A recent CNN article highlights the popularity and growing value of the spinel, previously overlooked by the market. In 2016 — the article points out — jeweler Olivia Young sold a red spinel ring for 6,000 pounds ($7,700). By 2022, its replacement cost had risen to 30,000 pounds ($38,400), demonstrating the growing desirability of this gemstone.
Spinels, — the article observes to its generalist audience — found in countries such as Sri Lanka, Myanmar, and Afghanistan, come in various colors and were historically mistaken for rubies. A key moment for the gemstone was the 2015 sale of the 50.13-carat Hope Spinel for £962,500 ($1.22 million), which brought the spinel into the spotlight.
Experts interviewed by CNN, including Jennifer Tonkin of Bonhams and Rahul Kadakia of Christie’s, pointed to the increased demand for red and pink spinels from Myanmar and Tajikistan. These gems, once considered more affordable, are now sought after for their rich colors and rarity and also because of rising prices and shortages of traditional gems such as diamonds, emeralds, rubies, and sapphires.
Geneva-based dealer Charles Abouchar spoke to CNN about the growing demand for colored gemstones such as spinels and Paraiba tourmalines. Discovered in Brazil in the 1980s, Paraiba tourmalines have become extremely rare and valuable, with high-grade specimens fetching up — notes the article — to $75,000 per carat.
CNN also featured insights from jewelry house Boghossian and Moti Ferder of Lugano Diamonds, who confirmed the enduring appeal and increasing value of Paraiba tourmalines. To cope with the high prices of these stones, Olivia Young and others are now considering Afghani tourmalines, which offer beautiful bichromatic hues.
The reporting of this shift toward unconventional gems illustrates that the broader trend of collectors and buyers seeking unique, natural alternatives to traditional Big Four gems has reached the general lay audience. CNN’s focus on this market shift underscores the growing mainstream interest in niche gems, both as a fashion statement and as a prudent investment.
