Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
7 Market Updates from AGTA GemFair
The two-tier gemstone market, trending colors, and best-selling gemstones were all addressed by Richard Drucker of GemWorld International in a recent seminar at AGTA GemFair.
Tucson, Ariz.--As 2016 gets going and the colored gemstone industry takes over Tucson, it’s a good time to examine what trends shaped the gem market last year and what will affect it in the year ahead.
On Thursday morning, Richard Drucker of GemWorld International gave a market update at AGTA GemFair, outlining what he found when he recently surveyed AGTA member gemstone dealers on supply, demand and pricing trends as well as what stones sold best for them in 2015.
Highlights from his seminar are as follows.
1. The two-tier market. Colored gemstones are operating in a two-tiered market right now. The high end is doing well and there is a lot of demand for fine gems. At the same time, demand for rare and beautiful gems peaked in 2015, especially when it comes to the market for non-heated sapphires and rubies, as well as Paraiba tourmaline.
Drucker said in the lower price points, the “bread-and-butter” material are the gems weighing between 1 and 2 carats, but possibly up to 5 carats if price points are met. The middle tier, he said, “is dead.”
2. New buying habits. Consumer purchasing habits are changing, and shoppers today are looking for lab reports for gems more than ever before, he said. Customers also are asking for specific colors instead of specific stones, perhaps substituting popular, more expensive gems with affordable-yet- comparable stones, and are showing more concern about possible treatments.
3. Retailer gem knowledge. According to the survey Drucker did of gem dealers, many expressed concern over retailers not understanding color as well as they should. “There is so much opportunity to educate consumers in colors, but retailers need to be educated first,” he said.
4. Best-sellers. Here is what gem dealers reported as their best-selling stones: sapphire (blue is number one, with the other shades a distant second), rubies, fine emeralds, tanzanite, aquamarine, tourmaline, garnets, spinel and morganite.
5. Trending stones. Lately, there’s been a return to the classics--sapphires, emeralds and rubies--while rare and unusual stones still are selling because of their uniqueness and the design opportunities they provide. Rough crystals and minerals also are on-trend.
Alexandrite at the high end also is doing well, where prices for a 1-carat stone can go as high as $16,000 per carat. “Our caution here is what’s happening with nomenclature,” Drucker said, noting that there has been an increase in the number of stones being marketed as alexandrite
6. Problems with lab reports. While everyone seems to understand and agree upon the value of a lab report, one issue gemstone dealers mentioned in Drucker’s survey is the inconsistency when it comes to the nomenclature used for gem varieties. For example, is Paraiba an origin or a “look?” What color exactly constitutes a padparadscha sapphire?
“There is absolutely no consistency,” Drucker said.
Color nomenclature is another issue that arose with the dealers who were surveyed. Demand for naming colors to describe gemstones started overseas, Drucker said, and is strongest there. The concern expressed by AGTA dealers is that, like nomenclature, labs all have their own standards for what makes a stone “pigeon’s blood” red, for example, or “cornflower blue.” This creates confusion on multiple levels.
“If we’re confused, where does that leave the consumer?” Drucker asked.
7. Future predictions. Drucker said there’s a lot of uncertainty ahead, especially as global markets remain in flux and as the United States faces an election year, raising the question, will consumers shy away from gems or will they move toward tangible assets?
The Latest
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.