Gem Education
Gem Investment
Gemstones as alternative assets — what makes a stone investable, and how to build a collection that holds value.
What to Look For
Investment Criteria
Unheated status
An unheated certificate is the single most important factor for investment grade coloured stones. It preserves rarity and commands the highest resale premiums.
Prestigious origin
Kashmir sapphires, Burmese pigeon blood rubies, and Colombian emeralds consistently outperform other origins at auction. Origin must be certified.
Fine colour
Investment stones sit at the top of the colour grade — vivid, well-saturated, and even. The difference between "fine" and "very fine" can be 3–5× in price per carat.
Major lab certificate
GIA, GRS, Gübelin, or SSEF. Without a certificate from one of these four bodies, a stone has limited resale liquidity in the international market.
Carat weight
Above certain weight thresholds — typically 3ct for sapphires, 2ct for rubies, 5ct for emeralds — price per carat rises sharply due to rarity. Large fine stones are exponentially scarcer.
Minimal treatment
Beyond unheated status, look for stones with no fracture filling, no diffusion, and good natural clarity. Each additional treatment reduces long-term value.
Market
Where Gems Are Sold
The primary resale markets for investment-grade gems are the major international auction houses. Liquidity is lower than equities, but fine gems have historically held value well against currency fluctuation and inflation.
Christie's
World records for rubies and sapphires. The benchmark for top-tier coloured stones.
Sotheby's
Regular coloured stone sales, strong results for Kashmir sapphires.
Bonhams
Growing coloured stone category, competitive buyer's premiums.
Dorotheum
Vienna-based, strong European collector market for fine gems.
Disclaimer
Important Note
Gemstones are illiquid assets. Unlike equities or bonds, they cannot be sold instantly at a known price. Values depend on condition, certification, market sentiment, and finding the right buyer.
We recommend purchasing gemstones primarily for their beauty and the joy of ownership, with investment value as a secondary consideration. Do not invest money you cannot afford to have tied up for 5–10 years.
Always consult an independent, qualified gemmologist and financial advisor before making significant gemstone investments.