Emerald, unset, from the atelier.
The stone
Emeralds have held a particular fascination since antiquity. Cleopatra was obsessed with them; the Mughal emperors had them engraved with verses from the Koran. A fine emerald remains one of the most coveted stones in the world.
That characteristic green comes from traces of chromium and vanadium. The best examples show a deep, saturated green with a luminosity no other green stone reaches.
Origins
- Colombia (Muzo, Chivor, Coscuez)
- The reference for five hundred years. Colombian emeralds from the Muzo mine show the ideal warm green with a breath of blue. “Muzo green” is a fixed term among connoisseurs — and commands the highest prices.
- Zambia (Kagem)
- The most important African source. Zambian emeralds are often darker and slightly bluer than Colombian ones, but frequently cleaner and considerably less expensive. An excellent way in.
- Brazil, Ethiopia, Afghanistan
- Further sources capable of good qualities. For serious investment, Colombia and Zambia remain the preferred origins.
Emerald as an investment
Emeralds appreciate by around 5 per cent a year on average — considerably more for fine Colombian stones above 3 carats.
The 18.04-carat Colombian Rockefeller Emerald made USD 5.5 million at Christie's in 2017: over USD 300,000 per carat.
- Top-quality Colombian material is growing scarce; the best mines are near exhausted
- Demand has been historically stable for centuries
- High emotional and cultural value worldwide
- Zambia offers an attractive entry with solid appreciation
- Fine emeralds above 5 carats are exceptionally rare
- Lower volatility than rubies, with a steadier price curve
Quality criteria
- Colour
- The ideal green is intense, saturated and luminous — neither too dark nor too yellow. Muzo green is the benchmark.
- Origin
- Colombia commands the highest prices, followed by Zambia. Origin must be documented on the certificate.
- Clarity
- Emeralds are almost always included — it is part of their character, and the trade calls it the jardin. Eye-clean stones are extremely rare and valuable.
- Treatment
- Most emeralds are treated with oil or resin. “No oil” and “minor oil” sell for a multiple. For investment, aim for no oil to minor.
- Size
- Above 3 carats in fine quality, prices rise disproportionately. Colombian stones above 5 carats without oil are rarities.
- Certificate
- Mandatory: Gübelin, SSEF, GRS or GIA — with origin and oil classification.
The information on this page is provided for information purposes only and does not constitute investment advice. Past performance is not a reliable indicator of future results.
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A hundred and eighty years of family trade, personal relationships with the finest gemstone suppliers worldwide, and a buying network I have built over more than a decade. Straight from the source, without middlemen.
I accompany you from selection through certification and storage to an eventual sale. Transparently, independently, in person.