Rahul Jain of Hong-Kong based Caram
By David Brough
HONG KONG – Sapphires are outperforming in the high end coloured gemstones market, including unusual shades as buyers seek extraordinary items, Rahul Jain, director at Hong Kong-based Caram, said.
“Based on our experience as an exhibitor at the September Hong Kong show, sapphires continue to be very strong performers,” Mr Jain told Jewellery Outlook, referring to Jewellery & Gem WORLD Hong Kong, where Caram was an exhibitor.
“Beyond the classic blues, we’re seeing increasing demand for more unusual shades — pink, teal, and lavender sapphires in particular are gaining traction, as collectors and designers seek something distinctive and rare.”
5 ct Kashmir sapphire
20+ carat pair of unheated teal sapphires
19-ct unheated pink sapphire from Sri Lanka
Spinels are also enjoying a moment, especially fine material from Tanzania, Mr Jain said.
10 ct pink spinel from Mehenge, Tanzania
“In fact, red Burmese spinels are now competing head-to-head with rubies in certain segments of the market. We were delighted to place a very important spinel jewel during this show, which underlined this trend.”
As for the broader market, natural coloured gemstones remain resilient, with steady demand from both private clients and the trade, according to Caram.
“Consumers are increasingly drawn to pieces with individuality and provenance, and the narrative of rarity continues to resonate,” Mr Jain said.
Regarding crushed-gem and laboratory-grown coloured stone jewellery, Caram have not yet seen a significant impact on their market segment.
“That said, the experience of the diamond sector with lab-grown stones serves as a reminder that we must continue to differentiate,” Mr Jain said.
“For us, the key is storytelling — sharing the human and cultural heritage of gemstone mining, the millions of years of natural creation, and the intrinsic value of fine gems as enduring assets, not just fashion statements.”
Insights from Caram on the present coloured gemstones market:
• Sapphires remain strong sellers — especially unusual shades like pink, teal, and lavender.
• Collectors want the distinctive: rare colours and unique gems are driving demand.
• Spinels are rising fast — Tanzanian spinels are selling very well, and Burmese red spinels are competing directly with rubies. Caram even sold a very important spinel jewel during the show.
• Market outlook: natural coloured gemstones remain resilient, supported by demand for rarity, provenance, and individuality.
• Lab-grown & crushed gem jewellery: not yet a major threat, but we must remain vigilant. The diamond sector shows how disruptive lab-grown can be.
• Natural story matters: we emphasize that fine gemstones are shaped by nature over millions of years, sustain communities, and represent an investment — not just a fashion item.
