Will sanctions and inflation weigh on the gemstone market?
Elke Berr on sanctions against Russian diamonds, how much supply is really affected, and why traceability depends on reliable suppliers.
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Exceptional raw material
The oldest store of value and the most compact form of wealth, precious stones are a natural way to preserve and pass on a heritage.
Two different markets
The precious stone market is divided into two distinct sectors, which follow very different rules.
White diamonds
An inventoried, classified and largely controlled market.
- Standard grading by the 4Cs
- Published price lists, above all the Rapaport list
- Supply in the hands of a few producers
Coloured precious stones
A market driven by supply and demand, where you need a professional at your side.
- No single grading standard
- Origin and treatment weigh heavily on value
- Limited supply of fine stones; the finest are extremely rare
“The only way you can determine if something is good or exceptional is by mentally comparing it with many other top-quality stones you've seen. A laboratory certificate is not going to do that.”
What the numbers say
Our own analysis of thousands of public auction results since 2010 shows that, on average and all else being equal:
≈ ×10
Origin comes first
A Kashmir sapphire sells for approximately ten times a comparable stone from Sri Lanka.
≈ ×2
Unheated is worth double
An unheated sapphire sells for approximately twice the price of the same stone when it has been heated.
≈ +50%
A recognised laboratory
A certificate from a leading laboratory adds approximately half to the price of a comparable stone.
A Kashmir sapphire of 10.16 carats
Untreated, with certificates from SSEF and Gübelin. It combines the three factors that weigh most in our analysis: a celebrated origin, no heating, and certificates from leading laboratories.
The price of fine sapphires
Our index compares like with like each year: same size, colour, origin, treatment and quality.
Prices peaked in 2013–2014, eased to a low point around 2020, and have recovered steadily since, reaching new highs in 2025. For fine, documented stones, the long-term trend remains positive.
Fine sapphire price index
2010–2012 = 100; 2025: 144Quality-adjusted index, sapphires sold at public auctionTrend indicative: each year carries a margin of error
How we calculate: statistical analysis of public auction results for single sapphires since 2010, taking into account weight, colour, clarity, origin, treatment, laboratory and setting. Figures are rounded averages and describe the market for fine stones. They are indicative and do not replace the appraisal of a specific stone.
Why precious stones
Since time immemorial, precious stones have been objects of passion and power, measures of wealth and tokens of love, and a store of value that can be carried anywhere.
They hold great value in a very small object that is easy to keep and to pass on. Tangible and durable, they are a long-term store of value, whose price follows its own logic, independent of the stock market.