Gem Academy

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Paraíba Tourmaline: A Jewel of Electric Blue and Fierce Rarity

December 2025

Among the world’s most coveted gemstones, few capture the imagination—or the heart—quite like the Paraíba tourmaline. Revered for its electric blue and neon green hues, this rare variety of tourmaline has rocketed from relative obscurity to international fame in just a few decades, becoming a symbol of exclusivity, natural wonder, and jaw-dropping beauty in the high-end gemstone market.

A Stunning Discovery in Brazil

Paraíba tourmaline was first discovered in the late 1980s in the Brazilian state of Paraíba, a region previously unknown for gem quality tourmalines. Miners working the alluvial gravels around the town of São José da Batalha stumbled upon gemstones unlike anything ever seen. Their vivid, almost fluorescent coloration—ranging from bright teal to deep indigo and electric blue—was unlike the more muted greens and pinks of other tourmalines. What made these stones so extraordinary was the presence of copper within the crystal structure, a rare occurrence that gave them their signature glow.

Before this discovery, tourmaline was appreciated but generally regarded as a semi-precious gemstone with modest market demand. The introduction of Paraíba tourmaline shifted that perception dramatically. The gemstone world was enthralled by its brilliance and unprecedented color intensity.

Geological Rarity and the Science Behind the Glow

The electrifying colors of Paraíba tourmalines are due to trace amounts of copper and sometimes manganese within a type of tourmaline known as elbaite. While copper occurs in other minerals, it is exceedingly rare in tourmaline. This unique chemistry not only produces the vivid blue and green shades but also imparts a luminosity that seems to glow from within—earning Paraíba tourmaline descriptors like “neon” or “electric.”

The geological conditions that allowed copper-bearing tourmaline to form were unusually specific and limited in scale. As a result, the known Brazilian deposits were small and quickly diminished. At first, supply struggled to keep pace with the burgeoning demand, creating a gemstone that was as rare as it was beautiful.

Global Fame and Expanding Sources

In the decades following the initial discovery, similar copper-rich tourmalines have been found in other parts of the world, notably in Mozambique and Nigeria. These new sources helped broaden the market, but the original Brazilian Paraíba material remains the most prized.

Gemologists and collectors often distinguish stones by origin: Brazilian Paraíba tourmalines are typically considered the benchmark due to their classic color saturation and historical significance. Nigerian and Mozambican stones can be stunning in their own right, but slight variations in hue and intensity mean that provenance plays a major role in value.

Rarity, Collectability, and Market Demand

Today, Paraíba tourmaline stands among the pantheon of elite gemstones. Its rarity, striking color, and relative scarcity in larger sizes make it highly desirable among collectors and high-end jewelry designers alike. Fine examples command prices that rival—and can exceed—those of classic gemstones like ruby or emerald.

Collectors prize these stones not just for their aesthetic appeal but for their investment potential. As original Brazilian material becomes increasingly scarce, top-quality stones from early finds are viewed as especially valuable. Auctions of exceptional Paraíba tourmalines often draw intense bidding, with prices reflecting both rarity and the gemstone’s enduring appeal.

In fact, a recent 13.54 carat magnificent specimen sold at Sotheby’s auction for US$4.2 million, breaking a record for Paraiba per carat, worldwide. 

The Allure of the Electric Gem

Paraíba tourmaline exemplifies how natural beauty, geological uniqueness, and a touch of discovery can elevate a gemstone to legendary status. Its vivid colors and rarity have not just captivated gem lovers but also reshaped perceptions about tourmaline as a gemstone category. Whether set in a bespoke high-jewelry piece or held in a collector’s vault, Paraíba tourmaline continues to shine with an unmistakable electric allure—an enduring testament to the marvels nature can produce.

Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics, and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]

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Lab Made Diamonds

April 2024

Ten Questions You’ve Always Had About Lab Made Diamonds, But Never Had The Person to Ask

By: Rodney Rahmani

What are lab made diamonds and why all the buzz?

As the name suggests, lab made diamonds are created in laboratories and factories as opposed to being naturally mined. They are made from carbon, just like mined diamonds, and so they look just like their naturally mined counterparts. A lot of the buzz is because lab made diamonds very closely resemble natural ones. They are much less expensive, and consumers are told that they are better for the environment.

2. Are lab made diamonds really better for the environment?

Not at all. Unfortunately, we are led to believe that mines are terrible for the environment. Diamond mines are governed by some of the strictest environmental standards possible. Additionally, companies and governments involved in mining must always re-fill mines once they are exhausted and the landscape is brought back to its original condition once mining is finished. Even though it may be less apparent, and in our faces, labs or factories that create such diamonds consume huge amounts of energy and are located in countries with minimal pollution standards. On a side note, natural mines financially support vast amounts of people, often in underdeveloped countries.

3. How do prices for lab made diamonds compare to naturally mines diamonds?

Historically, it cost more to produce lab diamonds than their natural counterparts. However, advances in technology have overtime, brought down production costs to a fraction of the costs for naturally mined diamonds. As expected with any other high-tech production, costs to produce lab made diamonds are coming down continuously.

4. How have natural diamond prices been affected by lab made diamonds?

At its peak in the last few years, some 80% of young, engagement ring consumers chose lab made diamonds instead of mined diamonds. Buyers could get larger lab made diamonds for their budgets. Also, lab mades have been heavily promoted, since retailers are able to have much larger markups on them. Basically, the engagement ring purchase, which is the foundation of the diamond industry, caused the rug to be pulled from below and diamond prices fell by some 25-30%.

5. Are lab made diamonds graded just like natural ones and do they come in fancy colors?

Absolutely. Lab made diamonds could and should also go through GIA and receive full color/ clarity gradings. GIA will easily detect the seed within the diamond and determine that it’s lab made. The same technology can be used to create lab made color diamonds. However, the color diamond market is much smaller, and it is more difficult to create in a lab. Therefore, companies haven’t prioritized lab-made color diamonds, and that segment is lagging.

6. How are lab made diamonds actually made and how long does it take to make?

It’s a hi-tech process. A very thin sheet of carbon is used as a seed. Vacuum encased machines are able to send carbon containing gas around the seed, under high pressure and high temperature, which causes a snowball effect. This turns into diamond rough and depending on the desired size, this process could take between a few weeks to a few months.

7. Where are lab made diamonds made and where are they cut?

The vast majority are made in China followed by India. However, small amounts are made in many diamond trading countries all over the world. Cutting and polishing is a separate, distinct step. India now controls the vast majority of cutting both for lab made and naturally mined diamonds.

8. Should I buy a lab made diamond instead of a natural one?

Well, no one should tell you what to do with your own money. However, you should be a well-informed consumer, no matter what the purchase. You should be aware that lab made diamonds are not necessarily better for the environment. Also, lab made diamonds are a technology-based product. As with any other form of technology-based product, their prices go down at a very rapid pace. (Think mobile phones, computers, electric cars etc.) In other words, you should expect your lab made diamond purchase to be worth much, much less, and very rapidly. So, it’s definitely not an investment.

9. How long have lab made diamonds been around?

They have actually been around since the 1950’s. General Electric is the largest buyer and user of commercial, industrial diamonds. They started a program to make such diamonds in a laboratory more than 70 years ago. However, it’s only within the last 10-15 years that lab made diamonds have become commercially viable and made in high, jewelry quality.

10. What is the future of the lab made diamond industry?

Technology will allow lab made diamonds to be made ever more quickly. Therefore, there is no question that lab made diamond prices will continuously fall and rapidly so. Unfortunately, this will create a lot of buyer’s remorse for consumers who previously made large purchases. Consumers will also become better informed about this product. They will understand that lab mades are not an investment and not necessarily better for the environment. There will always be a group of consumers who will be tempted by the low pricing, but this group should soon become a small minority of diamond buyers. This effect will further pressure price drops.

Once the dust settles on the incredible journey of lab made diamonds, this technology will be mainly used for industrial diamonds, and naturally mined diamond prices should steadily increase to their normal levels within the next few years.

Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics, and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]

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When Records Are Broken

Estrela de Fura and the Future of Mozambique Rubies

February 2024

Several years ago, I penned an article entitled “Are Ruby Prices Justified.” The essence of the article explained that fine, gem quality rubies are exceedingly rare and that nothing can change the natural economics involved. Different natural elements must combine to create a gorgeous red hue, and this practically ensures their great rarity. There are only a few locations in the entire world that have been blessed with such minerals.

Followers of my writings- and all sophisticated gem connoisseurs for that matter- appreciate that Myanmar (previously called Burma) is the prime source of such fabled rubies. In fact, the Myanmar origin has developed into a brand name of sorts. Just the mention of a ruby with this origin conjures images of royalty, maharajas, and some of the world’s most famous gemstones. Rubies are exceptionally rare to begin with, but modern science has found the secret sauce that makes the Myanmar variety so mesmerizing. Such rubies exhibit a natural fluorescence which combines with the red color to create a specific color tone often referred to as “pigeon’s blood” within the trade.

However, as this source has been mined for centuries, its yields have become increasingly smaller and lower in quality. The collectors and consumers seeking ultra fine rubies, have been searching for alternative sources and rubies from Mozambique have become increasingly popular and sought after. In fact, a few global jewelry retailers now exclusively offer rubies from Mozambique. Myanmar is simply not presenting the market with enough rubies for these retailers with large volumes of high-end sales. An added challenge is the sporadic political instability in Myanmar. Large volume, global retailers must feed their constant appetite for stones, or consumers will simply dine elsewhere, and so many have now switched their focus to Mozambique.

Some of the Mozambique specimens have underlying secondary colors that detract from their collectability. Brown and other earth tones tend to give rubies a garnet like color- a semiprecious gem that trades at a small fraction of a fine ruby. However, occasionally, the stars are aligned and an absolute one of kind ruby is unearthed in Mozambique.

It has a Portuguese name, Estrela de Fura, or Star of Fura. Fura is the company that unearthed this once in a generation ruby. A massive 101 carat rough was found about a year ago, and the gem world collectively gasped for breath. It’s phenomenally rare to find a rough of this size, but in this case, all experts agreed that the quality of this ruby is ultra fine. After much debate and analysis, the ruby lost almost 50% of its original weight and yielded a 55 carat, one of a kind, ultra fine specimen.

Brilliant Stars routinely cuts color gemstone rough to lose even 75% of its original weight. The goal is to achieve the most perfect gemstone possible while keeping your investment and rough purchase price profitable. However, with such important gems, every single carat you lose in cutting could be US $1Mil+ in losses. Imagine the pressure on the artisan cutter who is tasked with such decisions!

In the case of Estrella de Fura, the magic weight was 55.22 carats. Having seen the gem in person, I couldn’t believe my eyes. With colors that are luscious red with slight purple/ pink undertones, this African ruby looks very much like its Asian counterpart. But what makes this gem legendary is the natural fluorescence that it exhibits. Gems from Mozambique rarely have this added color effect- Truly a once in a generation find. The final bid at auction sold this legendary ruby or US $34.8mil, or US $630,288 per carat. A remarkable albeit justified record for any color gemstone at auction.

It is futile to fight the laws of nature and it is obvious that an ever-increasing majority of high-end ruby sales will be of Mozambique origin. Estrela de Fura’s sale, and at a record price for that matter, greatly solidifies this fact. Mozambique rubies have now been officially crowned and have arrived. Collectors and consumers now have the greatest affirmation possible that Mozambique rubies are the future and must be respected like their Myanmar counterparts.

Behold Estrela de Fura in all its glory!

Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics, and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]

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Handmade Gold & Diamond Statuette by Brilliant Stars Jewelry for Pebble Beach Concours d'Elegance

News Release

_____________________________________________________________________________

For Immediate Release

Brilliant Stars

August 1, 2023, New York

Brilliant Stars jewelry announces inaugural sponsorship of the 2023 Pebble Beach Concours d’Elegance.

Brilliant Stars jewelry announces new, multi-faceted sponsorship of the Pebble Beach Concours d’Elegance culminating with hand-made bejeweled Best of Show statuette.

Brilliant Stars, a 3rd generation designer and manufacturer of hand-made jewelry, has today announced its new sponsorship of the renowned Pebble Beach Concours d’Eleganceâ car show. This sponsorship will include jewels to be auctioned for various charities and a custom hand-made, bejeweled statuette to be presented to the owner of the car named Best of Show. For the first time ever, that owner will be presented with a solid 18k gold and diamond miniature statuette of their winning car.

“We are humbled and honored to be associated with the pre-eminent collector car show in the world, and especially with the incredible charitable efforts of Pebble Beach Concours d’Elegance,” said Rodney Rahmani, President of Brilliant Stars. “At the pinnacle of the antique car world is the Best of Show winning car and for Brilliant Stars to be among the trophy presenters is a momentous occasion. In a first ever, our talented team has designed a hand-made, exotic wood and solid gold base which will showcase a miniature gold and diamond statuette of the winning car, to be completed a few months after the event. It will be a one-of-a-kind trophy, worthy of the occasion.”

“Brilliant Stars is pairing with us in a very creative way, and we are excited to see the Best of Show statuette that their team is creating,” said Concours Chairman Sandra Button. “Sponsors like Brilliant Stars play an important role in making the Pebble Beach Concours a success, heightening the experience for all by bringing cars or people or unique offerings and experiences, while helping to defray costs and allowing more funds to go to our charities.”

About Brilliant Stars

Brilliant Stars is a New York based, 3rd generation designer and manufacturer of handmade jewels and remains one of the most direct sources of rare gemstones and diamonds. Each gemstone used is procured at respective mining sites and Brilliant Stars is involved with every step in the jewelry process from gemstone cutting to the final polish of the finished jewel. Their expansive New York workshop facilities supply some of the finest jewelry retailers in over 20 different countries.

About Pebble Beach Concours d’Elegance

First conducted in 1950, Pebble Beach Concours d'Elegance® (www.pebblebeachconcours.net) has grown to be the world's premier celebration of the automobile. Only the most beautiful and historic cars are invited to appear on the famed 18th fairway of Pebble Beach Golf Links®, and connoisseurs of art and style gather to admire these masterpieces. Charitable donations raised by Pebble Beach Concours d'Elegance® now total over $35 million. Related events include Pebble Beach Tour d'Elegance® presented by Rolex, Pebble Beach RetroAuto™, Pebble Beach Classic Car Forum™ presented by Alliant Private Client, and Pebble Beach® Auctions presented by Gooding & Company. Pebble Beach®, Pebble Beach Golf Links®, Pebble Beach Concours d'Elegance®, Pebble Beach Tour d'Elegance®, Pebble Beach RetroAuto™, Pebble Beach Classic Car Forum™, and Pebble Beach® Automotive Week are trademarks, service marks and trade dress of Pebble Beach Company. All rights reserved. For more information, please call 831-622-1700 or visit pebblebeachconcours.net.

 Media contact:

Brilliant Stars

Nicole Levy

Director of Sales and Special Events

[email protected]

[phone]

www.BrilliantStars.com

 Media contact:

Pebble Beach Concours d’Elegance

Kandace Hawkinson

Content Strategy & Communications

[email protected]

[phone]

www.pebblebeachconcours.net

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The Hunt For Tanzanites

May 2023

It may sound obvious but if you don’t enjoy endless travel, there are better occupations to choose than to be an international gemstone merchant. You see, more than 80 years ago, my family resolved to only work with gemstones that were procured directly from its respective mining sites. Additionally, our gemstones must be purchased from other families that we know and trust. What was a very noble declaration by my grandfather- to create direct tracing to a particular family at a particular mine for each gemstone- has been very lucrative for the airlines. I fly, on average, 150,000 miles each year.  

It's one thing to fly New York to Istanbul airport, for 10 hours and have a Turkish coffee and baklava (a favorite pastime of mine). It’s a whole other endeavor to continue on to Dar Es Salaam, Tanzania on an 8-hour flight just to sit around for a few hours until you find a replacement seat for your cancelled, short 1.5 hour flight to Arusha. That’s where I find myself drinking coffee today. Yes, it’s the hunt for tanzanites.

In the gemological world, it’s a very new gemstone. It was discovered in the 1960’s by Maasai shepherds, not far from where I am sipping my coffee. Its beauty is undeniable, as even the most jaded gemstone enthusiasts find the gemstone mesmerizing. At its finest quality and unlike any other gemstone before it, tanzanites possess a deep, alluring violet-blue color. Even though relatively soft, the natural topography of the region allows these gorgeous specimens of nature to grow without many internal flaws. But even the greatest works of art need a proper gallery and marketing to achieve commercial success. In steps the retailer of the little blue box, Tiffany.

Tiffany was shown this gemstone in 1968 and fell in love with it. Always keen to introduce new gems to the world, this powerful retail entity decided to put its money and its marketing might behind this exciting, new discovery. They named it Tanzanite as an ode to its source country.

The gem world normally calls gems that are more abundantly found semi-precious. Tanzanites were initially abundantly found but several factors immediately clouded the fine line between semi-precious and precious for this incredible gem. To begin with, Tanzanites were an instant hit. As consumers learned about this magical gem, Tanzanites started to fill a void with a unique color and relatively approachable price point. They were a big hit instantly, and demand far exceeded supply. Additionally, the discovery of a new gem is usually followed by further discoveries in other source countries. To date, the world hasn’t seen a source for tanzanites outside of a small area in northern Tanzania. What was expected to be just another semi-precious gemstone soon became the darling of modern gem enthusiasts and commanded much higher prices.

Fast forward to 2023 and the tanzanite mines are being depleted and rumors are swirling about the end of time- At least for tanzanite supplies. Collectors and enthusiasts alike are in search of larger tanzanites (at least 5 carats+ but preferably 10 carats+) in top, saturated colors. Obviously, such specimens are becoming ever harder to find, and most industry experts are predicting a 50% rise in prices in the near future. The proof- for the first time in tanzanite history, gems are selling at much higher prices within Tanzania as compared to older inventory around the world. In this case, it doesn’t take an economics degree to realize the sudden increase in prices and the window closing on what the tanzanite world considered the norm.

Happy hunting! My plane is about to leave!

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Men’s Jewelry and the State of the Jewelry Economy

December 2021

We have seen an incredible rise in high-end jewelry sales in 2021. Many mature retailers that have been in business for decades are seeing 25% to even 50% increase in sales. There are several factors contributing to these staggering numbers:

 - Most luxury consumers have a substantial US stock market portfolio. Segments of the stock market have done very well. 

- Almost all luxury consumers are also luxury travelers. As the pandemic has hampered travel, even more money has shifted to luxury purchases. 

- Luxury consumers are well informed and educated. With very strong inflationary pressures in the general economy, such consumers recognize that postponing such purchases would mean paying more for the same jewel later.

 - Governments have flooded the economy with enormous amounts of financial stimulus. Much of this “gift” money makes its way into the luxury sector.

 What is even more amazing is the increase in men’s jewelry sales. Brilliant Stars has seen increases of over 50% in this segment alone. Others are reporting similar trends but the reason for the jaw dropping increase in sales in this segment is much more nuanced.

 Brilliant Stars has been making jewelry for men since it’s inception in 1935. Distinguished men would approach us for ultra-high-end custom pieces. But it wasn’t until the year 2000 that Brilliant Stars started to design comprehensive collections for men. In general, this segment is still in its infancy and has a lot of growth potential- Most male luxury consumers don’t have a vast collection of jewels. Huge potential for sale and growth.

 For the keen observer, the secret hero for the men’s jewelry market has been the watch industry. The watch industry, with all it’s marketing might, has been able to make men comfortable with high-end, oversized, rare and collectible watches. Once a man appreciates such watches, it’s exclusivity and the attention it may get from admirers, then to wear a stunning ring is a small further step to take. This step is even easier when the ring contains an exotic, rare, masculine precious color gemstone. While a sparkling white diamond may be perceived as more feminine or at the very least more inline with someone getting married, exotic, darker, unusual gemstones have a particular attraction for the male consumer. Think cat’s eye chrysoberyl, star sapphires, gorgeous cabochons that are more subdued, deep green/ teal sapphires from rare African mines.

 No one knows if work from home or the extra time men might be on the internet during the pandemic may have sped up the process, but we have reached a point of critical mass for the male consumer. A man may take great pride in owning an exclusive watch. A watch that is one of a 1000 made. Perhaps even more exclusive and one of only 100 made. In contrast, many rare gems are, by definition, one of a kind and no two are truly alike. This rarity and exclusivity are exactly what the male, high end consumer has learned to appreciate and chase. There’s an innate collector’s instinct that many men possess. Even if this instinct is seasoned with a small dose of vanity in wanting to show off “to the boys,” the men’s high end jewelry market has experienced a seismic shift- And it’s here to stay! 

Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics, and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]

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The Magic of Sapphires That Actually Change Color

October 2021

Nature, by definition, is awe inspiring in beauty and color. No matter how advanced we get as a society, no matter how much technology evolves, we are often struck by the sheer beauty that nature offers. Most would agree that nothing compares with the splendor of the environment around us. If you are fortunate enough to be immersed in the world of precious gemstones your entire life, the beauty nature can offer is even more apparent to you.

Personally, I can spend hours admiring these gifts that mother earth has put forth. Especially with precious color gemstones as no two are completely alike. There are endless color nuances and variations, and this is exactly why such stones have been admired, collected and enjoyed since time immemorial. When I was a teen, my grandfather would often explain that precious gems come in so many colors and with so many hues within each color, such that words alone can’t describe most gems- You must see a gem to truly appreciate its color.  

Now imagine if such a rare gemstone has the natural power to change colors. Imagine how much more intriguing a gemstone is when it has the natural ability to show up in different nuances and colors- To show different personalities if we can call it that. Color change sapphires are one of the best examples of this phenomenon.

As discussed in previous writings, the mineral composition of sapphires (and rubies for that matter) is corundum. Natural corundum is clear and colorless. Colorless corundum is not particularly rare, and the trade will often call such specimens “white” sapphire. However, in rare cases, secondary trace elements have seeped into the corundum and cause color to occur. As an example, when iron and titanium combine within corundum, a breathtaking blue color appears, and we call such a gemstone sapphire. Gem enthusiasts are also aware that different trace elements can create sapphires of every imaginable color, at which point such sapphires are collectively called fancy color.

Color change sapphires are an even more rare natural occurrence. They contain groups of competing trace elements, each exhibiting a different color tone. When the competing trace elements are equally prominent, there isn’t a set, stable color. In fact, depending on the type of lighting used (Incandescent yellowish vs. fluorescent pure white), such a specimen can change its color. Depending on the type of lighting, a different trace element will become more prominent, and the gem will exhibit itself differently.

Historically, color change sapphires have been prevalent in Sri Lanka. As such, they would shift colors between the classic Sri Lankan sapphire colors- soft blues to beautiful violets. This would be the classic color change sapphire of the previous generations. Now, with the discovery of numerous other, rich sapphire deposits (i.e., Madagascar, Tanzania, Ethiopia to name a few) nature has presented us with sapphires that can shift colors within richer maroon, khaki, brown, grey and green colorways. Generally, the more dramatic and starker the shift in color, the more collectable and rarer the sapphire would be.

Color change sapphires are an exciting sub-category of gems that are as mysterious as they are alluring. They are many times more rare than classic, single-color sapphires and that adds to their exclusivity. A recent color change sapphire client said it best. She explained that even her closest friends, who see her often, thought she may have changed the gemstone in her ring and couldn’t believe the same sapphire looked so different under different circumstances. Therefore, in my opinion, color change sapphires are among nature’s most breathtaking gifts!

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Pandemic, Inflation, and the Future of Precious Color Gemstones

June 2021

There is a well-known story of an audacious student who confronted the two biblical scholars of his time and challenged them to summarize the entire Old Testament while he stood one foot. The first, named Shammai, was insulted and sent the student away. However, the second scholar named Hillel went on to coin the now famous phrase “love thy neighbor….”. For those who have spent countless hours learning in a fine business university- If they were asked to summarize their entire education in a brief moment, they too would be insulted. Personally, I subscribe to the Hillel style and would summarize my entire business education with the words “supply and demand.” These two forces cut to the heart of the matter and can explain any economic phenomenon. Currently, in the gemstone world the pandemic has taken these two economic foundations and shaken them to their cores.

 High Demand

Record breaking amounts of stimulative funds are being distributed by the United States government and by other governments in the world’s developed economies. While this certainly helps the ones financially struggling, most of these funds are spent and trickle UP and into strong businesses that have been able to prosper during the pandemic- Some by luck, some by talent. This success and prosperity creates extra demand for luxuries such as jewelry and gemstones. It’s a dramatic, sudden demand.

During the pandemic, the US stock market (or shares market as some readers here would call it) has also been a great source of wealth for some investors. In fact, the vast majority of high-net-worth individuals, who are high-end jewelry consumers, hold a considerable wealth in stocks. As investment values have increased, many such consumers have increased their luxury spending.

 Limited Supply

Most of the world’s supply of precious color gemstones comes from mines in developing countries. The pandemic’s effect on these countries has been devastating and will sadly continue for years to come. Not only have many mines been closed shut and workers hard to come by, but even simple domestic travel to far off sites for gemstones remains forbidden in many such countries. Much of the world’s supply of precious gems is unearthed at small mines. Lack of adequate maintenance at such mines will inevitably lead erosion, damage, and the mine refilling. This too will set supply back several years.

Let us go further- Even if one can procure rough gems at mining sites, it has been even more challenging to navigate the bottleneck and find gemstone cutters to handle the next steps. The lack of adequate health care and vaccines have been overwhelming for some of the world’s most vulnerable countries.

  And the Inevitable Inflation

Such is the end result. Huge amounts of “free” money being given out. Certain consumer segments are flush with cash from their pandemic success and looking to invest in gemstones. To make matters worse, supply is scarce and a snowball effect is causing markedly higher prices being paid for gemstones at both wholesale and retail levels. In the opinion of this writer, the pressure on prices will remain in place for at least the 3 years to come as mining countries try and play catch up.

 Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]

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Argyle Diamonds

December 2020

Since operations began in the early 1980’s, the famed Argyle mines of Western Australia have conjured up diamond fantasies for consumers, collectors and dealers alike. Excavating tons and tons of rock, traditional diamond mines yield minute amounts of diamonds. Even within this yield, most diamonds are commercial quality used in manufacturing with little to no profit viability. This is where things get interesting- Of the remaining high-quality diamonds, most mines in the world see 85% of their diamonds within the “colorless” or white range and the remaining 15% are natural color diamonds. Mysteriously, the Argyle mine presented itself in the reverse numbers- Approximately 85% of its high-quality diamonds in color and 15% in the “colorless” range. This upside-down equation baffled the industry as it was never seen before.

Natural color appears in diamonds when small impurities and at times, molecular imperfections cause the colorless carbon to exhibit specific colors. But not all colors are precious and desirable. In fact, of the 15% color diamond yield mentioned above (and the approximately 85% in Argyle), the vast majority are usually in the less precious, brown color palette. You do not have to be a mathematical genius to appreciate the rarity of unearthing a diamond, that diamond being high quality and precious, then that same diamond containing native structural imperfections that cause it to exhibit natural color, and finally that diamond’s imperfections flashing back not just any color- but a color that is deemed most rare and desirable. To add to Argyle’s allure, prehistoric occurrences caused a disproportionally large amount of the diamonds to contain the red, pink and purple color palettes which are among the most rarified. This has been the magic of the Argyle mines!

From the onset, the international mining behemoth, Rio Tinto became Argyle’s caretaker. Along with Rio Tinto came the company’s vast financial prowess and some of the best minds in the industry. Taking a cue from De Beers’ epic advertising success in promoting “A Diamond is Forever,” Rio immediately recognized the power of marketing. It did not take long for the name Argyle to become tantamount to a brand name. Not only did the Argyle brand soon represent luscious color diamonds- especially in the pink and red tones- but consumers liked the concept of Australian diamonds. The Australian origin stood out, especially in the 1980’s when issues with a small amount African diamonds and conflict diamonds were first coming to light. For decades, the future looked rosy. In fact, some consumers were willing to pay a premium for the Argyle origin when presented with the exact same quality color diamond found in Africa. This proved especially true of Aussie consumers who found a certain nationalistic charm in Argyle diamonds- At times paying 20-30% premium for Argyle stones over their exact African counterparts.

Unfortunately, the Argyle business model was impossible to maintain. To begin with, the natural topography of Western Australia and its mines made it increasingly expensive to unearth diamonds. Additionally, operating in Australia (An expensive first world country) put extra pressure on profitability. Mix into this equation, the natural decrease in yields as a mine ages and becomes deeper, and it is understandable that by the year 2000, Rio Tinto was struggling to maintain profitability. Unofficial rumors were circulating for years until 2019, when Rio Tinto announced that it would seize operations and physically close the mine by the end of 2020.

What does this mean for the future of color diamonds? Obviously, a significant supply of color diamonds is being shut off. Since any other mining operators will be faced with the same business model and issues, we can fully expect Argyle’s closure to be permanent. There is no question that the decreased supply will cause large increases in color diamond prices- especially in the classic Argyle pink-red-purple color palettes. On the more positive note, yes you will be able to purchase collectible grade color diamonds. High-end consumers are inherently well informed and educated about their purchases. They have now recognized that an equal color diamond, unearthed in democratic countries like Botswana, Namibia and South Africa for example, are equally desirable- Albeit even more rare. But even greater pressure on prices will come from the demand side and this writer sees this as the most significant force at play. High-end Chinese consumers are flush with disposable income and looking at rare, small, portable gemstones as one of their favorite investment purchases. The pressure on prices for high-grade, collectible color diamonds is tremendous and this phenomena will only amplify going forward.

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Golconda Diamonds

September 2020      

      In the high jewelry world, there are very few words that can elicit the excitement, allure, and mystery of Golconda. In fact, this writer has been known to refer to Golconda as one of the holy grails of the jewel world. But even some proficient gemstone enthusiasts will be hard pressed to adequately explain and describe what the fuss is about. How can this simple word, which means flower in the Hindi dialect of India, have the power to make the most jaded hearts race?

      Golconda is the name of a historic fort city, near Hyderabad, India. Important in our sphere of jewelry is the fact that this region was lined with some of the worlds most prolific diamond mines, in the 16th and 17th centuries. Beyond the regions gem fertility, the diamonds unearthed in this area possess a mesmerizing transparency that a layman may describe as brighter than other white diamonds. As India used to be the world’s greatest purveyor of large, fine diamonds, some of the most historically important diamonds are of Golconda origin.

      The 105 carat Koh-I-Noor, the 182 carat Daria-I-Noor, the 140 carat Regent and the 189 carat Orlov are just some of the magnificent yields of this fabled region. However, as if a cruel prank by mother nature, this entire region dried up and diamond yields were completely exhausted in mid to late 17th century. Imagine this- take some of the world’s finest diamonds, give them the unique magic of special transparency but then tell the world that none are left. The perfect recipe for an obsession.

     What gives Golconda diamonds their magic? We know diamonds are made up of simple carbon. Surely carbon is the same no matter where its mined. When two diamonds are both graded as the same color and clarity for example, how can the Golconda have optics that make it look superior?  It took recent, modern science and specialized equipment to study Golconda diamonds on an atomic level. Most think of diamonds as pure carbon, but nothing is pure or perfect in nature. In fact, it has been determined that all diamonds contain trace amounts of nitrogen. This slightly slows down light traveling through it. As gemological luck would have it, the majority of diamonds from Golconda lack this common trait- No nitrogen, better light efficiency. The last thing scientists are is romantic and so they termed such diamonds as “Type 2A.”

      Further study revealed that Type 2A diamonds (My family hates calling them this) can occur within any diamond mining source. However, at a frequency of less than 2%. This discovery renewed the world’s interest in this elusive diamond category. GIA has gone as far as to provide secondary certification for diamonds they categorize as Type 2A. Regarding this, it is important to note the tendency to be super-efficient with light is a completely different concept than the actual color and clarity of the diamond. In other words, you can have two diamonds graded as E color, VS1 clarity but one being Type 2A and the other not.

      This entire topic is esoteric and even most professional jewelers have not dealt in Type 2A diamonds. Purchasing a diamond with such a rare phenomenon not only requires great diamond contacts but also requires a 20-30% price premium. Therefore, most requests for Type 2A are from seasoned diamond collectors looking for 5ct + stones, especially in the D/ Flawless quality. The Golconda effect tends to make a diamond appear as a finer color. As such, a buyer can possess a diamond that is “superior” to what should gemologically be the top color- D. Imagine that.

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Padparadscha Sapphires

August 2020      

       An intriguing gentleman once commented to me that the most beautiful thing in nature is a picturesque sunset. Immediately thoughts and memories came to my mind and all my travels, to almost a hundred different countries in the world, became a movie reel- All the sunsets that I have ever seen in a “best of” compilation: Negril, Rio De Janeiro, Perth, Kauai. The sunsets over the Manhattan skyline are not too shabby either. But after a few moments I turned to the same gentleman and said, “It’s because you have never seen a fine Padparadscha sapphire.” I was on the offence and he was confused.

      Gem enthusiasts understand that sapphires occur in many colors. To be more gemologically detailed, sapphires are corundum-based gems. As corundum is normally colorless, additional trace elements are what give blue sapphires their beautiful color. Different trace elements can transform the same corundum into an array of colors. Each marriage of corundum and trace element is a rare occurrence. Even more rare is when two different trace elements intersect within the same corundum- Rarer than rare.

      The perfect balance of orange and pink, preferably with a salmon sheen, is the color of a padparadscha sapphire. If you have ever had the privilege to see a fine specimen, you may also agree that it is the most beautiful thing in nature. The name padparadscha is Sinhalese- The language of Sri Lanka, where this rare variety of sapphire was originally found, and its name coined. In fact, for centuries, the Ratnapura region of southern Sri Lanka remained its only mining source. But more recent sapphire discoveries in Madagascar have introduced a secondary source.

      The standards for a sapphire to qualify as Padparadscha must always be very strict. Afterall, a great premium is being paid for its rarity. There is no compromise. As such, Padparadscha sapphires must have a blend of orange and pink colors. Further, these two colors must be very close to a 50/50 balance. If one of the colors is very dominant, they should really be called an orange or pink sapphire- beautiful but much less rare. As with many other gem varieties, natural color tone variations can occur depending on a stone’s origin. In this case, the African variety tends to be more saturated in color. This is perfectly fine and in fact may be even more appealing to certain buyers. However, sapphires from Madagascar often have tinges of brown within their color scheme. If we are to follow the strict, correct definition of a padparadscha, then there can be no additional colors within this specific sapphire.

     When dealing with a precious and rare gem, it is not surprising that less scrupulous dealers, retailers and even laboratories will use the term padparadscha loosely and generously. This writer has seen all sorts of fancy colored sapphires being offered for sale as “Padparadscha.” It is therefore crucial that this gemstone variety, not only be purchased from the most reputable sources but for it to also be accompanied by documentation from the most respectable international gemstone laboratories in the world.

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Emeralds

         Part of the beryl family, emeralds can occur in colors that are pastel yellowish green, to very deep greens that have tinges of blue in them. Beryl occurs in nature as a colorless mineral, but it’s when certain secondary trace elements sneak themselves into this beryl that magic happens.

         Emeralds are mined in numerous different countries in different qualities and quantities. In countries such as Brazil, Afghanistan, and most notably Zambia and Colombia. Some of the most fabled and sought-after stones and qualities have occurred over the years in the Colombian region of Muzo and Chivor. Emeralds occurring in Columbia are prized for their medium green tone that may have yellowish tinges to them. Most connoisseurs believe that this is the truest and purest form of emerald color. More recent magnificent finds in the country of Zambia have produced richer colors and darker greens that may have bluish tinges to them. Zambia is now one of the most significant mining regions in the world.

          As emeralds are softer and therefore lower on the Mohs scale at a 7.5-8.0, the consumer has to be a bit more careful with everyday wear. Emeralds naturally have a significant number of channels, tunnels or what are called fissures inside of them. It is normal for even expensive emeralds to have visible flaws. Over the centuries, it has become commonplace treatment to fill some of these fissures by allowing emeralds to soak in simple oils and resins. Depending on the amounts of fissures and therefore the amount of oils that have been soaked up, emeralds can return to their natural dry state within a few years and change their appearance slightly. Most reputable laboratories and especially the Gemological Institute of America, measure and quantify the amount of oil and resin that is within an emerald that has been submitted to them. An emerald can have a certificate, a very fine emerald may have an insignificant denomination of oil from laboratories, where less or inferior emeralds will have moderate or high amounts of oil in them. In extremely rare cases, it is possible for an emerald to have no oil and have a no oil designation by laboratories. It is understandable why emeralds that have insignificant or no oil and have very small amounts of fissures can command extremely high prices. 

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Sapphires

          Most would agree that sapphires are the most popular and best selling precious colored gemstone in the world. Traditionally occurring in the color blue, it’s the color of the ocean, the color of the sky, and jewelry lovers find it easy to wear. The blue color easily compliments other colors, is warm and soothing, and can be unisex. Sapphires are corundum based but this mineral is normally colorless. In very rare circumstances, other trace elements that have naturally mixed with the corundum give precious sapphires their gorgeous color. Traditionally mined in countries such as Sri Lanka, Myanmar and most recently Madagascar, there are also deposits found in Thailand and Australia. Sapphires have even been found in the state of Montana in the United States. However, the vast majority of sapphire deposits in the world yield commercial qualities that are neither desirable nor collectible.

           A beautiful sapphire should never be too dark or too light. It should never have secondary colors that make it appear inky, grey or have the color turn black under low lighting. This is precisely why some of the sapphires from Sri Lanka, Myanmar and Madagascar are highly coveted. Some of the finest specimens are described to have cornflower blue color. It is the amount of trace element within the colorless corundum which determines color saturation in sapphires. Generally, the more trace element present, the richer, deeper and darker the sapphires’ color. At some point, sapphires as with other precious colored gemstones, can become over saturated in color and less desirable.

          Besides the color of a sapphire and obviously its clarity, the origin of such gemstones can have a dramatic effect on its price. The most coveted sapphires come from a region between India and Pakistan called Kashmir. At its best, Kashmir sapphires have a velvety cornflower blue color that is lively, bubbly and unique to the region. Unfortunately, the Kashmir region was not only a low volume producer of sapphires, but it was also thoroughly exhausted of gemstones decades ago. All of this makes Kashmir sapphires even more rare and collectable. Fine quality Kashmir sapphires can command millions of dollars depending on their size and clarity. In contrast, commercial quality sapphires from places like Australia that are inky, dark and grey can sell for hundreds of dollars per carat.

           Since the corundum base of sapphires is colorless, different trace elements can give natural sapphires a rainbow of colors. When trace elements create a corundum that is red, this very rare gemstone is called a ruby. Therefore, a ruby could technically be called a red sapphire-rubies are a sub-set of sapphires. Natural sapphires can occur in stunning yellows, browns, greens and the most coveted of all colors called padparadscha. The term padparadscha is Sinhalese, and in the language of Sri Lanka it means “lotus flower”. This highly prized sapphire variety has a combination of pink and orange hues and a salmon tone which makes it extremely unique. Many refer to it as having a sunset color. Since the term padparadscha was coined and named in Sri Lanka, some gemstone connoisseurs believe that this sapphire variety must have a Sri Lankan origin. However, in modern times, gemologists and gem experts have come together to agree that padparadscha sapphires can occur and originate in other sapphire producing countries.

           Other rare varieties of sapphires include color change and star sapphires. In the case of color change, competing trace elements can cause a natural sapphire to present itself in different colors depending on the light source. It’s somewhat common to have sapphires slightly change from blue to violet blue. However, the more stark and more dramatic the color change- the rarer the gemstone. In the case of star sapphires, the element beryllium has seeped into the sapphire in a specific formation called rutile needles. These needles have a metallic and reflective property. An experienced cutter can find the axis of these needles. Then, when cut into a dome or cabochon shape, six distinct lines reflect back in a phenomenon called asterism.  

           It’s important to note that preceding the popularity of white diamonds, many families of royalty would present blue sapphires as a sign of their love and as an engagement ring. Perhaps the most famous example is Princess Diana’s famous 12 carat Sri Lankan sapphire engagement ring. More recently, with the massive amount of information available to consumers online, younger buyers have rediscovered colored gemstones and we are witnessing a resurgence of sapphire engagement rings.

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Rubies

       Rubies are often called the queen of color gemstones as they are the rarest to find in nature. This fact coupled with red being auspicious in several different cultures makes fine rubies command prices that are considerably higher than other color gemstones and the finest diamonds. Much like sapphires, rubies are made up of the element corundum. As corundum is normally colorless, trace elements that have found their way into the corundum give rubies their stunning red color. Traditionally, the most sought-after rubies and ones of historic significance have all been unearthed in Myanmar (Formerly Burma). Besides being the oldest ruby mines, Burmese rubies exhibit a shade of red that is often termed “pigeons’ blood”. Recent modern science has ascertained that Burmese rubies have a natural fluorescence which can make the red color distinct. Rubies from other origins lack this unique characteristic and as such, commonly exhibit a different tone of red.

        The beautiful country of Mozambique has recently evolved into a prolific supplier of fine rubies. With tremendous pressure on fine ruby prices from Myanmar, the Mozambique variety has hit the world stage like a storm. Mozambique rubies have the tendency to be more saturated in color than their Myanmar counterparts. However, as with many other luxuries, color preference is very personal. Many notable ruby enthusiasts prefer the deeper color tones of Mozambique rubies. Ruby deposits have been found in countries such as Thailand, Vietnam, Sri Lanka and even Greenland. But with some exceptions, rubies from these origins have secondary colors that make the gems a less collectible.

        Since sapphires and rubies are both corundum-based gems, a ruby could technically be described as a red sapphire. Sapphires are found in a multitude of colors, including red, it is important then to note that a true ruby must have red as its primary color. For example, corundum that is pinkish-red or purplish-red is considered a ruby. However, as soon as the primary color of the gem moves away from red (i.e. reddish-purple, reddish- brown etc.) then that gem is considered a fancy color sapphire.

         Like sapphires, rubies can also exhibit the phenomenon of asterism. In rare cases, beryllium in streaks called rutile needles can naturally appear within the ruby. When an artisan can find its axis and skillfully polish the ruby into a dome, cabochon shape, then magic happens- Under direct light source, the ruby reflects a six-legged star.

         Rubies, like all corundum, are routinely heat treated to improve their color intensity. In some cases, the clarity of the rubies can also slightly improve. Such heating can simply be over a fire at a mining site or within a laboratory setting in more developed countries. As this treatment is ancient, permanent, and organic, it is not only very common but also considered fully acceptable in the gemstone world. Natural, unheated rubies are becoming more and more difficult to find. It is not surprising that such gems are commanding prices exponentially higher than their heated equivalents. When high premiums are being paid for unheated rubies, it is crucial to a have a reputable laboratory certify the gem and distinguish it as untreated.