Worldwide Report: The Gemstone Facts

Tourmaline, alexandrite and sapphire soar

Record sale of a 16.53-carat Brazilian alexandrite ring sold at auction for $1.9 million, an unprecedented price for this chameleon-like stone. According to insiders, an impressive but not surprising result, considering the high demand for rare stones that dominated the market in 2024. According to Omi Gems, the year's best results were achieved by alexandrite, ruby and Paraiba tourmaline, paving the way for a 2025 that will be even stronger in terms of color, with the US leading the way. Which stones are most likely to succeed? With green gaining wide popular consent, many predict that emeralds will be the main protagonists of the year. But light blue sapphires from Montana and green and teal sapphires are also receiving a lot of attention, as confirmed by Columbia House Gem and Colour Source Gems, followed by Australian two-color stones, which are increasingly in demand. Not to mention spinel, which, in its see-saw popularity, is currently enjoying an up phase, especially neon pink Mahenge from Tanzania. Lastly, blue sapphire’s potential competitors: Vietnamese cobalt blue spinel, attractive to collectors looking for untreated and vibrant stones, followed by the much-loved grey and lavender ones, as GemologyGeek affirms.  

Tariffs off emeralds 

The Zambian government has suspended the 15% export duty on emeralds, precious stones and metals after reinstating it no less than two months ago. As a result of strong reactions to the implementation of the tax from major players in the mining sector, the government has made a U-turn by abolishing it again to allow producers to be more competitive on the global market. Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane, said: «The measure will encourage greater investment in precious stone and metal exploration and mining, overcoming dependence on traditional mineral exports. The initiative will also stimulate mine production and increase the country's foreign currency earnings, which will have a positive knock-on effect on the entire economy, attracting both local and international investors.» According to Gemfields CEO, Sean Gilbertson, «Zambia's emerald sector has experienced phenomenal growth over the past 16 years and is now, by a significant margin, the largest exporter of emeralds in the world. The government's collaborative approach and decisive action are clear demonstrations of its intention to bring growth and jobs to Zambia, and this step puts our industry back on track to move forward.» Gemfields owns the Kagem emerald mine, the largest in the world, in a 75/25 partnership with the Zambian government's Industrial Development Corporation.

Panjshir emeralds

 In the province of Panjshir, in eastern Afghanistan, where most of the country’s emeralds are mined, the government has issued 560 new licenses to foreign and Afghan investors, according to the Ministry of Mines and Petroleum, as well as concessions for ruby and precious stone mining in three other provinces. This policy is part of a broader strategy of the Taliban government, which is focusing on the emerald industry to remedy the huge losses due to the withdrawal of US aid and the collapse of the opium market. The US government estimates that, with copper, gold, zinc, chromite, cobalt, lithium and industrial minerals, as well as precious and semi-precious stones such as emeralds, rubies, sapphires, garnets and lapis lazuli, mineral deposits in Afghanistan are worth at least one trillion dollars. According to the World Bank, the Afghan economy shrank by 26% in the last two years. The Taliban ban on opium production has cost farmers $1.3 billion in income, or 8% of GDP, and the loss of 450,000 jobs. Mining could help replace poppies as a stable source of income with weekly emerald auctions taxed at 10%.