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t the end of 2024, the head of a large Diamond firm told Susan Jacques that he spent more money on colored gemstones than he did on Diamonds. That’s a significant move for a diamantaire. “He was looking for diversification,” reveals the CEO of GIA. Anyone who has been paying attention to the market for the past several years can appreciate the dealer’s actions. When synthetic Diamond growers flooded the market with their products, demand for—and prices of—natural Diamonds diminished. Natural Diamond sellers watched in horror as the value of their inventories plummeted monthly in the “Rapaport Diamond Price List,” a benchmark for prices in major markets. This reality has led dealers like Jacques’ friend to start selling colored gemstones because that merchandise maintains or increases in worth.
Existing sellers of color are benefiting from this movement as well. Import data from the Bureau of Economic Analysis (BEA) reveals that colored gemstone imports skyrocketed 136% from 2020 to 2024. Diamond imports saw a bump between 2020 and 2022 to the tune of 45%, reflecting the demand of the COVID-19 era, but then plummeted 54% by 2024, which speaks to decreased demand and the volatility of Diamond prices. This is a landscape which Mehran “Mark” Basaleli of Elias & Sons Gem Company has never seen in his 43 years of selling Diamonds, colored gems, and cultured Pearls. Industry shifts now happen at a dizzying rate!
“I don’t think it’s a problem, but it is an integral part of the business,” he says. “Color means changes.” Color also means rarity, diversity, margins, and sales.
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