Tanazanite, in particular, has been very heavily promoted. These stones are considered "the rising stars of gemstone jewelry" and they are also rising in price as their popularity increases. The ICGA identifies another category of gems that they call the "new classics" - tanzanite, tourmaline, aquamarine, imperial topaz and tsavorite garnet. Even though today most of these stones are treated or enhanced in some way, the label " precious" stone adds a hefty premium to the price. According to the International Colored Gemstone Association (ICGA), the "traditional gemstones" - ruby, emerald and blue sapphire - command a high price in the market due to "their lasting appeal and distinguished history". In the colored gemstone world, there is fortunately no cartel, though many forces try to influence market demand and perceived value. (However, in Thailand and other parts of the world, a bride still prefers gold, which is liquid in a way that diamonds are not). This was probably one of the most successful feats of social engineering in the 20th century. The diamond engagement ring, once unknown in most parts of the world (including Europe), is now considered an essential part of the ritual of marriage. The De Beers consortium also mounted a concerted decades-long advertising campaign to associate diamonds with love, courtship and marriage, under the now familiar slogan "Diamonds are Forever". But De Beers controls how much supply comes on the market at any one time and that keeps prices high. Fine diamonds are actually not scarce at all. Their solution was to create the powerful De Beers cartel that to this day controls worldwide diamond production and supply.
There was such a large supply and so little demand that the British financiers of the South African mines were in danger of losing their investment. After the discovery of the huge South African diamond deposits in 1870, diamonds were being dug out of the ground literally by the ton. In the 19th century, world production of diamond was only a few kilograms per year. However, that answer doesn't really tell the whole story of how things work in the gemstone business.Ĭonsider the case of one of the most rare and expensive gemstones, diamond.
The simple answer, one would think, is that it's just a matter of supply and demand - if a lot of people want to buy a particular kind of gemstone and the supply is limited, the price for that gemstone will be high. Why does a reasonably nice 1 carat heated sapphire sell for $500 while a fine untreated 6 carat tourmaline goes for $250? Why is a clean untreated 10 carat amethyst only $60? Gemstone prices are puzzling, even to many people in the gem trade.
By Gavin Clarke Reviewed By Andreas Zabczyk Updated Gemstone Prices
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