“Move over Diamonds!” CNN touts Spinels & Tourmalines as “Big Four” Alternatives
Sarah Royce-Greensill
CNN
“In 2016, jeweler Olivia Young of Ouroboros sold a red spinel ring for £6,000 ($7,700). Last year, the client’s insurance company paid out £30,000 ($38,400) to replace it. Experts say that this previously overlooked gemstone is rocketing in desirability and value, as collectors look beyond the so-called “Big Four’” (diamonds, emeralds, rubies and sapphires) for more affordable, niche gemstones that may just be a shrewd investment.”
“Found in Sri Lanka, Myanmar, Vietnam, Afghanistan, Tajikistan and some African countries, spinels come in a range of colors, from vivid blue, pink and red to dusky grey, green and purple. Until they were properly identified in the 18th century, red spinels were called rubies; the 170-carat Black Prince’s Ruby at the front of the Imperial State Crown, part of the British Crown Jewels, is in fact a spinel. In 2015, the auction house Bonhams sold the 50.13-carat Hope Spinel for a world-record £962,500 ($1.22m) — over six times its estimate — helping to catapult the stone into public consciousness.”
Lily Gabriella
Spinels and Tourmalines
Royce-Greensill is making a good point about collecting, affordability, and asking very good sources for comments in this holiday shopping feature story.
For example, “Historically, spinels have been regarded as less important and therefore more affordable, but they are becoming increasingly desirable,” said Jennifer Tonkin, Bonhams co-head of jewelry. Charles Abouchar, director of Geneva based Abouchar SA, notes that “as rubies, sapphires, and emeralds have become very expensive and scarce, people have begun buying other gemstones that were previously more affordable, causing prices to rise significantly.” Such is the case with Paraiba Tourmalines as well as Red Spinels.
And there’s more to read. Tap here to continue this CNN feature report.
