Global Gemstone Market Analysis by Oxford Analytics Limited

The global gemstone and jewelry market continues to evolve, influenced by supply challenges, shifting consumer demand, and rising gold prices. Below is the latest snapshot for 2025.

Prices increased 10–20% globally, mainly due to supply shortages from Myanmar’s ongoing civil conflict. High-quality Burmese rubies are increasingly scarce, driving collectors and luxury buyers to secure stones from alternative sources.

Prices rose 10–15%, with ethically sourced Sri Lankan sapphires showing the strongest growth. Royal blue and Padparadscha varieties remain highly desirable, with unheated stones commanding record premiums.

Appreciated 5–20%, led by Colombian emeralds, which continue to dominate the Western luxury market. Zambian emeralds are gaining traction, especially in Europe, due to their balance of color and clarity.

Experienced 5–10% growth, though performance varied by region. Stones like spinel, tourmaline, and chrysoberyl cat’s eye have seen increased attention from collectors seeking alternatives to traditional gems.

Natural diamonds remain stable at the high end, but the rise of lab-grown diamonds has reshaped mid-market demand. Exceptional D–F color and flawless clarity natural stones continue to hold premium investment status.

Gold prices surged 39% year-on-year in 2025, significantly affecting jewelry production costs. This increase is pushing some consumers toward gemstone-focused investments, viewing rare natural stones as inflation-resistant assets.

When investing in or purchasing a gemstone, one of the most valuable documents you can receive is a gemstone analysis report. This report, issued by a recognized gemological laboratory, provides detailed insights into the stone’s identity, authenticity, and quality. Understanding its contents is essential for buyers, collectors, and jewelry enthusiasts alike.

The first section of an analysis report usually confirms the type of gemstone (e.g., sapphire, ruby, emerald) and whether it is natural or synthetic. Details such as the shape, cut, dimensions, and carat weight are also included, helping buyers match the stone to its physical description.

Color is one of the most critical factors in determining a gemstone’s beauty and value. The report describes the hue, tone, and saturation, along with the level of transparency. For example, a sapphire may be noted as having a vivid royal blue hue with excellent transparency — qualities that significantly enhance its rarity and desirability.

A reliable analysis will often mention characteristics such as refractive index, pleochroism, and birefringence. These measurements confirm the stone’s identity and help distinguish it from possible imitations. For instance, sapphires display pleochroism — meaning they can show different shades of color when viewed from different angles.

Many gemstones undergo treatments to improve their appearance. Common enhancements include heat treatment, oiling, or diffusion. An analysis report clearly states whether such treatments are detected. Untreated stones, especially sapphires and rubies, often command higher market values due to their rarity.

In some cases, laboratories can determine the geographic origin of a gemstone, such as “Sri Lanka (Ceylon),” “Burma (Myanmar),” or “Kashmir.” Origin plays a significant role in market value, as certain locations are renowned for producing exceptional stones.

Every natural gemstone has its own internal fingerprint. The report may describe inclusions, growth lines, or other natural features. Far from being flaws, these are often proof of a stone’s natural origin and help gemologists differentiate between natural, synthetic, or treated gems.

It’s important to note the difference between a certificate and a report. A certificate is a formal guarantee of authenticity, while a report is an expert opinion based on testing. Reputable laboratories, however, ensure the highest accuracy and reliability in both.

A gemstone analysis report is not just paperwork — it is your assurance of trust and transparency. Whether you are purchasing a sapphire engagement ring or investing in a rare Padparadscha, the report helps you make informed decisions, verify authenticity, and understand the true value of your gem.