A one-time favourite of Indian royalty, emeralds continue to be popular among Indian consumers who are attracted both by their mesmerising green shades and the astrological significance they hold. While restricted supply is a limiting factor, manufacturers and traders tell Stephen Rego that the magical hues of the stone cannot be easily substituted and emeralds will continue to hold sway even among modern consumers.

For centuries it vowed royalty, not just in India, but in multiple countries across the world. From Cleopatra to Emperor Jehangir and from Shah Jahan to the Queens of Iran, perhaps there is no other gemstone that has been so universally popular among the elites across the globe as the emerald. The magical hues of its deep green, and the scintillating effect it has on a piece of jewellery made it a prized possession in days gone by. %% Today, these same factors ensure that the stone remains very much in vogue, and emeralds are the one gemstone that is seen on the Red Carpets at the Oscars, the Grammys, Cannes and numerous other celebrity events across the world. This year not only was it the most prominent gemstone at the Oscars, but it staged a remarkable coup at the 64th Annual Cannes Film Festival, which will go down in the annals of the event as “The Year of the Emerald” with Angelina Jolie, Uma Thurman, Melanie Griffiths and model Bianca Balti all sporting some stunning emerald jewellery. %% What makes an emerald so special? Is it the long and glamorous history as the stone that has adorned the rich and successful? Is it the mesmerising shades of its deep green that remain unmatched by any other natural gemstone? Is it the mythological and physiological factors that different cultures and civilisations believed to be associated with it? Perhaps all of these have catapulted it to a different plane, put it on a pedestal, so to speak. (see Box) Like many of its illustrious gem counterparts, the emerald industry too faces its own challenges. Says Anil Tambi of the Thailand-based Emerald Mines Co Ltd “There is a huge shortage of good quality stones and an escalation in the prices of raw materials. Today the demand for good quality in large sizes is far in excess of the supply, and this factor is pushing prices up.” %% Shyam Sunder Khatoria of Sumangal Gems also believes that shortages have been driving up prices. “The demand exceeds supply and most manufacturers are facing a rough shortage. We have been getting some supplies from Zambia and Brazil, but not enough to keep pace with the demand. Over the last few months, as a result, prices have risen anywhere between 10-25 per cent depending on the quality of the stones and other factors.” %% Dharmendra Tank of Heeralal Chhaganlal Tank agrees that, “There has been a constant escalation in prices, by between 10-25 per cent over the last few months, and our clients find it difficult to digest the price jump.” %%

He adds, “Unfortunately there is no formal price list for emeralds based on which dealers can make a decision. But if you compare the prices of standard commercial goods from important traders, then you will find that there is hardly a 5-15 per cent difference. This could be due to a number of factors—variations in quality, personal tastes and demandsupply equations. So even though there is no formal price list, actually a good bit of standardisation has developed over the years.” Tambi however avers that the price factor can be combated by boosting buyer’s confi dence in the stones. “We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.” The experience of Gemfi elds, the company that in partnership with the government, operates the Kagem mine in Zambia, which uses modern, organised mining methods and is the fi rst to offer an integrated pipeline to bring emeralds directly from the mine to the international market, also seems to bear this out. %% The Kagem Emerald Mine covers an area of approximately 43 sq km, located in the central part of NRERA, Zambia. The company estimates that its production accounts for approximately 20 per cent of the world’s emerald supply, and it says that its state-of-theart mining facility is able to produce a reliable and consistent confl ict-free emerald supply from a responsible source. The producer also strives to ensure local communities around its mines grow with a focus on sustainability and supporting things like schools, medical clinics, and local organic farming. Moreover, it works to minimise its impact on the natural surroundings and conserve the environment as in planting trees and fi lling old mining pits with water and fi sh. “Gemfi elds says the true beauty of gems lies in the manner in which they’re managed,” says Ian Harebottle, CEO. %% In July, Gemfi elds held an auction of (predominantly higher quality) rough emeralds in Singapore. Thirty-nine companies were invited to attend the auction, with thirty-eight of these placing bids for the material on offer. The auction saw 1.07 million carats mined by Gemfi elds placed on offer, with 0.74 million carats being sold and generating record auction sales of US$ 31.6 million. %% A company statement notes, “When compared with the auction of goods of similar quality held in December 2010, per carat prices showed a 63 per cent increase from US$ 26.2 per carat to US$ 42.7 per carat. This provides a clear indication of robust growth in both prices and demand for emeralds in general, and Gemfields ethical emeralds in particular.” %%

Khatoria says that the strong demand for this unique stone will continue. “Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.” %% Pawan Kumar Patni of Pihu Gems concurs that, “Though at present the market is fairly quiet, in India demand is stable and exports will continue to flourish. Emerald is a special stone after all. Being a non-standard business with many different qualities of stones coming from so many different mines, there are bound to be variations in price. The key is being able to satisfy the specific needs for individual stones or for sets that the clients have. Prices can then be negotiated from deal to deal.” %% Tank too is confident about the business prospects. “There is good demand at present and our regular business is going well. Retailers come to us with specific needs based on the design that they have in mind, or for stones that are unusual and very different. %% “India is a very important market with more and more affluent consumers moving up from mid-quality stones to better-to-high end products. Where earlier emerald jewellery was crafted in traditional designs worn only for special occasions or weddings, the new consumer who is very aware, educated and fashion conscious is even looking for classic designer pieces in emeralds.” Tank believes that shortages will persist, particularly at the higher end, especially as there is “no substitute for the unique green colour of the natural emerald, and it is a limited natural resource.” %% In the fashion jewellery segment there are options like tsavorite, and at the lower end of the maket where there is mass production, stones are being enhanced through both traditional and modern techniques. %% “There is nothing wrong with enhancements,” Tank stresses, “as these have been part of the industry practice for many decades. But it is crucial that there is full disclosure. They are a legitimate way to do business but only if the consumer is clearly informed about it. Otherwise it could lead to a dent in consumer confidence with serious consequences for the emerald market.” %%

{{{{The Glorious Green}}}}%% Emeralds are fascinating gemstones. They are a variety of the mineral beryl (Be3Al2(SiO3)6). Pure beryl is colourless, but the green of the emeralds is by trace amounts of chromium and sometimes vanadium. Beryl has a hardness of 7.5–8 on the 10 point Mohs scale of mineral hardness. Highly-saturated colours and inclusion-free gems are extremely rare and most precious, though most emeralds are highly included, so their toughness (resistance to breakage) is classifi ed as generally poor. The oldest known emeralds were found near the Red Sea in Egypt though these gemstone mines, already exploited by Egyptian pharaohs between 3000 and 1500 B.C. and later referred to as ‘Cleopatra’s Mines’, had already been exhausted by the time they were rediscovered in the early 19th century. %% The treasures of the Indian maharajas and maharanis were full of wonderful emeralds. One of the world’s largest is the so-called ‘Mogul Emerald’. It dates from 1695, weighs 217.80 carats, and is some 10 cm in length. One side of it is inscribed with prayer texts, and engraved on the other there are magnifi cent fl oral ornaments. This legendary emerald was auctioned by Christie’s of London to an unidentifi ed buyer for US$ 2.2m on September 28th 2001. %% There are many different languages from which the name emerald could have evolved, though the most likely is that it comes from the Greek ‘smaragdos’ via the Old French ‘esmeralde’, and really just means ‘green gemstone’. The Incas and Aztecs of South America, where the best emeralds are still found today, regarded the emerald as a holy gemstone. %% Many centuries ago, the Vedas said this of the precious green gems and their healing properties: ‘Emeralds promise good luck ...’ and ‘The emerald enhances the well-being ...’. The green of the emerald is also recognised as the colour of life and of the season of spring, a sign of freshness and rebirth. It has also, for centuries, been the colour of beauty and of constant love. In ancient Rome, green was the colour of Venus, the goddess of beauty and love. No matter how long it has been adored, emerald green retains its lively vigour in all its nuances; more so because it always changes somewhat between the bright light of day and the artifi cial light of a lamp. %%

Emeralds have always been valued for their mythological powers and strengths, and were commonly known to help and soothe vision. Ancient philosopher Pliny commented that green “gladdened the eye without tiring it” and Nero was said to view gladiator fi ghts through a large, transparent emerald. Ancient Egyptians often buried mummies with an emerald hung from their neck in hopes of providing eternal youth. Many physical and emotional ailments are also said to be helped by wearing emeralds. Throughout time, these gems have been assigned healing powers for: depression, insomnia, the immune system, diabetes and blood detoxifi cation, among many others. %% The green gemstone is perhaps the only one to have a special cut named after it — the emerald cut. While the clear design of this rectangular or square cut with its bevelled corners brings out the beauty of this valuable gemstone to the full, it also protects it from mechanical strain. Depending on the number of inclusions emeralds may also be cut in other shapes, most often a round cabochon, or the emerald beads that are popular in India. Today, many emeralds are enhanced with colourless oils or resins. This is a general trade practice and on that has been in existence for years. %% Emeralds are regarded as the traditional birthstone for May, as well as the traditional gemstone for the astrological signs of Taurus, Cancer and sometimes Gemini. Emeralds from Zimbabwe are among the oldest gemstones anywhere in the world. They were already growing 2600 million years ago, whilst some specimens from Pakistan, for example, are a mere 9 million years young. %% Normally, chromium and vanadium are concentrated in quite different parts of the Earth’s crust to beryllium, but the stones were created as a result of varied tectonic and geological processes, which also produced some minor and some not so minor fl aws. Thus a large emerald with good colour and good transparency is rarely found. %% Emeralds are found in Colombia, Zambia, Brazil, Zimbabwe, Madagascar, Pakistan, India, Afghanistan and Russia. Of these Zimbabwe’s famous Sandawana Mine, and the famous emerald mines of Colombia produced the highest quality of stones, while today, the fi ner quality stones come from Zambia, Zimbabwe and Brazil.

{{|*“We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.”*| - Anil Tambi}}

{{|*“Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.”*| - Shyam Sunder Khatoria}}

{{|*“India is a very important market with more and more affluent consumers moving up from mid-quality stones to better to highend products. The new consumer, who is very aware, educated and fashion conscious, is even looking for classic designer pieces in emeralds.”*| - Dharmendra Tank}}

A one-time favourite of Indian royalty, emeralds continue to be popular among Indian consumers who are attracted both by their mesmerising green shades and the astrological significance they hold. While restricted supply is a limiting factor, manufacturers and traders tell Stephen Rego that the magical hues of the stone cannot be easily substituted and emeralds will continue to hold sway even among modern consumers.

For centuries it vowed royalty, not just in India, but in multiple countries across the world. From Cleopatra to Emperor Jehangir and from Shah Jahan to the Queens of Iran, perhaps there is no other gemstone that has been so universally popular among the elites across the globe as the emerald. The magical hues of its deep green, and the scintillating effect it has on a piece of jewellery made it a prized possession in days gone by. %% Today, these same factors ensure that the stone remains very much in vogue, and emeralds are the one gemstone that is seen on the Red Carpets at the Oscars, the Grammys, Cannes and numerous other celebrity events across the world. This year not only was it the most prominent gemstone at the Oscars, but it staged a remarkable coup at the 64th Annual Cannes Film Festival, which will go down in the annals of the event as “The Year of the Emerald” with Angelina Jolie, Uma Thurman, Melanie Griffiths and model Bianca Balti all sporting some stunning emerald jewellery. %% What makes an emerald so special? Is it the long and glamorous history as the stone that has adorned the rich and successful? Is it the mesmerising shades of its deep green that remain unmatched by any other natural gemstone? Is it the mythological and physiological factors that different cultures and civilisations believed to be associated with it? Perhaps all of these have catapulted it to a different plane, put it on a pedestal, so to speak. (see Box) Like many of its illustrious gem counterparts, the emerald industry too faces its own challenges. Says Anil Tambi of the Thailand-based Emerald Mines Co Ltd “There is a huge shortage of good quality stones and an escalation in the prices of raw materials. Today the demand for good quality in large sizes is far in excess of the supply, and this factor is pushing prices up.” %% Shyam Sunder Khatoria of Sumangal Gems also believes that shortages have been driving up prices. “The demand exceeds supply and most manufacturers are facing a rough shortage. We have been getting some supplies from Zambia and Brazil, but not enough to keep pace with the demand. Over the last few months, as a result, prices have risen anywhere between 10-25 per cent depending on the quality of the stones and other factors.” %% Dharmendra Tank of Heeralal Chhaganlal Tank agrees that, “There has been a constant escalation in prices, by between 10-25 per cent over the last few months, and our clients find it difficult to digest the price jump.” %%

He adds, “Unfortunately there is no formal price list for emeralds based on which dealers can make a decision. But if you compare the prices of standard commercial goods from important traders, then you will find that there is hardly a 5-15 per cent difference. This could be due to a number of factors—variations in quality, personal tastes and demandsupply equations. So even though there is no formal price list, actually a good bit of standardisation has developed over the years.” Tambi however avers that the price factor can be combated by boosting buyer’s confi dence in the stones. “We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.” The experience of Gemfi elds, the company that in partnership with the government, operates the Kagem mine in Zambia, which uses modern, organised mining methods and is the fi rst to offer an integrated pipeline to bring emeralds directly from the mine to the international market, also seems to bear this out. %% The Kagem Emerald Mine covers an area of approximately 43 sq km, located in the central part of NRERA, Zambia. The company estimates that its production accounts for approximately 20 per cent of the world’s emerald supply, and it says that its state-of-theart mining facility is able to produce a reliable and consistent confl ict-free emerald supply from a responsible source. The producer also strives to ensure local communities around its mines grow with a focus on sustainability and supporting things like schools, medical clinics, and local organic farming. Moreover, it works to minimise its impact on the natural surroundings and conserve the environment as in planting trees and fi lling old mining pits with water and fi sh. “Gemfi elds says the true beauty of gems lies in the manner in which they’re managed,” says Ian Harebottle, CEO. %% In July, Gemfi elds held an auction of (predominantly higher quality) rough emeralds in Singapore. Thirty-nine companies were invited to attend the auction, with thirty-eight of these placing bids for the material on offer. The auction saw 1.07 million carats mined by Gemfi elds placed on offer, with 0.74 million carats being sold and generating record auction sales of US$ 31.6 million. %% A company statement notes, “When compared with the auction of goods of similar quality held in December 2010, per carat prices showed a 63 per cent increase from US$ 26.2 per carat to US$ 42.7 per carat. This provides a clear indication of robust growth in both prices and demand for emeralds in general, and Gemfields ethical emeralds in particular.” %%

Khatoria says that the strong demand for this unique stone will continue. “Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.” %% Pawan Kumar Patni of Pihu Gems concurs that, “Though at present the market is fairly quiet, in India demand is stable and exports will continue to flourish. Emerald is a special stone after all. Being a non-standard business with many different qualities of stones coming from so many different mines, there are bound to be variations in price. The key is being able to satisfy the specific needs for individual stones or for sets that the clients have. Prices can then be negotiated from deal to deal.” %% Tank too is confident about the business prospects. “There is good demand at present and our regular business is going well. Retailers come to us with specific needs based on the design that they have in mind, or for stones that are unusual and very different. %% “India is a very important market with more and more affluent consumers moving up from mid-quality stones to better-to-high end products. Where earlier emerald jewellery was crafted in traditional designs worn only for special occasions or weddings, the new consumer who is very aware, educated and fashion conscious is even looking for classic designer pieces in emeralds.” Tank believes that shortages will persist, particularly at the higher end, especially as there is “no substitute for the unique green colour of the natural emerald, and it is a limited natural resource.” %% In the fashion jewellery segment there are options like tsavorite, and at the lower end of the maket where there is mass production, stones are being enhanced through both traditional and modern techniques. %% “There is nothing wrong with enhancements,” Tank stresses, “as these have been part of the industry practice for many decades. But it is crucial that there is full disclosure. They are a legitimate way to do business but only if the consumer is clearly informed about it. Otherwise it could lead to a dent in consumer confidence with serious consequences for the emerald market.” %%

{{{{The Glorious Green}}}}%% Emeralds are fascinating gemstones. They are a variety of the mineral beryl (Be3Al2(SiO3)6). Pure beryl is colourless, but the green of the emeralds is by trace amounts of chromium and sometimes vanadium. Beryl has a hardness of 7.5–8 on the 10 point Mohs scale of mineral hardness. Highly-saturated colours and inclusion-free gems are extremely rare and most precious, though most emeralds are highly included, so their toughness (resistance to breakage) is classifi ed as generally poor. The oldest known emeralds were found near the Red Sea in Egypt though these gemstone mines, already exploited by Egyptian pharaohs between 3000 and 1500 B.C. and later referred to as ‘Cleopatra’s Mines’, had already been exhausted by the time they were rediscovered in the early 19th century. %% The treasures of the Indian maharajas and maharanis were full of wonderful emeralds. One of the world’s largest is the so-called ‘Mogul Emerald’. It dates from 1695, weighs 217.80 carats, and is some 10 cm in length. One side of it is inscribed with prayer texts, and engraved on the other there are magnifi cent fl oral ornaments. This legendary emerald was auctioned by Christie’s of London to an unidentifi ed buyer for US$ 2.2m on September 28th 2001. %% There are many different languages from which the name emerald could have evolved, though the most likely is that it comes from the Greek ‘smaragdos’ via the Old French ‘esmeralde’, and really just means ‘green gemstone’. The Incas and Aztecs of South America, where the best emeralds are still found today, regarded the emerald as a holy gemstone. %% Many centuries ago, the Vedas said this of the precious green gems and their healing properties: ‘Emeralds promise good luck ...’ and ‘The emerald enhances the well-being ...’. The green of the emerald is also recognised as the colour of life and of the season of spring, a sign of freshness and rebirth. It has also, for centuries, been the colour of beauty and of constant love. In ancient Rome, green was the colour of Venus, the goddess of beauty and love. No matter how long it has been adored, emerald green retains its lively vigour in all its nuances; more so because it always changes somewhat between the bright light of day and the artifi cial light of a lamp. %%

Emeralds have always been valued for their mythological powers and strengths, and were commonly known to help and soothe vision. Ancient philosopher Pliny commented that green “gladdened the eye without tiring it” and Nero was said to view gladiator fi ghts through a large, transparent emerald. Ancient Egyptians often buried mummies with an emerald hung from their neck in hopes of providing eternal youth. Many physical and emotional ailments are also said to be helped by wearing emeralds. Throughout time, these gems have been assigned healing powers for: depression, insomnia, the immune system, diabetes and blood detoxifi cation, among many others. %% The green gemstone is perhaps the only one to have a special cut named after it — the emerald cut. While the clear design of this rectangular or square cut with its bevelled corners brings out the beauty of this valuable gemstone to the full, it also protects it from mechanical strain. Depending on the number of inclusions emeralds may also be cut in other shapes, most often a round cabochon, or the emerald beads that are popular in India. Today, many emeralds are enhanced with colourless oils or resins. This is a general trade practice and on that has been in existence for years. %% Emeralds are regarded as the traditional birthstone for May, as well as the traditional gemstone for the astrological signs of Taurus, Cancer and sometimes Gemini. Emeralds from Zimbabwe are among the oldest gemstones anywhere in the world. They were already growing 2600 million years ago, whilst some specimens from Pakistan, for example, are a mere 9 million years young. %% Normally, chromium and vanadium are concentrated in quite different parts of the Earth’s crust to beryllium, but the stones were created as a result of varied tectonic and geological processes, which also produced some minor and some not so minor fl aws. Thus a large emerald with good colour and good transparency is rarely found. %% Emeralds are found in Colombia, Zambia, Brazil, Zimbabwe, Madagascar, Pakistan, India, Afghanistan and Russia. Of these Zimbabwe’s famous Sandawana Mine, and the famous emerald mines of Colombia produced the highest quality of stones, while today, the fi ner quality stones come from Zambia, Zimbabwe and Brazil.

{{|*“We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.”*| - Anil Tambi}}

{{|*“Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.”*| - Shyam Sunder Khatoria}}

{{|*“India is a very important market with more and more affluent consumers moving up from mid-quality stones to better to highend products. The new consumer, who is very aware, educated and fashion conscious, is even looking for classic designer pieces in emeralds.”*| - Dharmendra Tank}}

A one-time favourite of Indian royalty, emeralds continue to be popular among Indian consumers who are attracted both by their mesmerising green shades and the astrological significance they hold. While restricted supply is a limiting factor, manufacturers and traders tell Stephen Rego that the magical hues of the stone cannot be easily substituted and emeralds will continue to hold sway even among modern consumers.

For centuries it vowed royalty, not just in India, but in multiple countries across the world. From Cleopatra to Emperor Jehangir and from Shah Jahan to the Queens of Iran, perhaps there is no other gemstone that has been so universally popular among the elites across the globe as the emerald. The magical hues of its deep green, and the scintillating effect it has on a piece of jewellery made it a prized possession in days gone by. %% Today, these same factors ensure that the stone remains very much in vogue, and emeralds are the one gemstone that is seen on the Red Carpets at the Oscars, the Grammys, Cannes and numerous other celebrity events across the world. This year not only was it the most prominent gemstone at the Oscars, but it staged a remarkable coup at the 64th Annual Cannes Film Festival, which will go down in the annals of the event as “The Year of the Emerald” with Angelina Jolie, Uma Thurman, Melanie Griffiths and model Bianca Balti all sporting some stunning emerald jewellery. %% What makes an emerald so special? Is it the long and glamorous history as the stone that has adorned the rich and successful? Is it the mesmerising shades of its deep green that remain unmatched by any other natural gemstone? Is it the mythological and physiological factors that different cultures and civilisations believed to be associated with it? Perhaps all of these have catapulted it to a different plane, put it on a pedestal, so to speak. (see Box) Like many of its illustrious gem counterparts, the emerald industry too faces its own challenges. Says Anil Tambi of the Thailand-based Emerald Mines Co Ltd “There is a huge shortage of good quality stones and an escalation in the prices of raw materials. Today the demand for good quality in large sizes is far in excess of the supply, and this factor is pushing prices up.” %% Shyam Sunder Khatoria of Sumangal Gems also believes that shortages have been driving up prices. “The demand exceeds supply and most manufacturers are facing a rough shortage. We have been getting some supplies from Zambia and Brazil, but not enough to keep pace with the demand. Over the last few months, as a result, prices have risen anywhere between 10-25 per cent depending on the quality of the stones and other factors.” %% Dharmendra Tank of Heeralal Chhaganlal Tank agrees that, “There has been a constant escalation in prices, by between 10-25 per cent over the last few months, and our clients find it difficult to digest the price jump.” %%

He adds, “Unfortunately there is no formal price list for emeralds based on which dealers can make a decision. But if you compare the prices of standard commercial goods from important traders, then you will find that there is hardly a 5-15 per cent difference. This could be due to a number of factors—variations in quality, personal tastes and demandsupply equations. So even though there is no formal price list, actually a good bit of standardisation has developed over the years.” Tambi however avers that the price factor can be combated by boosting buyer’s confi dence in the stones. “We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.” The experience of Gemfi elds, the company that in partnership with the government, operates the Kagem mine in Zambia, which uses modern, organised mining methods and is the fi rst to offer an integrated pipeline to bring emeralds directly from the mine to the international market, also seems to bear this out. %% The Kagem Emerald Mine covers an area of approximately 43 sq km, located in the central part of NRERA, Zambia. The company estimates that its production accounts for approximately 20 per cent of the world’s emerald supply, and it says that its state-of-theart mining facility is able to produce a reliable and consistent confl ict-free emerald supply from a responsible source. The producer also strives to ensure local communities around its mines grow with a focus on sustainability and supporting things like schools, medical clinics, and local organic farming. Moreover, it works to minimise its impact on the natural surroundings and conserve the environment as in planting trees and fi lling old mining pits with water and fi sh. “Gemfi elds says the true beauty of gems lies in the manner in which they’re managed,” says Ian Harebottle, CEO. %% In July, Gemfi elds held an auction of (predominantly higher quality) rough emeralds in Singapore. Thirty-nine companies were invited to attend the auction, with thirty-eight of these placing bids for the material on offer. The auction saw 1.07 million carats mined by Gemfi elds placed on offer, with 0.74 million carats being sold and generating record auction sales of US$ 31.6 million. %% A company statement notes, “When compared with the auction of goods of similar quality held in December 2010, per carat prices showed a 63 per cent increase from US$ 26.2 per carat to US$ 42.7 per carat. This provides a clear indication of robust growth in both prices and demand for emeralds in general, and Gemfields ethical emeralds in particular.” %%

Khatoria says that the strong demand for this unique stone will continue. “Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.” %% Pawan Kumar Patni of Pihu Gems concurs that, “Though at present the market is fairly quiet, in India demand is stable and exports will continue to flourish. Emerald is a special stone after all. Being a non-standard business with many different qualities of stones coming from so many different mines, there are bound to be variations in price. The key is being able to satisfy the specific needs for individual stones or for sets that the clients have. Prices can then be negotiated from deal to deal.” %% Tank too is confident about the business prospects. “There is good demand at present and our regular business is going well. Retailers come to us with specific needs based on the design that they have in mind, or for stones that are unusual and very different. %% “India is a very important market with more and more affluent consumers moving up from mid-quality stones to better-to-high end products. Where earlier emerald jewellery was crafted in traditional designs worn only for special occasions or weddings, the new consumer who is very aware, educated and fashion conscious is even looking for classic designer pieces in emeralds.” Tank believes that shortages will persist, particularly at the higher end, especially as there is “no substitute for the unique green colour of the natural emerald, and it is a limited natural resource.” %% In the fashion jewellery segment there are options like tsavorite, and at the lower end of the maket where there is mass production, stones are being enhanced through both traditional and modern techniques. %% “There is nothing wrong with enhancements,” Tank stresses, “as these have been part of the industry practice for many decades. But it is crucial that there is full disclosure. They are a legitimate way to do business but only if the consumer is clearly informed about it. Otherwise it could lead to a dent in consumer confidence with serious consequences for the emerald market.” %%

{{{{The Glorious Green}}}}%% Emeralds are fascinating gemstones. They are a variety of the mineral beryl (Be3Al2(SiO3)6). Pure beryl is colourless, but the green of the emeralds is by trace amounts of chromium and sometimes vanadium. Beryl has a hardness of 7.5–8 on the 10 point Mohs scale of mineral hardness. Highly-saturated colours and inclusion-free gems are extremely rare and most precious, though most emeralds are highly included, so their toughness (resistance to breakage) is classifi ed as generally poor. The oldest known emeralds were found near the Red Sea in Egypt though these gemstone mines, already exploited by Egyptian pharaohs between 3000 and 1500 B.C. and later referred to as ‘Cleopatra’s Mines’, had already been exhausted by the time they were rediscovered in the early 19th century. %% The treasures of the Indian maharajas and maharanis were full of wonderful emeralds. One of the world’s largest is the so-called ‘Mogul Emerald’. It dates from 1695, weighs 217.80 carats, and is some 10 cm in length. One side of it is inscribed with prayer texts, and engraved on the other there are magnifi cent fl oral ornaments. This legendary emerald was auctioned by Christie’s of London to an unidentifi ed buyer for US$ 2.2m on September 28th 2001. %% There are many different languages from which the name emerald could have evolved, though the most likely is that it comes from the Greek ‘smaragdos’ via the Old French ‘esmeralde’, and really just means ‘green gemstone’. The Incas and Aztecs of South America, where the best emeralds are still found today, regarded the emerald as a holy gemstone. %% Many centuries ago, the Vedas said this of the precious green gems and their healing properties: ‘Emeralds promise good luck ...’ and ‘The emerald enhances the well-being ...’. The green of the emerald is also recognised as the colour of life and of the season of spring, a sign of freshness and rebirth. It has also, for centuries, been the colour of beauty and of constant love. In ancient Rome, green was the colour of Venus, the goddess of beauty and love. No matter how long it has been adored, emerald green retains its lively vigour in all its nuances; more so because it always changes somewhat between the bright light of day and the artifi cial light of a lamp. %%

Emeralds have always been valued for their mythological powers and strengths, and were commonly known to help and soothe vision. Ancient philosopher Pliny commented that green “gladdened the eye without tiring it” and Nero was said to view gladiator fi ghts through a large, transparent emerald. Ancient Egyptians often buried mummies with an emerald hung from their neck in hopes of providing eternal youth. Many physical and emotional ailments are also said to be helped by wearing emeralds. Throughout time, these gems have been assigned healing powers for: depression, insomnia, the immune system, diabetes and blood detoxifi cation, among many others. %% The green gemstone is perhaps the only one to have a special cut named after it — the emerald cut. While the clear design of this rectangular or square cut with its bevelled corners brings out the beauty of this valuable gemstone to the full, it also protects it from mechanical strain. Depending on the number of inclusions emeralds may also be cut in other shapes, most often a round cabochon, or the emerald beads that are popular in India. Today, many emeralds are enhanced with colourless oils or resins. This is a general trade practice and on that has been in existence for years. %% Emeralds are regarded as the traditional birthstone for May, as well as the traditional gemstone for the astrological signs of Taurus, Cancer and sometimes Gemini. Emeralds from Zimbabwe are among the oldest gemstones anywhere in the world. They were already growing 2600 million years ago, whilst some specimens from Pakistan, for example, are a mere 9 million years young. %% Normally, chromium and vanadium are concentrated in quite different parts of the Earth’s crust to beryllium, but the stones were created as a result of varied tectonic and geological processes, which also produced some minor and some not so minor fl aws. Thus a large emerald with good colour and good transparency is rarely found. %% Emeralds are found in Colombia, Zambia, Brazil, Zimbabwe, Madagascar, Pakistan, India, Afghanistan and Russia. Of these Zimbabwe’s famous Sandawana Mine, and the famous emerald mines of Colombia produced the highest quality of stones, while today, the fi ner quality stones come from Zambia, Zimbabwe and Brazil.

{{|*“We offer transparent and fi xed prices, plus a buyback guarantee, something not often seen in the coloured gemstone trade, and this has yielded positive results.”*| - Anil Tambi}}

{{|*“Emerald has always been an important stone in the local market in India, and now we are seeing that even in China the demand for better qualities and bigger sizes is picking up.”*| - Shyam Sunder Khatoria}}

{{|*“India is a very important market with more and more affluent consumers moving up from mid-quality stones to better to highend products. The new consumer, who is very aware, educated and fashion conscious, is even looking for classic designer pieces in emeralds.”*| - Dharmendra Tank}}