New mines, consistency in supply fueling huge demand for emeralds

Jaipur: It’s just not the rarity value or price that is driving the demand for emeralds post-Covid. Rather, the industry in Jaipur, hub for cutting and polishing the ‘jewel of kings’, said it has more to do with supply consistency.The discovery of large emerald mines in Zambia and fresh demand from China have fueled the growth of the gemstone that has over 100 years of processing history in the Pink City.Confirming the trend, Adrian Banks, managing director, product and sales, Gemfields, the largest organized supplier of rough emeralds and rubies, said that the demand for coloured gemstones is growing exponentially after the Covid-19 pandemic.“In the last two decades, I have never witnessed the market as strong as it has been in recent times, demand is incredibly strong for both high and commercial quality emeralds.’’At Gemfields’ most recent high-quality auction, held in May 2023, no fewer than three all-time high records fell (the highest-ever revenue, the highest-ever average price per carat for an emerald auction and the highest-ever price per carat paid for a single auction lot), which paints a positive picture for the current sentiment towards this verdant green gem.” added Banks.Auction revenues from Gemfields’, Kagem emerald mine, delivered $92.30 million in 2021, followed by a record $149.40 million in 2022. So far in the first six months of this year, the revenues reached $64.90 million, indicating that the demand for emeralds remains robust.Since most of the emeralds are processed and much of it used in jewellery in Jaipur, the industry here is seeking to leverage the supplies by promoting the gemstone in the Jaipur Jewellery Show visited by the leading retailers and sourcing companies. Like last year, the theme of the December show, as JJS often referred to, also centres around emeralds.Banks said, continued growth seen in the Chinese market, particularly for Zambian emeralds, also added impetus to the wider coloured gemstone sector.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.