25 Sep 2022
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Gemfields’s report:HOST NATIONS ROBBED OF TRUE VALUE OF THEIR GEMSTONE RESOURCES
Gemstone values are underdeclared at export – with rough gems often sold for prices well below market value; setting the value at the time of foreign sale, rather than at the point of export, would remedy this, says Sean Gilbertson, CEO, Gemfields, in a freewheeling conversation with Suneeta Kaul
By: Diamond World News Service
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May 4 2022 12:32PM
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Reference: 26316  

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The coloured gemstone industry is at a very different stage compared to the diamond industry. Gemfields is one of few large-scale mining companies within the coloured gemstones industry and we strive to improve transparency and reporting across the sector.What prompted Gemfields to come out with the Global Emerald & Ruby Supply: Analysing Market Data report?
Gemfields is a world-leading miner of responsible coloured gemstones, and we launched Global Emerald & Ruby Supply: Analysing Market Data with the aim of furthering the understanding of the industry through more transparent and available data relating to international coloured gemstone supply. To our knowledge, it is the first report about coloured gemstone rough production

Why is there so little data about colour gemstones, when compared with diamonds?
The Global Emerald & Ruby Supply: Analysing Market Data report draws on data from a variety of sources – from production and extraction reports to export data. Challenges arise given the distinct lack of available data. The vast majority of coloured gemstones are extracted by artisanal mining, both formal and informal, for which scant reporting standards exist.

In addition, coloured gemstones often originate from countries that do not have strong reporting standards. The data that does exist can be inconsistent in terms of gemstone forms – for instance, rough versus cut-and-polished – and units of measurement, with some export and production data presented in terms of quantity (which can be stated in kilograms or carats), and some in value, (typically stated in US dollars), but rarely with both weight and value together.

This presents a significant issue, as gemstones vary tremendously in value depending upon their quality, which is, in turn, determined by subtle variations in factors, such as clarity and colour, as well as by their weight.

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