The global market for luxury fine jewellery has been vastly growing, with year-end 2021 U.S. jewellery retail sales up 51% at $95.2 billion.* While diamonds have dominated this market for years, we are now seeing that other untreated coloured gemstones such as emeralds, rubies and sapphires, as well as pearls growing in demand.
Did you know?
Here’s what we have found to cause this shift in demand:
New sourcing opportunities
Historically, gemstone mining was limited to only a few different countries, with Sri Lanka being the largest source for many precious stones. However, with new mines developed in other locations like Zambia and Ethiopia, coloured precious gemstones have become a more affordable option for sellers to build their collections.
Not surprisingly, millennials are looking outside the box and willing to experiment with new trends in the gemstone industry. They are seeking more unique pieces to build their jewellery collections, and are turning to gemstones for bridal jewellery. Rich jewel tones have been making a greater appearance in colour palettes for wedding parties and venues, with precious jeweled accessories to coordinate.
Gemstones like sapphires, rubies, and emeralds have long been chosen by celebrities and royalty for engagement rings instead of diamonds. One of the most famous engagement rings of all time is a beautiful sapphire ring that has been worn by both Princess Diana and her daughter-in-law Kate Middleton. Pearls have also been more prominent in the fashion industry with designers such as Dolce and Gabbana, Prada, Givenchy, Dior, Versace, Miu Miu and Chanel showing pearls on the catwalk.†
This content is brought to you by Chubb Insurance Australia Limited (“Chubb”) as a convenience to readers and is not intended to constitute advice (professional or otherwise) or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/au, through your broker or by contacting any of the Chubb offices. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content. Readers relying on any content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of the content. Reference in this content (if any) to any specific commercial product, process, or service, and links from this content to other third party websites, do not constitute or imply an endorsement or recommendation by Chubb and shall not be used for advertising or service/product endorsement purposes. ©2021 Chubb Insurance Australia Limited ABN: 23 001 642 020 AFSL: 239687. Chubb®, its logos, and Chubb.Insured.SM are protected trademarks of Chubb. Published 10/2021.