The Global Gemstone Market: An Overview

With a storied and romanticized past, gemstones and their trade have fascinated human beings since since the dawn of civilization.

With a storied and romanticized past, gemstones and their trade have fascinated human beings since the beginnings of civilization. Today, the gem trade is a $23 billion global industry involving thousands of miners, traders, and dealers across hundreds of countries.

Naturally occurring gems like emeralds, rubies, and diamonds are procured from countries including Zambia, South Africa, Brazil, Thailand, and Mozambique and sold worldwide to collectors and retail buyers alike. Below is a brief summary of the modern gem trade, outlining the most popular gem markets, manufacturing and trading hubs, and trade shows.

Major Gem Trading Markets

Gem trading marketplaces can be found all over the world, with major hubs residing in international cities and smaller hubs located closer to the gem mines themselves. Many of the major gem trading markets and renowned hubs are located within or adjacent to countries where natural gemstones are found.

The Bogota Emerald Trade Center

Colombian mines account for over 70% of the world’s emerald supply and produce some of the purest known emeralds in the world. So naturally, Bogota, the capital of Columbia, is home to much of the world’s emerald trading. The Bogota Emerald Trade Center, located on Avenida Jiménez #5-43, is a hub for much of this trading, offering everything from rough emeralds to cut and polished jewels. Informal street vendors surround the building to sell the emeralds they find, while the center itself contains dozens of businesses offering some of the purest quality gems on the market.

China Fort (Beruwala)

China Fort, located in Sri Lanka’s southern coastal town of Beruwala, is a well-known and historic trading hub for many colored gems. These include chrysoberyl, spinel, tourmaline, moonstone, and garnet, with indigenous sapphires being the primary specimen sold. Buyers from all over the globe regularly visit China Fort to purchase cut and polished jewels that range widely in value.

The gem trade is the lifeblood of this area and stretches back centuries. Sri Lanka gemologists trace their lineage back to the Moors who emigrated to Sri Lanka in search of precious stones and spices. The traditional cut of a gemstone is known as ‘Mukkarage,’ taken from ‘Mukkara,’ or the Sri Lankan natives’ name for the Moors. In this way, the Moors quite literally shaped much of today’s gemstone trade.

Myanmar Gems Museum and Mart

Myanmar is a leading source of various colored gemstones, including rubies, sapphires, and jadeite. In fact, Myanmar produces 90% of the world’s jadeite! The country is proud to be a great source of so many gems and set up a museum to display the best Burmese gemstones.

The Myanmar Gems Museum, located in Yangon, Myanmar, is the best place to look at exquisite gemstones. Though it primarily functions as a museum, there is also a mart to purchase some of the best specimens. The mart offers rubies, sapphires, pearls, jadeite, and more across 82 stores on three different floors. This building is also the site of the Myanmar Gems Emporium, which is attended by gem and jewelry merchants from around the globe.

Major Manufacturing and Trading Hubs

Many cities in India and Thailand are home to many famous gem trading markets. Much of the merchandise at these locations are diamond or colored gems imported from around the world. Some of the biggest trading hubs include Jaipur, Chanthaburi, and Bangkok.

Jaipur

Jaipur is one of the leading emerald cutting and trading centers of the world and sources much of its rough stones from Zambia and Brazil. Employing over 200,000 people and recently expanding to diamond exports in addition to colored stones, Jaipur is truly becoming the backbone of the jewelry industry.

Chanthaburi and Bangkok

Chanthaburi in Thailand are hotspots for purchasing gems of every quality and variety but specialize in rubies and sapphires. The Gems and Jewelry Center in Chanthaburi boasts its own gem market and is best known for its near-perfect stone cutting. Bangkok is known as the gemstone capital of the world, and for good reason. Many wholesale dealers can offer the best prices on the highest quality colored gems, though the retail prices can be very expensive.

Antwerp

A list of major gem markets is not complete without mentioning Antwerp. Antwerp is the best place in the world to buy the highest-quality diamonds and has been the biggest hub for trading diamonds since the 15th century. About 84% of the world’s rough diamonds and 50% of cut diamonds pass through Antwerp. Business is primarily conducted in the Diamond Quarter district, which houses over 1500 diamond companies within a square mile.

International Trade Shows

Traveling around the world in search of gems that fit specific criteria can be time-consuming and expensive- especially for smaller companies and individual buyers. Thus, those involved in the gem trade often attend trade shows or host auctions to find and purchase specific gemstones and build connections in the industry.

The Tucson Gem and Mineral Show

The Tucson Gem and Mineral Show is the oldest and largest gem show in the world, beginning in the 1970s and bringing together professional gem curators, educators, hobbyists, and the public. This show invites students, nonprofits, and Earth science organizations, and gemologists to attend. Over 250 retail dealers gather to sell minerals, fossils, jewelry, and lapidary crafts to the public. In addition, special exhibits from museums are showcased, including The Logan Sapphire and The Ausrox Gold Nugget in previous years. The next show is from February 10–13, 2022 at the Tucson Convention Center, located on 260 S. Church Avenue, Arizona.

Hong Kong International Jewelry Show

Another annual trade show, the Hong Kong International Jewelry Show, began in 1983 and is the largest B2B jewelry show in the world, hosting 3,600 exhibitors from over 55 countries and regions around the world. This trade show mainly showcases fine silver and antique jewelry accessories but also exhibits displays and packaging material along with tools and equipment for jewelry. Diamonds, colored gemstones, and pearls are also traded here. The main show for 2021 is from July 25th-29th at the Hong Kong Convention and Exhibition Centre, though other shows occur throughout the year in March, June, and September.

Baselworld Watch and Jewellery Show

Baselworld is an annual tradeshow that features various types of high-quality jewelry and precious gems. This Switzerland-based trade show started in 1917 and now boasts 2,100 exhibitors from over 45 counties and attracts nearly 100,000 visitors. It is a great place to discover gem novelties and learn about the latest trends in the industry. The most recent show was on June 23rd, 2021.

Gem Auctions

Frequently, gemstone brokers and collectors will seek out specific pieces they are looking for at auctions. Famous auctioneers such as Sotheby’s, Christie’s, and Tiancheng International often plan auction events that are restricted to jewelry and rare gems, providing professionals in the gem trade with the opportunity to view and bid on a host of items. Auctions largely consist of jewelry and rarely include unset gems. They also feature antiques or rare collector items. Below is more information about some of the most prominent auctioneers.

Sotheby’s

Founded in 1744 by Samuel Baker, Sotheby’s is an American gem auctioneer with headquarters located in New York City. However, the company boasts over 80 locations across 40 countries. Multiple auctions are held throughout the year, which showcase a variety of jewelry and high-quality gems. These auctions can be attended in person or online through Sotheby’s website.

Christie’s

Founded in 1766 by James Christie, this British auctioneer sells a wide variety of jewels and rare gems. Auctions are held in major cities around the world, including London, Paris, and New York. However, many auctions are also accessible online through Christie’s website. In May 2016, Christie’s sold the Oppenheimer Blue diamond for 56.837 million SFr, making it the most expensive jewel ever sold at an auction.

Tiancheng International

Only just founded a decade ago in 2011, Tiancheng International is already a major gem auctioneer. Located in China, this is a niche auctioneer that specializes in the sale of jadeite. Celebrities such as Angelina Jolie and Sarah Jessica Parker have sold their jewelry through Tiancheng International and donated the proceeds to various charities. Auctions are held a few times each year and can be attended in person or online.

The gem trade is an exciting and renowned industry unlike any other, but success requires discerning taste, impeccable networking skills, and dedication to learning the intricacies of the field. Whether heirloom pieces or first-generation stones, gems will continue to enthrall human beings and encourage intercontinental travel and trade for centuries to come.