China’s appetite for precious gems as symbols of wealth is sending prices in Scotland and globally rocketing.
Gemstone seller Helen Plumb, of Just Gems in Cults, Aberdeen, told the Press and Journal emerald prices were “going ballistic” just now.
Prices for rubies, sapphires, aquamarines and toumarines are also racing ahead as Far Eastern buyers scour international markets for high-quality, coloured gems, she said.
Ms Plumb said coloured stones were becoming the must-have status symbol for a growing number of wealthy Chinese.
She added: “The Chinese have always venerated gems, but many have now got the resources to buy them.
“They would much rather have colourful stones than diamond-studded Rolex watches, or flash motors with personalised number plates.”
Ms Plumb said jade, now the world’s second most expensive coloured stone, was the most highly prized jewel in the Far East, where rapidly growing demand for untreated specimens is exhausting global supplies.
She added: “At one time, people from around the world went to China to bring back jewellery.
“Now, Chinese buyers are moving around provincial auction houses and second-hand jewellers in Europe to pick up gems.”
Underlining the impact on the market for high-quality stones, Ms Plumb said aquamarine prices had shot up 250% in just 18 months to more than £218 per carat, or at least £1,100 for a typical pendant jewel. Good quality emeralds are selling for around £3,750 per carat, up from about £625 three years ago, she said.
A ruby Ms Plumb had valued at £23,000 earlier this year is now said to be worth more than £30,000.
At a Christie’s auction in May, a jade ring fetched more than £1.6million, which was five times its estimated price.
The rocketing prices mean that high-quality gemstones are increasingly seen as a sound investment.
They are regarded as an alternative to putting cash into bank accounts, or stocks and shares.
Indeed, many wealthy Chinese are snapping up jade necklaces, rings and bracelets as long-term investments.
They are counting on the gemstone’s steady ascent as a safer home for their cash than Shanghai’s stock market or gold.
Market prices for gold have been volatile lately.
Gem expert Adrian Smith provides valuation services for private clients and jewellery shops across Scotland.
He said: “China and other emerging markets are putting pressure on the supply of gemstones.
“The largest gains have been at the top end of the market where more people with new-found wealth in emerging markets are in a position to demand the best that nature can offer.