Beyond Paraíba: Rare Gemstones Set to Rise in Value

When, in December 2025, a Tiffany & Co. necklace with Paraíba tourmalines and diamonds fetched $4.2 million at Christie's New York - ten times the lowest estimate and setting a new record - tourmaline became the undisputed star of the sale. This raises the question: which colored stones could follow in its footsteps, moving from the passion of connoisseurs to growing global demand?

Rarity alone is not enough to create a trend. David Nassi, president of 100% Natural Ltd. in New York, sums up the formula as follows: «If a gem has an extraordinary color, is durable and available in sufficient quantities, we already have the key ingredients for growth in value.» And it is precisely these ingredients that are converging for a handful of “candidates”.
Among them is spinel, long overshadowed by ruby. «Spinel has been a little-known gem for generations. Its discovery near Mahenge in Tanzania in 2005 changed everything: nowadays its popularity is literally exploding,» says Alexander Eblen, senior specialist at Christie's. During the Magnificent Jewels auction in December 2024, a pair of 44.29-carat Mahenge spinels mounted by Harry Winston exceeded $50,000 per carat. And specimens of over 10 carats, once difficult but not impossible to find, have seen increases of 50 to 100% in just two years thanks to declining availability and growing competition among collectors.

According to gemologist and designer Doris Hangartner, a long-time advocate of spinel, the appeal of this stone is as much technical as it is emotional. She celebrates its transparency, brilliance, and above all its wealth of color: from the pure red of Man Sin in the Mogok Valley, to the neon pinks of Namya, the joyful hues of Vietnam, the depth of color of Pamir in Tajikistan, the famous spinels of Mahenge and the huge variety of Sri Lanka. Another gemstone that is rapidly gaining popularity is pink sapphire, especially exceptional, untreated specimens. According to Eblen, more sophisticated analysis techniques have recently revealed that many sapphires once considered “untreated” were actually subjected to mild heating. This has made authentic, high-quality natural pink sapphires much harder to find at a time when international demand is continuing to grow. In June 2025, for example, an 8.06-carat cushion-cut pink sapphire set by Cartier fetched over $120,000 per carat. High jewelry is also pushing this trend. «In our latest collection, Legacy of Color, we present the finest Padparadscha we have ever owned, set in the Radiant Lotus ring,» says Jeremy Morris, CEO and Creative Director of David Morris in London. «With its extraordinary vivid pink-orange color, exceptional purity, and absence of inclusions, it is one of the rarest stones we own.»

In Tucson, during the February trade shows, Carlos A. Torres - private curator and strategic consultant in the gemstone world - noticed growing interest in certain varieties of garnet. Mandarin and tsavorite are experiencing a new season with increasingly difficult to find, high-quality materials and large sizes at historical prices. But let's go back to tourmaline, which is not limited to Paraíba. At Phillips' New York Jewels auction in December 2025, a 58.73-carat pink tourmaline and diamond ring by Graff sold for $77,400 after lively bidding, a sign, according to Dianne Batista, Head of Jewels at Phillips, that collectors are beginning to look beyond the “big three” (ruby, sapphire, and emerald).

New York designer Mindi Mond, known for her fondness for large stones, is now attracted to indicolite, but Australian black opal is also benefiting from renewed enthusiasm. «Introducing opals into our creations has generated unexpected enthusiasm among retailers. It is one of those stones where nature dictates the rules: each opal has its own play of colors and personality. The setting must simply enhance them,» Mond explains. In the United Kingdom, Dan Voaden - founder of the Opal Wild brand - has built his line on this uniqueness, so much so that his work earned him the Collection of the Year award at the latest National Association of Jewelers Awards. In short, collectors are ready to look beyond the norm, as long as a gem offers three essential elements: rarity, creative flair, and a color that is magnetic enough to stand out on its own.