Home - Home GIA Teams Up with Harvard Business School for Global Leadership Program GIA, in conjunction with the Harvard Business School (HBS), hosted a four-day global leadership program for 44 senior executives representing gem and jewelry firms from 15 countries at the Harvard campus in Cambridge, Mass from April 28- May 1. The custom curriculum was based on the renowned HBS case study method and examined topics ranging from strategy to customer centricity, challenges facing the industry to leading high performance teams. Inaugural Mozambican Ruby Auction in Singapore Generates $33.5 million in Revenue Gemfields’ inaugural auction of rough rubies and corundum from its 75 percent-owned Montepuez ruby deposit was held in Singapore from June 12-17. It reported to yield gross auction revenues of $33.5 million and an overall average value of $18.43 per carat. 57 out of the total 62 lots of high and low quality rough rubies and corundum were sold, representing approximately 91-percent of the lots offered. The proceeds will be fully repatriated to Montepuez Ruby Mining Limitada.

“Adding the revenues from our maiden ruby auction to those derived during this financial year from rough emerald and beryl sales implies aggregate consolidated revenues (from rough gemstone sales) in excess of $143 million,” said Ian Harebottle, CEO of Gemfields. Disney Collaborates with Fine Jewelry Designer on some Maleficient Sparkles Fine jewelry brand Crow’s Nest illustrates key elements from Walt Disney’s upcoming blockbuster Maleficient with something sparkling! A limited-edition collection of jewelry was created exclusively for the film starring Angelina Jolie and Elle Fanning. Thorns, horns, dragons, feathers and fire have been translated into an exquisite seven-piece collection of statement rings, bracelets and ear cuff. Each intricate piece is set in rhodium with black diamonds, featuring a pear shaped onyx stone in contrast to green tsavorite. The hero fire ring is set with red and yellow sapphires in gold. Precious & Semi-Precious Gemstone History, Legends & Myths - GemSelect Zircon Precious and Semi Precious Gemstones: Myth and Reality The idea that some gemstones are precious and others are only semi-precious is familiar to every buyer of colored stones.

Precious stones - diamond , ruby , sapphire and emerald - traditionally command high prices due to their extraordinary color or brilliance and extreme rarity. While the precious stones are deservedly famous, the conventional distinction between precious and semi-precious gems is laden with myth and misconceptions. Let's try to sort out some of the myths from the reality. One common misconception is that the distinction between precious and semi-precious gemstones is traditional, going back many centuries. In fact it is a recent innovation, dating only to the nineteenth century. The first use of "semi-precious" to mean "of less commercial value than a precious stone" can be traced back to only 1858. Another misconception is that the list of four precious gems has a long history. In fact the traditional list of precious gemstones is rather longer and includes some surprising members. Pearl was considered to be precious; so was opal . One of the most traditional precious stones with a history going back to ancient Greece is amethyst . Amethyst was reclassified as semi-precious after large deposits were found in Brazil and Uruguay in the first half of the nineteenth century.

The introduction of the term semi-precious into the English lexicon corresponds with the new amethyst discoveries. Of all the precious stones, diamond is the most subject to myth. It is interesting that the myths are of modern rather than ancient origin. Historically, colored gemstones such as ruby and sapphire were more highly valued than diamond, mainly because diamond was not particularly rare. But the twentieth century saw a major change. The first thing that happened is that very large finds in South Africa created an even more abundant supply of gem-quality diamond. At the same time, the perceived value of diamond has risen to the point where it's fair to say that diamond is at the top of the list of the precious stones in the mind of the buying public. What happened? Aren't precious gems valued particularly for their rarity? In the 19th century, the collective worldwide production of diamond only amounted to a few pounds per year. After the discovery of the huge South African diamond mines in 1870, diamonds were being dug out of the ground literally by the ton. There was such a glut of supply and so little demand that the British financiers of the South African mines were in danger of losing their investment.

Their solution was to create the powerful De Beers cartel that to this day controls worldwide diamond production and supply. Quality diamonds are actually not scarce at all. But De Beers controls how much supply comes on the market and that keeps prices high. The De Beers consortium also mounted a concerted advertising campaign that spanned decades, in order to create an association of diamonds with love, courtship and marriage, under the now familiar slogan "Diamonds are Forever". The diamond engagement ring, once unknown in most parts of the world (including Europe), is now considered an essential part of the ritual of marriage. It is hard to avoid the conclusion that diamond's special position as a precious stone is largely due to monopoly economics and social engineering. These days a number of rare semi-precious stones such as alexandrite, demantoid garnet , tsavorite garnet and tanzanite can be just as expensive as ruby and sapphire. Very fine tourmaline , spinel and large aquamarine gems also command very high prices. It is fair to say that we have now reached the point where the distinction between precious and semi-precious gemstones has become meaningless.

The US Federal Trade Commission periodically considers banning the use of the terms altogether to reduce consumer confusion. Indeed, the American Gem Trade Association (AGTA) has already added the following text to their Code of Ethics; "Members should avoid the use of the term 'semi-precious' in describing gemstones". First Published: October-16-2007 Last Updated: July-29-2016 © 2005-2017 GemSelect.com all rights reserved. Reproduction (text or graphics) without the express written consent of GemSelect.com (SETT Company Ltd.) is strictly prohibited. See more related information below Gemstone Forecaster Vol. 32, No.1 Tucson 14 Gem Sales Spotty by Robert Genis The Tucson Gem Shows remain the largest in the world. It's estimated the show brings in over $100 million to Tucson. This is the "Woodstock" of gem shows. Like last year, on the high end, the show is dominated by Far Easterners. Asian buyers, primarily Chinese, but also Indian buyers, who represented Chinese money, were out in full force on the first day of the shows at AGTA and GJX.

Literally, the rows were 3-4 deep and just getting to a booth to see the gemstones was a daunting task. By the second day, the crowds had thinned out and traffic became more normal. Some gem dealers were happy and had great shows. Others were not as happy, but feel like to they have to come to Tucson despite average sales. It has now become a major trend that retail independent jewelers do not attend these shows anymore. This is a sign of a really weak economy. Why buy stones they may not sell, when they can call a wholesaler and get stones on memorandum at no expense as needs arise throughout the year? Burma ruby was really rare at the shows, but we did see a great deal of Mozambique ruby. For speculators, these goods are about 1/2 the price of the Burma material. As a general rule, these African stones do not fluoresce like their Burma counterparts. Gem Prices Overview Throughout 2013, top quality gems kept rising on lower than normal volume. We are again increasing our Gemstone Price Trends for all gems unheated or not treated from Burma. That includes Burma ruby, Burma sapphire and Burma spinel. Prices are insane for these goods in Burma.

Dealers either pay these new prices or go home empty handed. So far, the world market has absorbed these new prices, especially the Far East and Europe. The US market has been more resistant. We know certain Burmese gemstones have been resold into the Burmese market after spending a long time in the American collector market. How unbelievable is that? Although not a full blown trend yet, it certainly bears watching if prices continue escalating in Burma. Asian collectors, despite a weakening economy, are still the world's dominant collector of these stones. Of course, their first choice is jade. They also love colored diamonds and Burma gemstones. Untreated Colombian emeralds keep climbing to new highs. Some collectors are arguing these goods are now relatively inexpensive compared to Burma ruby. White diamonds declined for the second year. When precious metals are weak, you can bet white diamonds are too. The same factors drive both markets. Due to new auction records and decreasing supply, we are increasing our Fancy intense Pink Diamond Chart 20%. Insiders say these goods are up 30%, but we are being conservative here. Finally, Tanzanite remains low on the collector market radar.

In summary, the high end gem market was strong in 2013. These Burma goods have been going up for as long as many of us can remember. Prices continue to escalate despite lower volume and the fact the Shanghai Stock market has been down since 2009. Will 2014 be the same? Perhaps the uneven sales of the Tucson Gem Shows are telling us to be cautious? My Trip to the Land of Colombian Emerald by Clayton Chang This is the second article by Clayton. He brings a unique perspective to traveling and gem collecting. - ED After Chinatown in San Francisco, I moved on to my South American tour. I flew from San Francisco to Dallas/Fort Worth to La Paz, Bolivia. It was one long day. The airport in La Paz is 14,000 feet; that in itself made it interesting. Bolivia is starting to expand its tourism industry. We all know, cocaine is one of their biggest cash crops. What is not known is mining is their biggest legal export. Bolivia sits on 50% of the lithium in the world. Politically, Bolivia is stable and mining and farming are their main exports. They produce great coffee, fruits and vegetables.

Bolivia wants western multinationals to invest in their country, but many fear the lack of human rights as detrimental. Bolivia has gemstones, but not high enough quality to be of interest to collectors. We met some Yatiri (witch doctors) that offered their fortune-telling services. In their rituals, they used painted stones, minerals, gemstones and carved art pieces. I was surprised to see everyone eating rice in Bolivia, As an Asian American, I thought it was strictly an Asian thing! We were supposed to go to Copacabana, but the roads were closed due to a strike. Locals protested the building of this road because it would put the ferry people out of work. Instead we drove on the most dangerous road in the world, often called the death road. This road connects Bolivia to the Amazon jungle. Colombia Our tour moved on after six days to Bogota. We discovered Bogota was originally called "Bacata" by the Indigenous Indians. In 1717, it was New Granada under control of the Viceroyalty of Peru. New Granada included Colombia, Panama, Ecuador and Venezuela. We toured Bogota with its colonial past.

This included La Candelaria, the old city of Bogota. Many students I met in Colombia have studied in the USA as exchange students. They felt the American universities were the best in the world. We visited the Gold Museum. It was amazing because what was on display was only the remaining 5-10% that had not been looted by the Spanish. Even that was amazing. The emeralds were beautiful but crudely cut. Emerald was a part of everyday life of the Indian people We continued to the salt mine Cathedral in Zapaquirra. During colonial days, salt was a valuable mineral. Salt mines were treated like gold mines. This is where the expression, worth their weight in salt comes from. We moved on to Medellin for a few days. We learned a great deal about Pablo Escobar, the famous drug lord. I could write a book about him, but understand a movie will be coming out soon. I do not believe he ever trafficked in gemstones. The Government that fought him represented the gem establishment. Our final stop was Cartagena. The beach areas are nice, but Hawaii (my home)still has some of the finest. I spent a great deal of time in the emerald shops.

Many of the shops will tell you their emeralds are not fracture filled, oiled or treated in any way. (Since 99% of all emeralds are treated, do not believe these shop owners, please. ED) I have never seen so many emeralds in one place. With my limited knowledge of gemstone grading, I see how different color, tone and cut affected pricing. Prices seemed fair for the quality. The quality and quantity is a dealers dream, but only buy here if you are extremely knowledgeable. I also walked through an emerald and jewelry making workshop. There was also a fascinating mini-museum in Cartagena. They display the Petra, a large matrix emerald. It was beautiful! You can check it out on YouTube here: In sum, what I learned about Colombia, its people and of course, emeralds was unforgettable. Next time, I bring home a Colombian woman or Colombian emerald. However, I think the Colombian emerald would be cheaper to maintain. Finally, may I never smoke another Colombian cigar again because they are great.

Pink Star Diamond Sale Collapses by Robert Genis In November, 2013, at Sotheby's Geneva, a 59.60, internally flawless, fancy vivid pink diamond sold for over $83 million to diamond cutter Isaac Wolf. The pre-sale estimate was $61 million. He named the oval stone the "Pink Dream." Many of these high end buyers prefer to remain anonymous, so Isaac Wolf's proclamation was unusual. This was a record for any gemstone ever sold at auction. He competed against three others for the gem in bidding that lasted about five minutes. The sale was followed by cheers and applause. The diamond was discovered by DeBeers in South Africa in 1999 and was a 132.5 carat rough. It was cut by the Steinmetz Diamond Company over a twenty month period and was formerly known as the "Steinmetz Pink." A team of eight cut the stone to its present size. In 2003, it was shown publicly in Monaco and was displayed at the Smithsonian Institute as part of its "Splendor of Diamonds" exhibit. The Pink Star was sold privately in 2007.

So, just another speculator trying to play in this stratospheric field? Well, turns out, Wolf never paid for the diamond. We understand this is rare but does happen. Sotheby's had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the diamond. In it's annual report, Sotheby's said the fancy vivid pink diamond is now part of its inventory valued at approximately $72 million. Wolf said he was representing a group of investors and considered the diamond to be worth about $150 million, based on current prices for fancy vivid pink diamonds of similar quality. For whatever reason, some of the investors must have pulled out of the deal. Patrick McClymont, Sotheby's CEO, said "We are currently in discussions with the buyer while also considering other alternatives. In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price." Should be fascinating to see what eventually happens to the rock. Doubt Wolf will remain in the diamond business after this fiasco, where your word is your bond.

As for Sotheby's, Billionaire hedge fund manager Daniel Loeb is mounting a proxy fight with the goal of winning three board seats after the auction house's promise to return $450 million to shareholders failed to appease activist investors. When it rains, it often pours. Mine Tales: Dedicated volunteers started gem, mineral show in the mid-'50s Arizona Daily Star February 3 and 10, 2014 By William Ascarza Modern mineral collecting has its roots in the 16th century. Georgius Agricola (1494-1555), a German scientist and father of mineralogy and mineral collecting, published "De Re Metallica," a treatise on mining, and "De Natura Fossilium," considered the earliest mineralogy textbook. At the time, minerals were called fossils and mineralogy was in its infancy. By the end of the 18th century, prominent mineral collections were found in Europe and the United States, mainly among the moneyed class.

Thomas Barton (1730-1780) and his sons William Barton (1754-1817) and Benjamin Smith Barton (1766-1815) collected North American minerals, including specimens of tin. Barton is credited with having taught Meriwether Lewis (of the Lewis and Clark expedition) proper nomenclature and identification of mineral specimens. Founded in 1792, the Chemical Society of Philadelphia was one of the earliest groups devoted to the study of mineralogy in the United States. During the 19th century, mineral collecting became more widespread in the United States, including in the Arizona Territory, with spectacular copper minerals acquired in Bisbee by Dr. James Douglas and Ben Williams, both Phelps, Dodge & Co. affiliates. William Phipps Blake (1826-1910), territorial mineralogist for Arizona and compiler of the first independent list of minerals found in the Arizona Territory, in 1909, and Arthur L.

Flagg (1883-1961), a mining engineer and Arizona Department of Mineral Resources museum curator, ensured Arizona would lay a strong foundation for mineral collecting in the 20th century that would culminate in a greater interest, appreciation and participation among the masses. After World War II, there was a surge in mineral collecting and mineral shows as returning servicemen sought out a hobby. In December 1946, a group of rockhounds in Tucson formed what became the Tucson Gem & Mineral Society. Organized field trips and lectures followed, featuring speakers such as Dr. John Anthony, a University of Arizona mineralogy professor who would go on to co-author "Mineralogy of Arizona," and Dr. Harvey H. Nininger, renowned meteorite collector. Early founders of the Tucson Gem & Mineral Show included Dan Caudle and Clayton Gibson, who along with their wives and a group of devoted volunteers, were responsible for planning and putting on the first Tucson Gem & Mineral Show March 19-20, 1955, at Helen Keeling Elementary School. The first show boasted free admission and included 1,500 visitors and at least nine dealers.

Richard Bideaux and Gene Schlepp, later prominent Tucson mineral dealers, would win several ribbons for their mineral displays. The next year, the show was moved to a Quonset hut at the Pima County Fair and Rodeo Grounds on South Sixth Avenue, where it stayed until 1972. Factors that helped the show grow included the leadership of the Tucson Gem & Mineral Society, Arizona's vast mineral wealth and abundant mining localities coupled with the accessibility of exquisite mineral specimens from all over the Southwest, proximity to Mexico — a proven tourist destination — and our mild winter climate. By 1960, the show had more than 25 dealers and 3,500 visitors who paid a 25-cent admission fee. Smithsonian Institution gem and mineral curator Paul Desautels accepted show chairman Clayton Gibson's invitation to bring displays and participate in the 1961 Tucson show, resulting in a landmark change in how future shows were organized. Paul Desautels' presence at the 1961 Tucson Gem & Mineral Show was the Smithsonian Institution's first involvement in an event sponsored by the Tucson Gem & Mineral Society.

It also marked the beginning of mineral displays at the show with the Smithsonian's theme "Uncommon Gemstones and Mineral Crystals." Desautels gave the first of many talks that he and other authorities in the field of mineralogy would give at future shows. The talk focused on "Crystal Growth and Its Irregularities and Mineral Crystals." Future talks included those of Peter Embrey, mineralogical curator of the British Museum, who in 1970 was the first international invitee to the Tucson Gem & Mineral Show. Ole Petersen from the University of Copenhagen gave a presentation on "Minerals From Ilimaussaq, Greenland," in 1974. Satellite shows are presentations apart from the main Tucson Gem & Mineral Show. The earliest satellite show was at the Holiday Inn South (now Howard Johnson at Starr Pass Boulevard) in 1961. Lacking a sponsor, it was made up of 13 wholesale dealers. However, its success ensured the participation of future promoters. As the 1960s progressed, the Tucson Gem & Mineral Show attracted more international attention and participants. By 1966, the first formal TGMS Show Committee was formed. It continues to run the show today.

In 1964, the first show theme — Southwest — appeared, followed by themes such as World Famous, Peridot and Dioptase. The '70s ushered in the Mineralogical Record (1970), which would become a renowned journal for the serious mineral collector. That year, Tucson city officials formally referred to the annual event as "The Show." By 1972, the new Tucson Convention Center hosted the show, and it has remained there ever since. That same year, the "Tucson Ring" meteorite on loan from the Smithsonian was displayed at the show. Another noteworthy event occurred in 1976 with the establishment of the first formal "micromount" symposium at the show. First chaired by Neal Yedlin, a well-known micromounter and mineral collector, the event today includes lectures, trade, giveaway mineral specimens and mineral viewing under a microscope.

Through the decades, the show continues to bring attractions from around the world, including purple adamite specimens from the Ojuela Mine in Mexico (1982), dark-colored tourmalines from Pakistan (1984), native silver from Kongsberg, Norway (1994), and the Rose of Itatiaia from the Jonas Mine in Brazil (2000), to name a few. In 1986, the Tucson Gem & Mineral Society invited fossil dealers to participate in the show for the first time. Today, the Tucson Gem & Mineral show is the largest of its kind in the country. More than 40 satellite shows, consisting of several thousand vendors, have a multimillion-dollar impact on the local economy. The shows begin in late January and last through the culmination of the big show at the Tucson Convention Center. This year marks the 60th Tucson Gem & Mineral Show, with the theme "Sixty Years of Diamonds, Gems, Silver and Gold." Local miners in Mandalay Division's ‘Ruby Land' town of Mogok may soon get access to more gems.

DVB January 23, 2014 The Myanmar Gems and Jewelry Entrepreneurs Association plans to allocate small-scale mining plots to locals to promote gem trade in the area. "We are looking to allocate more small-scale plots for local miners", said Tun Hla Aung, Deputy-Secretary of Myanmar Gems and Jewelry Entrepreneurs Association. "Members of the public who cannot afford to invest large sums of money, to allow them to work freely at the mines, looking to redevelop the gem market in the region." Rubies from the mines, many now being extracted by large mining companies in joint ventures with the government, are mainly sold overseas. After the government allocated some small plots for local miners in 2012, the local gem market improved slightly but not as much as expected. "Small-scale mining plots, operated mostly manually without heavy machinery, are becoming rare – which led to a decline in ruby production", said Hla Aung, Patron of Myanmar Gems and Jewelry Entrepreneurs Association. "When the supply is low, the buyers are inconvenienced, which leaves the market dry." In 2012, the government allocated over 400 small-time plots, mainly for local miners, with three-year contracts.

This new plan will hopefully help kick-start the gem trade in the region. Burma Army Deployed to Guard 20-Ton Jade Stone The Irrawaddy By Saw Yan Naing February 18, 2014 Government troops have been deployed to protect a 20-ton raw jade stone that was found in Hpakant, a mining area west of the Kachin State capital that is known for possessing some of the world's best jade. Security has been tightened by soldiers and the police in Hpakant town, after the giant stone was discovered some 24 kilometers away in Wei Kan village on Feb. 9 by a small-scale miner, Aung Naing Win. "As far as we know, the stone is 18 feet [5.5 meters] long," said Shwe Thein, chairman of a branch of the National League for Democracy (NLD) in Hpakant. "Soon afterward, troops under the Light Infantry Division 101 were deployed." He said the army had since prevented small-scale miners and hand-pickers from searching for other stones nearby. "No one can access the area where the stone was found," he said.

Some local jade miners said the stone was estimated to weigh as much as 37 tons, with half the stone remaining buried underground. Yin Htwe, a resident in Hpakant town and a member of the local NLD branch, said small-scale miners claimed the raw stone was as big as a Mitsubishi Pajero truck. "The stone is now fully guarded by the army. We don't know for sure how much it will be worth," he said. "We heard officials from the mining ministry will come see the stone." Burma produces the vast majority of the world's jade, and the Burmese gemstone is of the highest quality. Most is sourced from Hpakant, 350 kilometers north of Mandalay, in the conflict-torn mountains of Kachin State. The jade is often smuggled over the border to China through unregulated trade, without ever being taxed. A July 2013 report by the Ash Center for Democratic Governance and Innovation at Harvard University in the United States put the sale of Burmese jade at as high as US$8 billion in 2011.

The government and the Kachin Independence Army (KIA), a rebel group, controlled the jade mining industry in Hpakant between a ceasefire deal in 1994 and 2011, when fighting between both sides resumed. That year the government suspended large-scale mining operations in the area. Small-scale miners and hand-pickers moved in illegally to try their luck. Most jade mining companies that operated in Hpakant were run by Chinese businessmen and Burmese cronies. One of the biggest players in the industry was the Union of Myanmar Economic Holdings Ltd (UMEHL), a Burmese military-run conglomerate that dominates many sectors of the country's economy. An official at the Ministry of Mining said he was not familiar with the case of the 20-ton jade stone in Kachin State and recommended contacting the ministry's gems department. The gems department could not immediately be reached for comment. Jewelers demand new gems law Myanmar Times By Su Phyo Win and Bridget Di Certo March 10, 2014 Jewelers said that a limitation on exports of raw and polished precious stones to sales at government-run emporiums and selected markets was strangling the sector.

"We go to the [government-run] exhibitions and only display our products there, but we want to secure bigger contracts for mass production and export," said Daw Thet Thet Khaing, owner of local jeweler, Golden Palace and Forever Gems. "Our consumers are spreading all over the world, so it would be better to export our jewels to the place where they can easily buy our products. "There is no direct export for any kinds of gemstones – raw or polished – allowed," she said, adding that other ministries are adapting their export policies in order to promote local businesses. Currently, jewelers are only able to sell their wares to Myanmar residents and to foreign citizens who attend government-sponsored emporiums, which are held no more than three times a year. Buyers at the emporiums are primarily interested in raw stones. "They then do the value-added work in their own countries and sell the stones for many times the purchase price," said Daw Thet Thet Khaing said. "It really causes a lot of suffering for jewelers in our country." Daw Thet Thet Khaing, chairperson of Golden Sun Cooperative Ltd jewelers, said that because access to the marketplace is limited, gem dealers are yielding little profit.

"Just selling raw stones at the emporium is like we are taking a risk ourselves because of the little profit [on raw stones]," she said In 1995 the Myanmar Gemstone Law and bylaw were promulgated, providing for Myanmar nationals to excavate, produce and sell gemstones on the local and international market, but stricter regulations were soon put in place in an effort to curb rampant smuggling. Nevertheless, experts said that such rules did little to stop the problem, while further exacerbating illegal trade problems by limiting export channels so severely. Estimates show that Myanmar produces up to 90 percent of the world's rubies, with its best quality products, often described as "pigeon-blood" gems, fetching higher prices than diamonds at some international auctions. Figures from the 2011-2012 fiscal year recorded 43,185 tons of jade and 13.398 million carats of precious stones were recorded through official export channels. Government representatives were unable to provide data to The Myanmar Times on the monetary value of these exports or how much was recouped in tax.

Currently, there is a 30 percent commercial tax on all gem exports payable to the government and 10% retail tax at emporiums. While this figure is low compared to other precious natural commodities such as wood, which is taxed at 100%, jewelers say the tax is prohibitive to establishing a lucrative export market. Daw Mar Lar Myint, general manager of Zeyar Arrman, Gems, Jade Home Craft Production, said liberalizing the export market could help defeat illegal trade of precious stones. "We are in Sagaing Region, and it mostly seems that illegal gem trade is occurring on the China-Shweli border," she said. "It the government allowed export, and kept tight restrictions at the borders, there will not be as much of an illegal gems trade." The largely unregulated border trade areas are riddled with merchants who smuggle raw jade and gems to countries such as China, Thailand and India, who refine then sell finished goods to international markets. "Thailand is very famous for polished rubies and sapphires. China is famous for jade and India is very famous for diamonds. This success is related to their government policies," said Daw Thet Thet Khaing of Golden Palace and Forever Gems.

"Sanctions [on Myanmar] are lifted and the market is opening up, but we can't open our door and go outside. Internal barriers are larger than external ones." She said barriers were not only legislative, but political. A lack of support to develop the sector with increased training and institutions supporting polishing and production in-country meant the sector was suffering. "To get our products to a world class standard we need market access, technology, financing and technical assistance, as well as capacity building," she said. "To develop SMEs [small and medium-sized enterprises] we need to build institutions to fulfill the needs to develop our industry or we will leave." U Maung Maung San, owner of Maung Maung San Gems and Jewelry Co Ltd, said local players have repeatedly asked the government to revise the regulations, but to no avail. "We have requested to change the policies made by the Ministry of Mining many times, but it's still unchanged," he said. "They just allowed exporting wares but not the stones.

They said that preventing the export of precious jewels to other countries helps stop illegal activity." U Win Htein, director general at the Department of Mines, said the government has been debating amendments to the 1995 Myanmar Gemstones Law and associated policies for over a year and welcomes feedback from jeweler associations, though he did not indicate if and the when rules would be revised. "The law mentions that the country's resources are not allowed to go outside the country and are restricted to production and consumption for Myanmar nationals," U Win Htein said of the purpose of the export limitation. As far back as 2006, President U Thein Sein, then-chairperson of the Leading Committee for Development of Myanmar Gems Industries, voiced his desire to see a developed finished gem industry in Myanmar. U Tun Hla Aung, joint secretary general of the Myanmar Gems & Jewelry Entrepreneurs Association, said the 30pc commercial tax was prohibitive to the sector. At government-run emporiums and at the airport the tax for retail sales is only 10%. Panama launches diamond exchange for bling-loving Latins Financial Times March 19, 2014 By Jude Webber Latin America is getting a new financial market.

But forget frenzied open-outcry pit trading or the dizzying blur of numbers on screens. In the new bourse, due to open in Panama this year, deals worth millions of dollars will be sealed with a solemn handshake and the Hebrew phrase "Mazal u' Bracha" – "luck and blessing". Welcome to the hallowed world of diamond dealing. Panama is this week formally launching a $200m Panama Gem and Jewelry Center that will also house the Panama Diamond Exchange (PDE) – a market expected to help the $8bn fine jewelry retail business in Latin America grow to more than $10bn by 2017. The PDE, which is expected to start trading before the end of the year in Latin America's fastest-growing economy, is the 29th such market worldwide. But it is the first in a bling-loving region that is home to a fast-growing middle class, large luxury set and which also has an established tradition as a producer of colored gemstones, such as emeralds from Colombia.

"Latin America is a jewelry market of great potential that, to date, has never fulfilled its promise," said Eli Izhakoff, honorary president of the World Federation of Diamond Bourses, the World Diamond Council and the World Jewelry Confederation. A lack of a diamond exchange in the region has meant that Latin American buyers typically had to travel to the US or Europe, or to buy second-hand at a premium, Mr. Izhakoff told the Financial Times in emailed responses to questions. Diamonds will be flown in from places such as New York, Antwerp, Tel Aviv, Dubai, Hong Kong and Mumbai, says Erez Akerman, PDE president. Exchange members – who are carefully vetted, must provide personal guarantees and adhere to a strict code of conduct – will scrutinize the rough or polished stones under neutral lights in the high-security trading center before deals can be concluded. The idea is that the PDE will become a hub for the region billed as the world's most untapped jewelry market. "The retail value of the fine jewelry business in Latin America is about $8bn and given current growth rates, it is fair to state that it will be worth in excess of $10bn by 2017.

The wholesale value will be in the region of about $5bn," said Mr. Izhakoff. Latin America has more than 11,500 jewelry shops and there are more than 320 mining companies and nearly 750 wholesalers of diamonds, precious stones and jewelry in the region, added Mr. Akerman. The Gem and Jewelry Center will enjoy a tax-free regime and hopes to capitalize on Panama's strategic location and status as a commercial and financial hub that is home to one of the world's major shipping lanes. It aims to attract some 200 Latin American companies and another 200 international businesses – including from the US, Israel, India, China and Russia – spurring direct and indirect income for Panama of more than $3bn a year by 2020, Mr. Izhakoff says. "In terms of luxury consumption, the Latin American market is forecast to see growth of 14 per cent [a year]," Mr. Akerman concludes.

"To put that into perspective, it is just slightly below Asia's growth rate of 16.5 per cent." Forget Unnao, villagers in Mandla get lucky, find precious gemstones everywhere India Today Online New Delhi, January 28, 2014 Despite the hype the seer in Daundia Khera village of Unnao district in Uttar Pradesh created with his gold dream a few months ago, not a speck of the precious metal was found. But Mandla in Madhya Pradesh is different. According to a report in The Times of India, life in this tribal-dominated district has practically come to a halt since last fortnight. Farmers have stopped tilling land and laborers under MNREGS are not interested in their daily work. The reason is the sudden discovery of precious stones here. Villagers everywhere are digging earth and sifting soil to make money. With jewelers from many corners of the country stationing themselves here and willing to pay handsome price, the gem hunt has turned into a 24x7 obsession in neighboring villages as well.

According to the news report, buyers, mostly jewelers from Nagpur, Delhi, Jaipur and Noida, are willing to pay anything between Rs.1,800 to Rs.2,500 per gram for the find. The stones were first discovered near the ruins of Taragarh fort, once inhabited by Gondwana rulers, and tribals would sell them for a pittance. But now they are being found everywhere within 40 km radius. Locals have termed the phenomenon as a gift from Tara Devi, their guardian deity, who had prophesied such a phenomenon long ago. No one wants to do anything else in this area. In Taliwada village, over 2,000 men, women and children are involved in the exercise. In places, farmers have rented out their fields for Rs.10,000 a month to interested parties. The tenants are free to carry out digging and keep the treasure if they find any.

The report quoted Jabalpur divisional commissioner Deepak Khandekar as saying, "A fossil-rich pocket, Mandla could have layers of gemstones lying undisturbed so far." Khandekar has called for an expert team from Bhopal to visit the cluster and identify the stones. A landmark novel by Nobel-laureate Pearl S Buck is based in the Madhya Pradesh town and titled Mandala. Written in 1970, the book takes readers on a breathtaking journey to India as the country is transitioning to independence with a story of love, the clashing of cultures, and mysticism. Notable Quote "Diamond buyers and consumers are looking for something different and unique, while investors have been enticed by the long-term returns these goods offer. As a result, more dealers have entered niche areas such as the colored diamond market. Estimates suggest that prices of the more scarce items such as pink, fancy intense vivid yellow, and fancy blue diamonds rose by more than 30 percent in 2013, while lower quality yellows increased by about 10 percent. Fueling perceptions about the market, large special, colored diamonds broke numerous records on the auction circuit. No market is completely bubble resistant.

However, veterans in the colored diamond space note that growing dealer demand and a growing pool of wealthy consumers for these goods, coupled with their rarity of supply, will ensure that prices continue to rise in the near and long term." Rapaport Minnesota Minerals Coordinating Committee Text taken from the following document: ' Explore Minnesota Minerals ' A century of iron mining has barely scratched the surface of Minnesota’s mineral wealth. Thousands of square miles of Minnesota encompassing promising greenstone belts, sedimentary basins and intrusives await exploration. We invite you to explore Minnesota. Here are seven reasons to accept our invitation: Minnesota has land for exploration. Your company will have access to nearly 12 million acres of stateowned mineral rights available for long-term lease. Learn more » Minnesota has excellent mineral potential. Much of Minnesota’s geologic terrane is a continuation of the mineral-rich Canadian Shield of Ontario and Quebec, which has yielded gold, silver, zinc, copper, nickel, titanium, and other precious metals and base metals. Learn more » Minnesota has an extensive geological database. Drill core totaling more than three million feet, collected from many areas and formations, has been stored and cataloged for your reference and analysis.

Geologic maps and results of geophysical and geochemical surveys are also available. Learn more » Minnesota has a century-long tradition of mining. Since the first load of iron ore was shipped from northern Minnesota more than 100 years ago, Minnesotans have realized the benefits of mineral development. The state’s strong environmental regulations are well established and administered equitably. We make regulatory decisions promptly and predictably according to well-established precedents. Learn more » Over $2 billion in capital has been invested in mining in the last 5 years. Mining companies are investing in their Minnesota future. Minnesota has trained workers and support industries. A skilled labor force and network of support industries have grown to support Minnesota’s mining industry; so when you need labor or supplies, you won’t have far to look. Learn more » Minnesota has roads, rails, and power. No matter where you go in Minnesota, you’re never far from the highways, railroads, ports and utilities you need to get your development off the ground. Learn more » Figure 1 - Generalized geologic bedrock map of Minnesota Excellent Mineral Potential Minnesota’s diverse bedrock geology ranges from early Archean to Cretaceous (Fig. 1).

The state’s greatest mineral potential lies in its extensive Precambrian geology, of which four terranes are particularly promising: 1) The Duluth Complex and associated rocks. This terrane contains most of the state’s active non-ferrous mineral leases. The Minnesota Department of Natural Resources (DNR) estimates the identified copper-nickel resource of the area at about 4.4 billion tons averaging 0.66% copper and 0.2% nickel. This terrane also has significant titanium resources. Drilling has indicated the presence of other strategic minerals, such as chromium, vanadium, cobalt, and platinum-group elements. 2) The Superior Province, which encompasses the northwestern third of Minnesota and represents a continuation of the mineral-rich Canadian Shield. Canadian gold discoveries have stimulated leasing in the Minnesota portion of the Superior Province. Most exploration in this area has been for gold, zinc-copper massive sulfides with various by-products, and magmatic sulfide deposits containing copper, nickel, and platinumgroup elements. 3) Variably metamorphosed Middle Precambrian sedimentary and volcanic rocks, including the Mesabi and Cuyuna iron ranges, with known reserves of iron and manganese. Recent exploration has focused on base metals.

4) Southern Minnesota’s Archean migmatitic gneisses, younger sedimentary rocks, batholithic granitic rocks and deformed volcanics. Limited exploration has focused on Precambrian magmatic copper + nickel + PGM deposits, Paleozoic lead-zinc deposits in the southeast, base metals and precious metals in the Precambrian basement, and manganese in the southwest. Commodity information (open referenced documents for full information - Updated in March of 2016): This set of documents describe the status of mineral exploration and development current activities for iron ore, the group copper and nickel and platinum and palladium, for gold, for titanium, and for diamonds. Each of these has seen private investment in either exploration or development or both. Iron-Ore: Minnesota is a mining state. Its six iron ore operations produce about 40 million tons of high-grade iron ore annually, which is approximately 75 percent of total U.S. iron ore production. To produce 40 million tons of high-grade iron ore, Minnesota moves on the order of 240 million tons of material including 135 million tons of crude ore and 105 million tons of surface and rock stripping.

TOP OF PAGE Extensive Geological Database Figure 2 - Minnesota Geological Survey computer-generated aeromagnetic anomaly map. Image is reduced in size and density; color added. See full-sized PDF When you explore Minnesota’s geology, you have direct access to an extensive geological database. An important source of information is the large, well-cataloged drill-core library, which houses for your inspection and analysis about two million feet of diamond drill core, referenced to exact descriptions of hole locations. The library includes drill core samples taken from across the state during the past century. Logs, assays, geophysical, and geochemical surveys are available to you in Department of Natural Resources’ (DNR) exploration company terminated lease files. The DNR’s Division of Lands and Minerals can provide information about state land leasing, royalty rates, reclamation guidelines, and other pertinent facts. Geologic maps and outstanding high-resolution aeromagnetic maps (Fig. 2) of much of the state have been published by the Minnesota Geological Survey. Aeromagnetic data are available on colored and black-and-white contour maps, on computer-generated shaded relief maps, and for download for your own interpretation. Much of the information you need is stored on a web server and can be accessed at .

More and more records are being made digital and web accessible. These public documents provide a rich source of information for future exploration, environmental research, and historical minerals research. Figure 4 - The map depicts 40-acre tracts of state mineral ownership TOP OF PAGE Land for Exploration If you have a target mineralization model in mind, you can test it in the nearly 12 million acres of mineral rights the state administers. Neither the state nor the federal government uses the claim-staking method in Minnesota. Each year the state awards leases for state-owned mineral rights according to competitive royalty bids. Areas that have no competitive bids later become available through lease by application. Under some circumstances, state leases can be negotiated. Fifty-year leases cover exploration and mining; so you can secure a good land position early in your program. Moreover, mineral leases are available on many of the 3.4 million acres of federal land in Minnesota. Some 82 percent of this land is managed by the U.S. Forest Service in the Chippewa National Forest in north-central Minnesota and the Superior National Forest in the northeast. Leases also can be negotiated on millions of acres of privately held mineral rights in the state (Fig. 4).

Public land and mineral rights are scattered throughout Minnesota but are most concentrated in the north. Exploratory drilling has been heaviest in the northeast, especially on the Mesabi, Vermilion, and Cuyuna iron ranges. TOP OF PAGE Century-Long Tradition of Mining Though excellent mineral potential is essential to an exploration program, it alone is not enough. A company also must be reasonably assured that if it finds a worthwhile deposit it can mine, and not be hamstrung by delays. In Minnesota, this assurance comes in the form of well-defined procedures that have evolved during a century of mining for iron, taconite, dimension stone, silica sand, and other materials. This long association with mining has taught Minnesotans how to accommodate mineral development while protecting the environment and the state’s own economic interests. Minnesota’s strong environmental regulations, well-established permitting procedures, and long-standing leasing laws are in place. Staff members from the DNR’s Division of Lands and Minerals and other state regulatory agencies are available to meet with your company to explain these rules and advise you on permitting procedures.

Figure 5 - More than 100 million tons of taconite ore are mined per year in Minnesota TOP OF PAGE Trained Workers and Support Industries Minnesotans know mining (Fig. 5). When you explore for minerals or mine in Minnesota, you have access to skilled, educated workers, established mining-supply companies, and experienced consultants. Minnesota has a strong system of universities, technical/vocational institutions, and public and private colleges. Its labor force is highly educated. Minnesota’s high-school completion rate is better than 90 percent. About half of these graduates pursue some kind of postsecondary education. Decades of iron mining have fostered the growth of miningrelated industries. The taconite mining industry purchases goods and services from hundreds of supplier/vendor businesses in more than 200 communities. Whether you need drill bits or shovel repairs or geophysical consultants, you can find them in Minnesota. Figure 6 - Roads, rails, Lake Superior ports, and power plants that are related to mining on the Mesabi Iron Range and the developing Cu-Ni-PGE mineral deposits of the Duluth Complex.

See full-sized PDF Roads, Rails, Ports, and Power Any site you explore or mine is within reach of freight haulers and power lines (Fig. 6). Highways reach all corners of the state. Even in the sparsely settled north, little land is more than a few miles from all-weather highways suitable for large trucks. More than 4,500 miles of railroad track connect all Minnesota cities larger than 25,000 and link the state to major cities and ports throughout the country. Minnesota has four classone rail carriers: Burlington Northern Santa Fe, Canadian National, Canadian Pacific, and Union Pacific. Several regional lines operate in Minnesota as well. Minnesota’s northern country borders the state’s four Great Lakes cargo ports. Duluth-Superior, a foreign-trade zone operated by a port authority, ships taconite pellets, coal, grain, and other commodities. The other three ports—Two Harbors, Taconite Harbor, and Silver Bay—handle taconite pellets. Mississippi River ports in southeastern Minnesota ship coal, chemicals, stone, clay, gravel, and other raw materials. Reliable electricity is available at competitive rates across the state through a network of power suppliers.

Natural gas pipelines of substantial capacity span southern Minnesota and much of northern Minnesota. Ten Rarest Precious Stones – Jewels du Jour 9. Black Opal – ~$2,355 per carat Next time you go Down Under, be sure to check out their opal. Australia produces 97% of all the world’s opal, with the remaining 3% found in Czech Republic, Slovakia, Hungary, Turkey, Indonesia, Brazil, Honduras, Guatemala, Nicaragua, Ethiopia and, as announced by NASA in 2008, on planet Mars. However, almost all black opal is found in the Australian town of Lightning Ridge in New South Wales. Trace elements carbon and iron oxide give black opal its super dark body tone, allowing for the rainbow of colors to radiate much brighter than opals of lighter or milky body tones. This vibrant “play of color” and the stone’s rareness give reason for black opals’ high value.

1.49ct Australian Black opal with green and blue play of color 1.34 ct Australian Black Opal with Flagstone Pattern Black Opal Brightness and Pattern Charts – from opalauctions.com Black Opal Rare Patterns – from opalauctions.com 8. Red Beryl – ~$10,000 per carat Just like a ruby is really a red sapphire, the red beryl is also known as a “red emerald”. This incredibly rare gem, also referred to as “bixbite,” has only been found in a handful places in the US: Wah Wah Mountains, Utah; Paramount Canyon and Round Mountain, New Mexico; and Thomas Range, Utah. With colors ranging from rose pink to deep red, very few specimens that are found are large enough or of decent quality to be used in jewelry. Red Beryl (Bixbite) Exceptional cluster of gorgeous Red Beryl crystals in and atop Rhyolite matrix from Wah Wah Mountains, Utah 7.

Musgravite – ~$35,000 per carat Another rare wonder from Down Under, Musgravite derives its name from the Musgrave Range in South Australia, where it was first discovered in 1967. Limited qualities have been found in Greenland, Madagascar, Antarctica, Sri Lanka, and Tanzania, but only eight specimens are known to be of facet grade quality as of 2005. Its colors range from light olive green, grey, mauve, grey purple and scores an 8 on the Mohs scale, making it one of the hardest stones on earth. 6. Grandidierite – ~$50,000 As is the case with all obscure and extremely rare stones, grandidierite was named in honor of its discoverer, French naturalist and explorer Alfred Grandidier. Mostly found in Madagascar, this bluish green stone is trichroic, transmitting blue, green and white light. The largest clean faceted specimen weighs a miniscule 0.29 carats and is the only one known to date. How incredibly rare! 0.29 ct Grandidierite 5.

Painite – $50,000 to $60,000 per carat Once thought to be the world’s rarest gem, Painite still remains scarce but not as much so. Prior to finding a significant deposit in the Mogok area of Burma in 2001 (which also produced a 55 carat stone), there were only three known specimens of Painite. The rare borate mineral, found only in northern Myanmar, ranges in color from red to brownish to orange-red and scores an 8 on the Mohs scale. 4. Blue Garnet – ~$1.5 million per carat Found in almost every color of the rainbow including red, orange, yellow, green, blue, purple, brown, black, pink and colorless, the blue garnet remains the most rare and most fascinating. It was discovered only recently in the 1990s in Bekily, Madagascar and other deposits have been found in the US, Russia and Turkey. What makes the blue garnet that much more beautiful is its color changing property, which is due to high amounts of the metal vanadium.

In daylight, the gem is a soft blue-green but changes to a vivid purple under incandescent light. The most expensive blue garnet, at 4.2 carats, sold for $6.8 million in 2003. Masasi Blue Color Change Garnet 4.27ct 11.83×7.39mm Pear Shape Masasi Blue Color Change Garnet Minimum 3.00ct Mm Varies Oval 3. Serendibite – $1.8 to $2 million per carat For almost 100 years, only three known faceted specimens of serendibite existed and those were all from the first ever discovery of the gem at Gangapitiya, near Ambakotte, Sri Lanka in 1902. Then, in 2005 at the gemstone-rich Mogok region of Myanmar, additional deposits of the supremely rare mineral were discovered. The cyan colored stone, whose name comes from the old Arabic name, “Serendib,” for Sri Lanka (Ceylon), can thank the unusual combination of calcium, magnesium, aluminum, silicon, boron and oxygen for its extreme rareness.

Faceted Sri Lankan Serendibites Natural Serendibite – dark but transparent green – 0,36 carats 5 x 4 mm – Myanmar 2. Red Diamonds – ~$2 million per carat Though all colored diamonds are incredibly rare, none are more so than the red diamond. Less than 20 exist today and most weigh less than half a carat, however there are three that weigh over 5 carats with the biggest being the Moussaieff Red (5.11 carats). Notably, the Argyle Mine in Australia produces a small number of red diamonds each year. In 1987, the Hancock Red (0.95 carats), the first high quality red diamond at auction, sold for $926,000 per carat. Twenty years later that record would fall when a rare 2.26 carat purplish-red diamond sold for $2.6 million, or about $1.15 million a carat, at Christie’s in Geneva. Moussaieff Red Diamond 1. Jadeite – $3 million + per carat Winning the title of rarest precious stone is jadeite.

While not to be confused with jade, a term used to refer to both jadeite and nephrite, only jadeite retains value as a rare gem. With the best gem quality jadeite found in Myanmar (Upper Burma), other lesser quality sources include Guatemala, Russia, Kazakhstan, Japan and California. Jadeite’s value is judged by the combination of the intensity of green color and high degree of transparency. At Christie’s in 1997, a jadeite necklace called the “Doubly Fortunate” set the highest price for a piece of jadeite jewelry sold at auction, selling for $9.3 million. Photo: Christie’s Images LTD. 2012 A jadeite bead necklace with optimal color, translucency, and texture is expected to fetch $3.2-4.5 million. VERY FINE JADEITE AND DIAMOND RING (sold for 1,580,000 HKD) Illustration © Richard W. Hughes/ Diamonds and Precious Jewels | Chubb Diamonds and Precious Jewels A look at the collectible jewelry market.

By David Wolf, G.G., A.S.A February 17, 2012 The slight silver lining (no pun intended) to the 2008 financial meltdown, which followed an already considerable catalog of global financial strains, is that the situation has fostered a decade-long rush to precious metals. And the last three years of record-breaking auction sales in collectible jewels and fine art are a testament to the continuing rise of diamonds and precious gems in our collective consciousness, so long as this financial travesty prevails. The economy is recovering (it’s the slowest recovery in U.S. history), but the better news for those of us with serious discretionary income is that diamond prices will surge 20% over the next four years and will eventually outperform gold over the same stretch. According to the median of seven analyst estimates compiled by Bloomberg’s Soraya Permatasari and Rajesh Kumar Singh (Dec. 28, 2011), gold will gain by 19% in 2012 followed by a precipitous drop from 2013 through 2015.

That means hold onto most of your gold through 2012, but hold onto all of your important diamonds, colored gems and pearls for at least the next four years. Rare gems in large sizes coupled with extrinsic characteristics, such as matched pairs or sets, famous makers and historical provenance, are keepers and smart buys over time. Over the last 10 years, gold increased 700% due, in part, to a staggering 2009 purchase of 6.43 million ounces by the central bank of India that drove gold futures to a record $1,080 per ounce. Will gold ever fall below $1,000 per Troy ounce again? I doubt it. At this moment, gold hovers around $1,600. If it performs according to 2012 forecast, that will take gold back up to London’s all time high fixed price of $1,895―realized on September 5, 2011 as seen on Kitco. Where will the smart money go?

Luxury retail In the aftermath of the 2008 financial mess, Reuters reported (February 13, 2009) that Tiffany and Co. sold Berkshire Hathaway, Warren Buffet’s company, $125 million worth of eight-year notes and $125 million worth of 10-year notes, to the tune of $250 million, all yielding 10 percent. What better way to hedge your bet in fine gemstones and jewels? Recycling and re-using With the higher prices of commodities―gas, coal, food and, now, gems and precious metals―the booming cash for gold campaign is shifting consumer wealth to institutions and cash-rich individuals. Likewise, since the latter half of 2009, the stored wealth in diamond and gemstone jewelry is changing hands with increased momentum via international and regional auction houses. Dealers are also competing for your business. If a dealer has a choice between your cash or consigning his piece to auction, your timely offer may prove more enticing. If you have thoroughly researched an important jewel from a dealer, you can offer a "hammer" price you would normally stretch for at auction.

If you are close to a deal, you can offer to split the buyer’s premium. This decreases your cost by 10% or more, while increasing the dealer’s profit by the same amount. White diamonds? Big fancy shapes are hot The Geneva Sotheby’s Magnificent Jewels auction on November 15, 2011, sold a total of 82% by lot, totaling $70.2 million. The following day, Geneva Christie’s Magnificent Jewels auction sold 89% of their lots, totaling $52.3 million. The top five lots at Christie’s sold to the trade, which comprised 55% of the total sale with some record breaking sales―including a sale of a Graff diamond 24.30 carat oval, D color, internally flawless from a "private" client―which was sold to none other than Graff himself for just over $164K per carat! The trade buying at auction to this degree highlights how Big Fancy Shaped White Diamonds are becoming hot in light of anticipated demand. Diamond sales in India and China decelerated by the summer of 2011, expanding by only 6.8% annually.

Nonetheless the economy was still robust, and they will soon rival the US 40% market share due to the rising middle class. According to analytic trade sources, diamond prices for rough and polished goods are stabilizing after a turbulent 2011. The surging values at auction portend a simple reality. The diamond, gemstone and collectible markets are adjusting to an uncertain global economic malaise and political upheaval. The new mantra is, "Change is our only constant." The dealers are carefully up scaling their inventory to keep up with the demands of the private collector, while stores with middle and lower quality gems are stagnating. Gemstone dealers are quietly combing each other’s stock, attending local auctions and acquiring "sleepers" gems that need tender loving care by skilled cutters and master jewelers to unlock potential value. The secondary market is brutal on small sizes; value in the lower end is based solely on scrap value of the precious metal, and slim to no value for small diamonds. Small colored stones and pearls have no salvage value.

Top left: Pair of natural pearl drops; 45.46ct, 181.84 grains; 22.42 x 13.58, 21.31x13.31 mm; 400K subject to availability. Top right: Bulgari ring with natural pearl; approx. 26ct; 104 grains; 16.4x14.93mm; $150K subject to availability. Photos courtesy of ProVockative Gems, Inc. ( . Bottom: 1.20 carat fancy intense green, VS1 contrasted against a colorless white diamond; $420K subject to availability Photo courtesy of AMGAD ( . Vivid yellows can get you in the game from $15K up to $112.5K per carat (bottom row of the chart above). The vivid yellow "sun drop" diamond is the world’s crème de la crème of yellows, worth every penny of its $12,379,949 compared to much smaller blues, pinks, greens and reds of similar cost.

Expect the strongest prices when the hue is vivid, evenly distributed and unadulterated by secondary colors. A couple of vivid blues and pinks commanded around $1M per carat this year with the top performer (2nd row of the chart) 6.01 cushion setting a record of $1.647M per carat, which beat the Graff Vivid blue internally flawless 7.03 cushion sold at 1.350M per carat finishing at $9.49 million on May 12, 2009. That’s around a 33% increase in comparable adjusted value over two years. The vivid reds and greens are extremely rare and almost impossible to compare, let alone appraise. According to Jordan Fine, VP AMGAD, a leading supplier and attendee of the "Argyle" pink diamond auctions. Lately, AMGAD has seen a significantly increased demand for Argyle Pink Diamonds in sizes from 0.20cts-1.00ct. It is our belief that many collectors are looking to own a piece of the historic mine, which is closing shortly.

Argyle has done a very good job marketing and branding their product, printing a certificate of authenticity for each pink diamond mined that is in excess of 0.15cts. After 30 years’ experience of booms and busts in the market, I’m bullish with no reservations with regards to knowledgeable and diligent acquisitions in the fancy colored diamond market. Natural pearls Another auction record for the most ever paid for a pair of natural pearl ear pendants (designed by Bulgari, pictured above) sold for just shy of $2 million dollars from the Liz Taylor Collection. Alex Vock, a pearl connoisseur and source for natural pearls previewed this suite stating, "These were amazing―the matching, the luster, the color and the shapes all present in gem quality." Collector quality jewels with provenance You just missed the shot of the decade for a long term commitment to a legendary piece of historical/Hollywood history. Every single lot of the Elizabeth Taylor Legendary Jewels was sold with no shortfalls in Christie’s December 13, 2011 auction, known officially as The Collection of Elizabeth Taylor: The Legendary Jewels Evening Sale.

With a haul of almost $116 million, the sale was the most valuable private collection of jewels sold at auction, dwarfing the previous record set in Geneva in 1987 by the Duchess of Windsor’s Jewels which commanded $50 million (though $50 million in 1987 would have had the spending power of $137 million today). The bidding frenzy went two to three or even more times over the high estimated value and included many types of jewelry that are not the usual "auction" favorites, such as Indian Mughul jewelry, and world records for Natural Pearl, Ruby, Emerald and fancy Colored Diamond were all broken. Plenty of time to jump in 2012―While the most knowledgeable amongst us are paying seemingly top prices to stay in the game, the notion that it is too late to begin is simply grounded in fear. Collectors residing in the Far and Middle East are market makers. Their collector instinct for acquiring and storing wealth in gold and gemstones is intrinsic to their culture. These seemingly high prices paid today will drive the market to future highs based on strong market fundamentals of limited supply and growing demand.

Contributing research by Jane Scott Photo Credits: Record Breaking Sales Forecast: Future Volatility = Surging Values Natural fancy colored diamonds are the most potent form of concealable and transportable wealth on the planet. (Photo Above) David Wolf and Jennifer Vichinsky David Wolf and Jennifer Vichinsky Wolf and Vichinsky are appraisers with decades of experience.

Question: Five tons of which precious jewels are mined annually - ?
Answer: Diamonds