Diamonds are unspeakably timeless, but over time, they are losing out to gemstones in terms of popularity. A sparkling diamond may be a woman’s best friend, but today, it no longer holds the fort for being a symbol of love. If you are out shopping for jewelry, find out more about the latest market trend to learn about the hype on gemstones over diamonds.
The Diamond Story
Diamonds did not use to be a mandatory item for engagements like how they are today. The rarity of diamonds made them a popular choice for someone to declare their love. However, during the late 1880s and early 20th century, the scales tipped after an abundance of diamonds was found in the mines in South Africa. Towards the end of the century, diamonds took over the market due to aggressive marketing with the slogan “A Diamond is Forever”. Things took a turn when gemstones made a great comeback and today, colored gemstones are gaining massive traction among brides-to-be.
Inspired by Royalty
There has been a significant resurrection in the popularity of gemstones in the past decade within the bridal jewelry market. Wannabe brides are taking inspiration from the blue sapphire ring worn by Kate Middleton, the aquamarine ring worn by Meghan Markle, and the padparadscha sapphire ring worn by Princess Eugene. Many countries across the globe have seen massive growth in the demands for gemstones following this surging fame. Gemstones have also surpassed the value of diamonds in some auctions.
New Mining Sources
The mining of gemstones used to be restricted to just several countries or regions. However, new discoveries have been made in Zambia and Mozambique. These new regions produce quality amethyst, emeralds, chalcedony, aquamarine, malachite, garnet, and rubies. These new mines make gemstones much more affordable so consumers can take their pick at attractive margins.
Increasing Demand in Asia
A large percentage of gemstone demand comes from the Asia-Pacific region, specifically from China and India. The rising middle-class, increasing disposable income, and economic growth all contribute towards this surge in demand. This is not something new, especially where gemstones have been deeply rooted in healing practices and ancient traditions of countries like India.
Gemstones vs. Diamond
Colored gemstones are practical accessories that can easily complement any outfit. They are much more versatile for daily wear, unlike diamonds, due to their wide selection of colors. Colored gemstones are also much more affordable while also being equally durable and stunning as diamonds. Many jewelers have also incorporated colored gemstones into their line of other fashion accessories such as charms and necklaces to provide consumers with a large variety. For significant events like weddings and engagements, more people have also turned to gemstones such as quartz, amethyst, jade, and others which are also known to have therapeutic effects. Today, gemstones are not only used solely as good luck charms, they are also at times paired with diamonds, silver, and gold to create a collection of modern jewelry. The array of colors makes gemstone jewelry attractive and highly popular within the consumer market.