Industry Observation
In the first half of 2024, the global gemstone market showed a significant recovery, particularly in the high-end jadeite and colored gemstone sectors, where price indices continued to climb, attracting the attention of numerous investors and collectors. According to the latest 'Mid-Year Global Gemstone Market Report 2024' released by the International Gemstone Association (IGA), global gemstone transaction volume increased by 8.5% year-on-year, with the Asian market contributing the main growth.
The report points out that in major auction centers such as Hong Kong, Geneva, and New York, the成交价 (transaction prices) for top-grade jadeite and rare colored gemstones repeatedly set new highs. Taking Burmese Type A Imperial Green jadeite as an example, its per-carat price has increased by an average of 12% over the past six months. For instance, at Sotheby's Hong Kong Spring Sale in May this year, an Imperial Green jadeite cabochon necklace weighing 28.86 carats was hammered for HKD 180 million (approximately USD 23 million), far exceeding its pre-sale estimate and setting a new world record for similar items in recent years. Ms. Wen Haoyi, Head of Jewellery, Sotheby's Asia, stated in an interview with 'Yu Jian AI': “The market's enthusiasm for high-quality, rare gemstones is unprecedented, especially for those with excellent provenance and international appraisal certificates.”
In the colored gemstone sector, rubies, sapphires, and emeralds performed particularly well. The price indices for Mozambican rubies, Kashmiri sapphires, and Colombian emeralds increased by 9.3%, 7.8%, and 6.5% respectively. Notably, 'Paraiba' tourmaline from Madagascar, known for its unique neon blue hue, saw a surge in market demand, with prices rising by over 15%. Mr. David Lee, Chief Analyst at 'Precious Gems Ltd.', a London-based gem dealer, commented: “The gradual stabilization of the global economy and inflation expectations have once again made hard asset investments attractive, and rare gemstones are undoubtedly among the best.”
Regionally, the Asian market, particularly mainland China and Southeast Asian countries, was the main engine driving this round of growth. Chinese consumers' purchasing power for high-quality jadeite and colored gemstones remains strong. According to data from the Gem & Jewelry Trade Association of China (GAC), retail sales of high-end jewelry in China increased by 15% in the first half of 2024, with gemstone products accounting for over 40%.
However, the market also faces some challenges. For example, the volatility of raw material supply, especially political instability in some well-known mining areas (such as Myanmar's jadeite mining regions), may affect future supply and prices. Furthermore, the increasing maturity of synthetic gemstone and treatment technologies places higher demands on the identification of natural gemstones and market trust. The International Gemological Institute (IGI) calls on the industry to increase technological investment, utilizing technologies like blockchain to trace gemstone origins and protect consumer rights.
Looking ahead to the second half of the year, experts generally believe that the global gemstone market will continue to grow, but the pace of growth may stabilize. Investors and collectors should pay more attention to the quality, rarity, origin, and international authoritative certificates of gemstones to mitigate risks and seize investment opportunities.