one solution can be applied across the board.

Still, the industry seems to be moving in the right direction, as many more conversations are being had and more action is being taken. It’s one I think everyone should keep track of and will be really interesting as it develops.

2. The Gemfields takeover.
The takeover of Gemfields by its largest investor, Pallinghurst, took months to unfold but was interesting to watch.

The initial offer from the company was unsolicited, and throughout, Gemfields was telling its shareholders not to take action and then, at one point, advised them to approve a takeover bid from a second player that had entered the bidding game.

Pallinghurst ultimately reached the required amount of approvals from shareholders and, once the integration was complete, began immediately to take action, cutting staff and closing offices in order to reduce the company’s debt and increase revenue. I think it’ll be interesting to see where one of the market’s largest players takes its business. I, for one, can’t wait to see what comes of its Ethiopian emerald project.


The processing plant at Gemfields’s Montepuez ruby mine in Mozambique 
3. A return to American gems.
This year seemed to include a lot more conversation around American-sourced gemstones; supply and demand are both up, though from a smaller base.

The gems are perfectly positioned in the market, offering the socially conscious consumer mine-to-market tracing and an American product, and for younger couples they offer both a lower price point and a unique stone for an engagement ring.

In

the conversations about gemstones mined in the United States, sapphires seem to be generating the most excitement. There’s a new owner of the Vortex Yogo sapphire mine in Montana, who wants to increase production and make more stones available to the market, and more focus also is being put on the supply of Montana Rock Creek sapphires and all the various colors they come in at an affordable price point.

I’m excited to see where the market for these stones heads in 2018.

4. Supply chain developments.
The colored stone market is constantly in flux in one area: supply. Writing stories about what’s happening on the ground at gem sources are among my favorite as I find it fascinating, and 2017 provided a number of interesting developments in that area.

Fura Gems (formerly Fura Emeralds) came on strong, announcing it had purchased the well-known Coscuez emerald mine in Colombia, with plans to modernize the extraction process and gradually increase production. Not long after came news that the company also had completed its acquisition of four ruby mining licenses in Montepuez in Mozambique.

Then there was Mustang Resources, whose Mozambican rubies hit the market for the first time at auction in Port Louis, Mauritius. (It is worth noting, however, that the company called those results “disappointing,” and said it would use market research to increase the quantities of rubies most in demand for the next auction).

This year also saw the first rubies from Greenland, a project long in development, finally come to market. Though there isn’t a ton available yet and their value and pricing still are being figured out, it’s always interesting when a new source comes online.

And though Ethiopian emeralds really first really started producing in late 2016, the material started showing up more and more throughout 2017, providing a new source of the popular green beryl.

Meanwhile, while Gemfields initially had planned to get into Colombian emeralds and Sri Lankan sapphires, which would’ve marked its first foray into the corundum, the colored gemstone miner pulled out of both, opting instead to focus on its African projects.


Fura Gems acquired the license to mine at the Coscuez emerald mine in Colombia, seen here, this year.

5. The launch of new labs.
One interesting thing I noticed this year was more news about new gem laboratories.

Early in the year, we reported that the Gübelin Gem Lab was opening its first location in New York.

Then in June, the Federated International GemLab launched in association with the International Colored Gemstone Association in Bangkok. There also was the launch of Danat in Bahrain.

When I talked to ICA Executive Director Gary Roskin about the opening of FIG this summer, he said that rather than trying to compete with the existing labs, they aimed to aid a market in which reports were in high demand. He said: “With the number of treatments that are possible and the detection of them no longer a simple desk gemology test, we need professional gem laboratories.”

I think his point is valid, especially in an industry that is fighting for a positive consumer sentiment and in which disclosure is a hot topic.

But I also think it points to a reliance on lab reports, just as GemWorld International’s Richard Drucker brought up during a seminar in Tucson this year, and the concerns that come with that: nomenclature and origin.

In regards to the first, issues arise for some in the colored stone market when it comes to a lack of consistency and codification in naming standards from lab to lab.

With the latter, the reliance on an identification of place of origin is having a big effect on prices. And as so many new sources pop up, there are risks of inconsistencies.

6. Museums and their increasing importance.
Another development I noticed this year, and one that I hope to examine further in the New Year, is that the amount of conversations about our country’s gem museums is increasing.

The American Museum of Natural History announced a two-year renovation that will see a complete redesign of its gem and mineral halls, and the Arizona Mining and Mineral Museum, shuttered in 2011, will reopen after getting funding from the state. It will be under the University of Arizona’s ownership.

I’ve been so excited by a lot of this news, and I think the story told by one of the speakers, Alexander Schauss, CEO at the scientific and regulatory consulting company, AIBMR Life Sciences, and collector of thumbnail-sized minerals, at this year’s Yale Mineral and Gem Symposium helps explain why this is happening. (Of note: The event was held in the Peabody Museum’s new David Friend Hall of Gems, which opened in fall 2016 and was funded by a donation from an alumnus.)

Before the speaker got into his presentation, he talked about growing up in New York City’s Upper West Side, which, at that time, was nothing like it is today. He found his way to the AMNH and, somehow, met the curator of the mineral and gem halls, returning again and again as it provided a safe place to hang out and kicking off a lifetime friendship and love for collecting and studying minerals and gems. 

Now, while it won’t always be a story like that, I think it’s so important that kids across the U.S. have the chance to be exposed to the fascinating materials that make our industry go round and to find their passions. It’s important for the future of our industry, and all of these recent museum renovations and developments designed to expose more to them can only help.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Saks on Amazon flagship window
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online Storefront

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

Weekly QuizMay 15, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

Jessica McCormack Fruit Salad Campaign Imagery
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for Summer

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Stock image of diamonds
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April

The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.

Disability advocate Catarina Rivera, JVC ADA compliance guide, circle of hands wearing jewelry
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With Disabilities

Around 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.

Sekou Andrews
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at Converge

The event is also accepting poster submissions now through June 16.

Pope Francis
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ Ring

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

1998 Cosmograph Daytona, Ref.16516 Rolex
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s Sale

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

Jeweler Constance Polamalu at Bloomstone, a store that specializes in lab-grown diamonds
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Surveillance footage Tiffany & Co. Seattle robbery
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

Jeff Corey, new chairperson of the board for the Jewelers Board of Trade
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board

The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

Foundrae Ingot Pendant
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical Metalsmiths

The donation was the result of the brand’s annual Earth Day Ingot event.

Eiseman Jewels ribbon cutting ceremony
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and Better

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

Diamond Council of America
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course Updates

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

Malyia McNaughton and Elyssa Jenkins-Pérez
MajorsMay 13, 2025
BIJC Launches New Education Fund

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

Harwell Godfrey Snake Giza Ring, Foundrae Mind, Body Soul Story Necklace, Tiffany & Co. Tiffany Titan By Pharrell Williams Bracelet
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past Decade

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

Lightbox’s Reminiscence Poet earrings in 14-karat white gold with lab-grown diamonds
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Stock image of shipping containers
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

2025 CASE Award Submission Graphic
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025

The deadline to submit is June 16.

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy