GemGenève, a renowned platform for gemstone enthusiasts and industry players, unveils emerging trends and challenges shaping the current state of the gemstone market.
Spinel’s Rising Stature:
Exhibitors at GemGenève highlight a notable surge in interest in spinel, historically viewed as a more economical alternative to sapphires. This increased attention has paradoxically led to a rise in spinel prices. Supply chain disruptions are surfacing due to heightened costs at the source and growing consumer demand. Predictions point to an ongoing increase in spinel prices as pressure mounts on this finite resource, particularly impacting those at the source.
Green-Toned Stones Take Center Stage:
Beyond spinel, turquoise, aquamarine, and tourmaline are commanding significant attention in the gemstone market. Industry insiders foresee green-toned stones as a major trend for 2023, reflecting heightened consumer interest in these vibrant and unique gem varieties.
Shifting Dynamics in Diamond Demand:
Consumer preferences in diamonds are undergoing a transformation. There is a decline in demand for newly-mined natural diamonds and freshly-created lab-grown diamonds. A noteworthy shift is observed, with consumers expressing interest in ‘old’ diamonds. The trend towards bespoke jewelry and repurposing old stones is gaining momentum. Customers are increasingly seeking antique stones from vintage pieces, considering this practice as a more ‘sustainable’ and ‘ethical’ choice in the long run.
Challenges in Exporting to the UK:
Suppliers unanimously report that exporting loose stones to the UK is currently more challenging than ever. The aftermath of Brexit and the ongoing impacts of the pandemic are acutely felt, contributing to high costs, stringent restrictions, and volatile consumer spending patterns. Importantly, additional import and export costs are disproportionately affecting buyers within the UK, prompting suppliers to adopt strategies to mitigate the impact on profit margins.
In summary, GemGenève provides a snapshot of the evolving dynamics in the gemstone market, emphasizing the increasing significance of spinel, the rise of green-toned stones, changing preferences in diamonds, and the challenges faced in gemstone trade with the UK. As the industry adapts to these shifts, stakeholders are navigating both opportunities and complexities to thrive in this ever-evolving market.
