Spinel

The riser among coloured gemstones.

Spinel, unset, from the atelier.

The stone

Spinel may be the most underestimated gemstone in history. For centuries it was taken for ruby — the celebrated Black Prince's Ruby in the British crown is in truth a red spinel.

Today spinel is enjoying a renaissance. Connoisseurs prize its exceptional brilliance, its clarity and a colour range running from vivid red through pink to intense cobalt blue. And it is almost never treated.

Origins

Burma (Mogok, Man Sin): The classic source, and the best. Burmese spinels in hot pink or jedi red are among the most sought-after coloured stones on the market. Cobalt blue spinels from Burma are extreme rarities.
Tanzania (Mahenge): Mahenge spinels in luminous pink to neon rose have caused a stir since their discovery in 2007. The deposits are limited and demand keeps climbing.
Sri Lanka, Tajikistan, Vietnam: Further sources with characters of their own. Sri Lanka yields fine blues and violets, Tajikistan the historically important reds.

Spinel as an investment

Spinel is the stone whose standing in the market has changed most visibly in the past ten years: from being mistaken for ruby to a category of its own, with its own records. Prices for Burmese and Mahenge stones have risen clearly in that time, from a low base.

The 50.13-carat “Hope Spinel” made GBP 962,500 at Bonhams London in September 2015, around USD 1.4 million at the time — an auction record for a spinel.

Almost always untreated — a decisive advantage over ruby and sapphire
Sharply rising demand at still moderate prices
Cobalt blue spinels are among the rarest gemstones of any kind
Mahenge spinels have gone from new find (2007) to a collector category of their own
Limited supply: spinel is mostly a by-product of ruby mining
The connoisseur's stone — not yet in every shop window, but long since in the major auctions

Quality criteria

Colour: Red (jedi red), hot pink and cobalt blue are the most valuable hues. Luminous, saturated colours command the highest prices.
Origin: Burma is the reference for red and cobalt blue, Mahenge for pink and neon rose. Origin is documented on the certificate.
Clarity: Spinels are often naturally very clean — eye-clean stones are more common than in ruby or emerald.
Treatment: The great advantage: spinels are almost without exception untreated. “No heat” is the standard, which simplifies valuation considerably.
Size: Red and blue spinels above 5 carats are rare, cobalt blues above 3 carats extreme rarities. Pink spinels are available in larger sizes.
Certificate: GIA, SSEF, Gübelin or GRS with origin. For cobalt blue, confirmation of cobalt on the certificate matters.

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.

Personally

The connoisseur's stone

A fine spinel needs no treatment and no long explanation, only a practised eye. I look at every stone myself, red, pink or cobalt blue, and tell you honestly whether it is worth its price.

If you would like to talk about a spinel, you can reach me directly.