Industry Observation
The first half of 2024 presented a complex and diverse development trend in the global gemstone market. Despite numerous global economic uncertainties, demand for high-end gemstones and unique colored stones remained strong, especially in the Asian market, demonstrating significant resilience and growth potential. According to the latest '2024 Global Gemstone Market Mid-Year Report' released by the International Gemological Association (IGA), global gemstone and jewelry sales increased by 4.5% year-on-year, with the Asian market contributing over 50% of this growth.
High-End Jadeite and Diamonds: Scarcity Drives Price Increases
In the high-end gemstone sector, prices for high-quality jadeite from Myanmar and Kashmir sapphires continued to rise. In May 2024, at Christie's Hong Kong Spring Auction, a 28.88-carat 'Imperial Green' jadeite cabochon necklace from Myanmar fetched HKD 120 million, exceeding its estimate by 20% and setting a new price record for similar lots. Ms. Shi Lihua, Chairman of Christie's Asia Jewelry Department, noted: “The scarcity of top-grade jadeite, its cultural significance, and the growing number of Asian collectors are the core drivers of its steady value appreciation.”
Meanwhile, the natural colored diamond market also performed remarkably. Rare varieties such as pink and blue diamonds continued to see price increases due to their limited supply and investment appeal. For instance, a 5.03-carat fancy vivid blue diamond ring sold for CHF 14.8 million at Sotheby's Geneva auction, achieving a per-carat price of USD 2.94 million, highlighting the market's pursuit of rare, large-carat colored diamonds.
Colored Gemstone Market: Diversification and Personalization Become Mainstream
Beyond traditional high-end gemstones, various colored gemstone markets also showed robust growth. Emerging colored stones like Tanzanite, Paraiba Tourmaline, and Tsavorite gained popularity among younger consumers due to their unique colors and relatively affordable prices. Demand for these distinctive colored stones was particularly strong in mainland China, India, and the Middle East.
According to the 'Q1 2024 China Gemstone Consumption Report' released by the Shanghai Diamond Exchange, consumer demand for jewelry products with unique designs and personalized elements increased by 15%, with colored gemstone-set products accounting for 32%, up from 25% last year. Li Ming, a Beijing-based jewelry designer, commented: “Modern consumers are no longer solely pursuing value preservation; they prioritize the aesthetic value of gemstones and the personalized statements they can convey.”
Origin Transformation and Supply Chain Reshaping
Notably, the global gemstone origin landscape is quietly shifting. African countries such as Mozambique and Madagascar have made significant progress in ruby, sapphire, and emerald mining, gradually becoming important supply sources. For example, Mozambique's ruby production has increased by nearly 40% in the past three years, and its quality has gained widespread international recognition.
However, issues such as political stability in origin countries, mining compliance, and environmental protection are increasingly drawing international attention. More and more brands are emphasizing the traceability of gemstones and transparency of the supply chain. For instance, Tiffany & Co. disclosed the origin information of its diamonds and pledged to further enhance the traceability standards for all its gemstone products in the future to meet consumer expectations for sustainability and ethical sourcing.
Online Sales and Technology Empowerment
The pandemic accelerated the digital transformation of the gemstone industry. Online sales channels continued to expand, with new models such as live-streaming commerce and virtual try-on offering consumers more convenient shopping experiences. Data from the international gemstone trading platform Gembridge showed that its online transaction volume increased by 20% in the first half of 2024, particularly in the B2B sector, where online platforms significantly improved transaction efficiency.
Furthermore, gemstone identification technology is constantly innovating. AI-assisted identification, blockchain traceability, and other technologies are being applied in the gemstone industry, improving identification accuracy and transaction security. Dr. Daniel Nyfeler, Director of the Gubelin Gem Lab in Switzerland, stated: “Technological advancements not only guarantee the authenticity of gemstones but also build stronger trust with consumers, which is crucial for the healthy development of the entire industry.”
Looking ahead to the second half of the year, the global gemstone market is expected to maintain steady growth, driven by consumer upgrades and technological innovation. However, geopolitical risks, macroeconomic fluctuations, and supply chain challenges remain factors requiring close attention.