The value and popularity of previously overlooked gemstones are increasing as collectors and connoisseurs move beyond the traditional "Big Four" - diamonds, emeralds, rubies, and sapphires. A red spinel ring sold by jeweler Olivia Young in 2016 for $7,700 (₹6,39,100) had to be replaced by the client's insurance company at $38,400 (₹31,87,2000) last year. This significant increase indicates a growing desirability for such niche gemstones.
Spinels: The rising star of the gemstone market Spinels, found in countries like Sri Lanka , Myanmar, Vietnam, Afghanistan , Tajikistan, and some African nations, are gaining recognition. According to Jennifer Tonkin from Bonhams, "fire-engine red" and hot-pink spinels from Burma and rose-pink ones from Tajikistan are highly sought after. Rahul Kadakia, the international head of jewelry at Christie's, has forecasted that the market for pink and purple spinels is likely to keep appreciating, with top-quality stones potentially fetching prices as high as $25,000 (₹20,75,000) per carat.
Paraiba tourmalines: The new gemstone sensation The Paraiba tourmaline, known for its electric turquoise color, is another gemstone gaining attention. Discovered in Brazil 's Paraiba state in the 1980s, the scarcity of these stones has seen prices skyrocket. According to Tonkin, top-quality Paraiba tourmalines reached $75,000 (₹62,25,000) per carat in 2022 compared with $4,800 (₹3,98,400) per carat in 2009.
Roberto Boghossian, from the jewelry house Bog.