Findings from the Knight Frank Luxury Investment Index (KFLII) have been unveiled, highlighting the growing significance of colored gemstones.
While jewelry as a whole has had a tough 12 months, decreasing in value by 5%, specific areas of the market have experienced a growth in value.
Unusually, after a decade of very strong growth, pearl jewelry experienced a 13% fall over the past year, while other areas of the market performed stronger than ever. For example, Belle Epoque and Art Deco jewelry saw 9% growth, while post-war jewelry was up 7%.
Moreover, the report states colored gemstones have outperformed the wider jewelry market – so much so a special issue of the Luxury Investment Index has been dedicated to the performance of these stones
Andrew Shirley, head of luxury research at Knight Frank, shares: “While diamonds may be a girl’s best friend, it is emeralds, rubies, and sapphires that somehow seem more exotic, redolent of the tropical parts of the world where they are extracted from the earth’s clutches.
At Bonhams’ London sale at the end of April 2019, several colored gemstone lots blew away their estimates. The top performer was a 17.43-carat Kashmir sapphire ring, formerly owned by a European noble family that fetched £723,063, far exceeding its £300,000 to £400,000 guide price.
The second highest performing lot was a diamond and sapphire transformable necklace by Spanish jeweler, Grassy. Dated to around 1935 and featuring a 34.59-carat Sri Lankan (no heat) sapphire, the necklace sold for £287,562 against its pre-sale estimate of £120,000 to £180,000.
Gemfields chief executive officer, Sean Gilbertson, remarks in the report: “The swing towards precious colored gemstones is overwhelming. The past decade has seen the world record prices for an emerald and ruby surpass that of a colorless diamond on a per carat basis. It surely can’t be long before sapphires overtake diamonds, too.
“We expect vibrant consumer interest and sector growth to continue. Responsible sourcing will receive ever-increasing attention and become progressively more important to consumers, making gemstone provenance perhaps the key driving factor.”
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