Industry Observation
In the first half of 2024, the global gemstone market presented a complex and diverse development trend. Despite numerous macroeconomic uncertainties, the high-end rare gemstone sector, particularly colored gemstones, demonstrated remarkable resilience and growth momentum, while the traditional jade market, especially jadeite, is undergoing a profound structural adjustment.
According to the latest 'H1 2024 Global Gemstone Market Report' released by the International Gemstone Association (IGA), the price index for top-tier rubies, sapphires, and emeralds in major auction centers such as London, New York, Geneva, and Hong Kong, increased by an average of 7.8% compared to the same period last year. Among them, Kashmir sapphires and Colombian emeralds saw particularly significant gains, with some collector-grade pieces weighing over 5 carats even setting new historical records. For instance, in May this year, at Sotheby's Geneva spring auction, an 8.08-carat 'pigeon's blood' Mozambique ruby ring fetched an astounding $18.2 million, far exceeding its pre-sale estimate, showcasing the market's strong demand for rare, high-quality resources.
“We are seeing continued robust demand from high-net-worth individuals for rare gemstones that can preserve and appreciate in value, possessing unique aesthetic appeal,” stated Dr. Eleanor Vance, President of the International Gemological and Appraisal Association (IGLAA) and a veteran gemologist, in an interview with our network. “Under the dual impact of inflation expectations and geopolitical uncertainties, the safe-haven attribute of top-tier gemstones as hard assets is becoming increasingly prominent.”
Meanwhile, the jadeite market is experiencing a polarizing trend. High-quality, translucent, and vibrant collector-grade jadeite pieces remain strong in price, even showing some increases. For example, at Christie's Hong Kong spring auction in March this year, an 'Imperial Green' jadeite bangle sold for HKD 58 million, once again affirming its status in the top-tier collector's market. However, the mid-to-low-end jadeite market faces significant pressure, with prices showing a clear correction. The tightening of Myanmar's jadeite rough export policies, coupled with higher consumer demands for value for money, has led to a slowdown in the circulation of ordinary jadeite and increased inventory pressure. Data from the Yangon Gemstone Exchange indicates that in the first quarter of 2024, the export volume of unprocessed ordinary-grade jadeite rough decreased by 15% year-on-year, with average prices falling by 8%.
“Mainland China, as the world's largest jadeite consumer market, is undergoing profound changes in its consumption patterns,” noted Mr. Li Minghua, Vice President of the Gemological Association of China (GAC). “Younger generations of consumers are paying more attention to personalization, design aesthetics, and cultural connotations. While their acceptance of traditional jadeite is broadening, they are also demanding higher levels of product innovation and added value. This compels the jadeite industry to implement supply-side reforms, enhance design capabilities, and explore new marketing channels.”
Furthermore, emerging gemstones such as spinel, garnet, and tourmaline have garnered widespread attention among younger consumer groups due to their unique colors and relatively affordable prices. Market data shows that the market share of these 'niche' gemstones is gradually expanding, especially in custom jewelry and designer brands, where their application is becoming increasingly prevalent. For instance, demand for Mahenge spinel from Tanzania and tsavorite garnet from Namibia has grown by 12% over the past year, indicating significant market potential.
Looking ahead to the second half of the year, experts generally believe that the global gemstone market will continue to diverge. The investment value of high-end rare gemstones will remain prominent, while the mid-to-low-end market will need to find new growth points through innovation and differentiated competition. The application of digital marketing, online auctions, and blockchain traceability technology in the gemstone industry will further deepen, bringing new vitality and transparency to the market. Jade and gemstone industry practitioners need to closely monitor market dynamics and flexibly adjust their operational strategies to meet challenges and seize opportunities.