Coloured gems market 'poised for rapid growth'

COLOUR STORY: Sales of gems such as rubies and sapphires are predicted to grow faster than the rest of the jewellery sector. (Getty Images)

The coloured stones market is set to expand faster than other jewellery categories in the next five years, according to a new survey released by the Dubai Gems Club (DGC), a subsidiary of the Dubai Multi Commodities Centre (DMCC).

The findings of the survey were released at the ICA International Gem Fair 2008, the region's first dedicated coloured stones trade show, being held in Dubai this week.

The research was commissioned by the DGC and interviewed 50 traders as well as more than 100 consumers in Dubai, news agency WAM reported.

Key research findings reveal that of the projected jewellery sales mix over the next three years, coloured stones will account for 26 per cent of total jewellery sales in Dubai by 2011.

While historical sales data is not recorded, it is estimated that coloured stones sales currently represent a small percentage of overall jewellery sales.

Coloured gemstone dealers cited that rubies, sapphires and emeralds were the fastest selling coloured gemstones, comprising 44 per cent, 28 per cent and 24 per cent respectively of their gemstone inventory.

Traders and consumers also highlighted their preference for oval shaped coloured stones set in 18 karat white and yellow gold.

Gaiti Rabbani, executive director, Coloured Stones and Pearls Division, DMCC, said: "The driver for the growing demand for coloured stones is today's fashion conscious consumer, who seeks unique jewellery varieties."

On a global basis, the market for all gemstones stands at $80 billion, representing 55 per cent of total global jewellery industry sales.

The global gemstone market includes roughly $10 billion of coloured stones and $70 billion of diamonds and diamond jewellery.

The survey also revealed that coloured stones trade is expected to grow at around six per cent annually by 2010.

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