Gemfields releases research into global emerald and ruby supply and invites collaboration for further 2022 study

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Gemfields releases research into global emerald and ruby supply and invites collaboration for further 2022 study

3:01 CAT | 30 Mar 2022

Image: Twitter / @GemfieldsLt

On March 10, Gemfields launched a report entitled Global Emerald & Ruby Supply: Analysing Market Data, with the aim of furthering the understanding of the industry through more transparent and available data relating to international coloured gemstone supply.

Our research prompted the following key observations:

Data relating to coloured gemstone supply, demand and movement is both hard to come by and unreliable. Further data must be made available to improve this.

Available data is skewed, as gemstone values are easily underdeclared at export – with rough gems often sold for prices well below market value. Setting the value of rough gemstones at the time of foreign sale, rather than at the point of export, would remedy this.

Analysis of the existing data highlights the alarming extent to which host nations are being robbed of the true value of their coloured gemstone resources: therefore, greater efforts to combat the illicit trade are imperative.

While recognising the challenges to data reliability, Kagem is believed to be the world’s single largest producing emerald mine.

Similarly, Mozambique provides around 40% of the world’s production of rubies (in all qualities) and has supplied between 50% and 70% of the yearly stock of faceted quality rubies. There is little data available other than that provided by MRM, and hence there is no certainty of the size of the illicit trade.

Gemfields invites other industry players and sources to collaborate, to help improve the strength of this data and work together to compile a subsequent research report in late 2022.

We see this paper as a first step and a driver to undertake further research in order to build a better picture of global emerald and ruby supply and Gemfields encourages all coloured gemstone producers to publish their ‘G-Factor for Natural Resources’ annually.

“What our initial research highlights is how far the coloured gemstone industry still has to go in reaching the level of transparency that end consumers deserve. Without knowing the journey each gemstone has taken, jewellery customers’ concerns regarding slavery, smuggling, child labour, tax avoidance and fair pricing at export cannot be allayed. We must seek a means of providing greater transparency. Gemfields has pioneered a more transparent approach and is calling upon others within the sector to help drive this forward.” Sean Gilbertson, CEO of Gemfields.

Gemfields wishes to co-author, together with other interested parties, a further research paper by the end of 2022 in order to better understand global emerald, ruby and sapphire supply, and we invite those wishing to join the initiative to contact [email protected].

To read the report Global Emerald & Ruby Supply: Analysing Market Data, please click HERE.

Our latest research paper, released today – Global Emerald & Ruby Supply: Analysing Market Data – is a first step in understanding the market when it comes to emerald and ruby supply.

Read the report here: https://t.co/RMGQ3YrlhF pic.twitter.com/RQL63dSfOf

— Gemfields (@GemfieldsLtd) March 10, 2022