According to experts, spinel gemstones, previously overlooked, are now experiencing a surge in demand and value.
Available in a variety of colors, from vibrant blue, pink, and red to dark gray, green, and purple, these stones are found in Sri Lanka, Myanmar, Vietnam, Afghanistan, Tajikistan, and several African countries.
Connoisseurs in Pursuit
Until accurately identified in the 18th century, red gemstones were commonly referred to as rubies. The stone known as the “Black Prince’s Ruby”, weighing 170 carats, is prominently displayed at the front of the Imperial State Crown, part of the British Crown Jewels, and is actually a spinel.
Ouroboros 18-carat gold ring with an Afghan tourmaline cushion. (Photo: Ouroboros).
In 2016, jeweler Olivia Young from Ouroboros sold a red spinel ring for $7,700. However, in 2023, the company paid $38,400 to reacquire it.
In 2015, Bonhams auction house sold the Hope spinel, weighing 50.13 carats, for a record-breaking $1.22 million—over six times their estimate—capturing public attention.
According to Jennifer Tonkin, co-director of jewelry at Bonhams, historically, spinel was considered less important, which made it more affordable, but it is becoming increasingly popular. She noted that fiery red and hot pink stones from Myanmar, as well as pink varieties from Tajikistan, are the most sought after by enthusiasts.
Rahul Kadakia, head of international jewelry at Christie’s auction house, agrees that pink and purple gemstones will continue to be highly valued in the market. Beautiful specimens are selling for up to $25,000 per carat.
“The rising prices of the ‘Big Four’ gemstones compel buyers to explore unique alternatives,” Kadakia stated, explaining that the appreciation for the rich colors of spinel is not a new phenomenon.
Prices Rise with Demand and Rarity
Jeweler Lily Gabriella in London utilizes spinel stones in numerous hues for her unique designs. She has witnessed a “notable” increase in their prices, reflecting both the aesthetic appeal and rarity of this gemstone. She added that spinels often originate from small-scale mining operations, which are less destructive compared to other stones.
Charles Abouchar, director of the gemstone supplier Abouchar SA, a dealer based in Geneva (Switzerland), stated that growing demand for colored gemstones is leading to a shortage of quality specimens and driving prices higher.
According to Abouchar, as rubies, sapphires, and emeralds become exceedingly expensive and scarce, people are beginning to purchase other gemstones that were previously more affordable, significantly increasing their prices. The demand for spinel and Paraiba tourmaline has steadily risen over the past decade.
First discovered in the 1980s in a now-depleted mine in Paraiba (Brazil), the once-rare tourmaline is particularly valued for its turquoise color due to traces of copper. Experts acknowledge that for every 10,000 diamonds, only one Paraiba tourmaline is mined.
While similar colors can be found in Madagascar, the rarity of the Brazilian mined stone has driven prices up. At Bonhams, Tonkin noted that top-quality Paraiba tourmaline reached $75,000 per carat in 2022, compared to $4,800 per carat in 2009.
Roberto Boghossian, managing partner of the Boghossian jewelry brand, added that the price of Paraiba tourmaline has doubled in the past 3 to 5 years, which he attributes to “its rarity, beauty, and enduring appeal.” He believes that the neon glow of this stone serves as an alternative to more traditional gemstones.
Moti Ferder, founder of Lugano Diamonds, began handling Paraiba tourmaline over 20 years ago. He states there is an undeniable allure to this stone, as it is extremely rare and utterly captivating.
He predicts that the value of this stone will continue to rise as demand increases and supply diminishes, making it one of the most coveted and appreciated gemstones in the market.
Jewelry set featuring Paraiba stones and diamonds by Boghossian, showcasing Paraiba and striking yellow diamonds.
“Refined and Radiant” Beauty
Olivia Young is acquiring as many tourmaline stones from Afghanistan as possible, as newer mines here produce stunning gemstones with green hues in one direction and grass-green at a 90-degree angle. She describes them as the “most refined and radiant gemstones I have ever seen.”
Similarly, gemologist and founder Lucy Crowther of Minka Jewels in the UK considers blue tourmaline a choice for connoisseurs. She discovered them in India 15 years ago. She explains, “these clean, incredibly vibrant gemstones truly stirred something within me.”
Now, she sources top-quality samples for unique and colorful engagement rings. “As lab-grown diamonds become increasingly popular, colored stones are a great choice for those looking to stand out and be natural yet unique,” Crowther remarked.
