Gemstones are slowly taking over the “Big Four,” diamonds, emeralds, rubies, and sapphires are emerging as the new favorites of collectors.
According to CNN, jeweler Olivia Young, who sold a red spinel ring for £6,000 ($7,700) in 2016, was replaced by the insurance company for £30,000 in 2023 as the demand for the overlooked gemstone has increased in recent years.
The spinel gem emerged as the new favorite of jewelry lovers and collectors due to its elegance, delicacy, and most importantly, affordability.
Spinels are found in Sri Lanka, Myanmar, Vietnam, Afghanistan, Tajikistan, and some African countries and come in a long range of colors, including red, green, purple, pink, vivid blue, and dusky grey.
Red spinels were identified as rubies after they were properly identified in the 18th century. Even a 170-carat Black Prince’s Ruby becomes part of British Crown Jewels.
Jennifer Tonkin, Bonhams co-head of jewelry, said, “Historically, spinels have been regarded as less important and therefore more affordable, but they are becoming increasingly desirable.”
Moreover, Rahul Kadakia, international head of jewelry at Christie's, noted, “The escalating prices of the “big four” gems have compelled buyers to explore unconventional alternatives... They were, after all, one of the favorite gems of Mughal rulers.”
The jewelers believe that "fire engine red” and hot-pink spinels from Burma and purple spinels “should continue to see market appreciation,” as these beautiful rubies could estimatedly sell for up to $25,000 per carat.
