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FIGURE 1: The old and new price per carat for aquamarine.


FIGURE 2: The old and new price per carat for tanzanite.
  The comeback of the large gemstone

By Menahem Sevdermish, FGA D.Litt.
August 13, 2012


Everybody knows that really large gems are difficult to move. Who wants a 50-ct. tanzanite and where will it be set? Anything above 10 or 20 cts. has limited market opportunities.

The supposedly limited size of the market also dictates the prices. A fine quality aquamarine of 10 cts. is far more expensive per carat than a 50-ct. gem of the same color and quality. It was a maxim that we took that for granted. In fact there is so little activity in these sizes that any changes in the market may go unnoticed, and they almost did.

So how did I become aware that something very odd is taking place? I know several dealers of fine large gems. They always complain that they sell the most sought-after sizes of 3 to 10 cts. and are left with many of the large gems above 10 cts. But a good customer and friend came to visit several weeks ago and said he was looking for a large tanzanite of 30 to 50 cts. I said that it would not be a problem, as I knew just how easily I could get my hands on one.

I started calling dealers, only to find that there was practically nothing available on the market. And those that were available were priced higher per carat than a 10-ct. stone.

The surprising situation led me to task the Gemewizard® team to check the numbers with our automatic pricing data analysis reports and with Gemewizard®'s consultants around the world.

We looked carefully at the recorded transactions and found that these were few and far between. But when we contacted our consultants, practically all said that recently there has been quite a change in the pricing of large gems and demand was higher than ever.

We looked at other distinguished price lists operating in the market today and found that this phenomenon was either ignored or not identified in any of them. All continued to report, for example, that the price per carat for a 5 to 10-ct. finest quality aquamarine was far higher, and sometimes twice as much as, the same gem of the same quality of 30 cts. That was true until recently but certainly not today.

As seen in Figure 1, a several months ago, a top color aquamarine of 7 cts. may have sold for $700 per carat while 30 cts. of the same color would sell for $400-500 per carat. Today, the larger finest quality gems may even exceed the $700 per carat mark. Such also is the case with tanzanite (see Figure 2), rhodolite garnet and green beryl.

The change seems to be emanating not from the traditional western markets. There gems are selling steadily, with tried and trusted sensibilities. But, say our consultants, there are new faces in the large gems market, and they are not from the traditional centers. There is great deal of new wealth in the developing economies, with much of it in the hands of savvy and young entrepreneurs, who have done well and want to own large and expensive gems that match their bank accounts.

For an increasing numbers of newly affluent consumers in Asia and Eastern Europe, their first large gem is a symbol of their new status. Many of my friends say that are receiving requests along the lines of "send me anything nice you have over 20 cts."

Just how long will this trend continue is anybody's guess. When I posed the question to Moshe Namdar, my dear friend and a connoisseur of large gems, he lifted his eyes and said: "But Menahem, as you know, there are lots and lots of Chinese!"

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