A Deep Dive Into The Value Of Emeralds

The origins of emerald

Emeralds, this green variety of the mineral beryl, formed over a billion years ago in the Earth's crust, however they were only discovered around 500BC by the Egyptians. 

When the Spanish conquistadors discovered the emerald mines of Colombia they began popularising and trading the gems around the world from the same mines (Muzo & Chivor) which still produce some of the worlds finest gems today. 

Now we shall examine the factors that make these Colombian emeralds some of the finest in the world. 

The four Cs of emerald: 

Colour

The varying presence of trace elements, chromium, vanadium & iron give emerald its precise colour. 

The most valued colour for emeralds is pure green to a blueish green colour. If the stone is too blue or yellow in colour then the stone is deemed not to actually be an emerald but another variety of beryl instead. If it is not deemed an emerald then the stone loses its value. 

Look for vivid colour saturation, a tone neither too light nor too dark and even colour distribution. In the highest qualities it often requires a well trained eye to tell the difference between varieties that make a significant impact on emerald value. 

Clarity 

The presence of inclusions in emeralds is somewhat common. Eye clean emeralds are very rare and extremely valuable. The inclusions are often referred to as ‘jardin’ which means garden in French because they are known to have a mossy, garden-like look to them. Even high quality emeralds are often seen with some inclusions. If the inclusions mean the stone begins to lose transparency then the value of the emerald is significantly decreased, however some feel that it offers a unique charm. 

Many treatments are used to enhance the clarity of emeralds and the extent to which treatments have been used to enhance clarity can be confirmed by lab analysis. 

Cut 

A lapidarist must consider the depth of colour as well as any inclusions/ weak points within the stone when cutting an emerald. Emeralds are more brittle than sapphires and usually have fractures present that make them difficult to cut. 

Emeralds are dichroic stones and can be seen as bluish green to yellowish green depending on the angle they are viewed from. The lapidarist can cut the stone to show more of the bluish green colour that is highly prized in emeralds. As well as this, facets and proportions can be altered to bring out the best colour in a stone. 

The most popular cut for an emerald gemstone is the emerald cut because emeralds are quite brittle which makes them susceptible to fractures. The emerald cut maintains the structural integrity of the gemstone. 

Carat Weight 

Emeralds can be found in large sizes of a few hundred carats, although larger specimens are generally worth more than smaller stones. A smaller stone with excellent colour could be more valued than a larger stone with poor colour and clarity. 

Larger high quality stones are very rare and consequently the cost per carat increases in larger sizes. A fine emerald can even be more expensive than a diamond of the same carat. 

Emerald treatments

Very few natural emeralds on the market are completely untreated. If you do come across untreated natural emeralds you can expect to pay 3 times the cost for a similar emerald that has had an oiling treatment for example. 

Unlike sapphires emeralds are almost never heat treated because they are too fragile and would likely break in the process, however fracture filling is commonplace for emeralds. 99% of emeralds have surface reaching fractures that are filled with either oil, resin, wax or something else. 

Fracture filling improves the clarity of the stone, despite their rating as 7.5 - 8 on the MOHs scale for hardness, oiling the stone to fill the fractures enhances durability simultaneously. 

Oiling emeralds 

Very often cedarwood oil is used because of its similar refractive index to emerald. 

Oil treatments aren’t permanent or stable. Time, heat or incorrect cleaning technique can cause the oil to leach out, evaporate or even change colour. The good news is that emeralds can be re-oiled if necessary, usually required every 5-10 years. 

Resins 

Resins are a good alternative to oiling because they usually remain inside the emerald for longer. 

Glued Emeralds 

This is when two rough emerald stones are glued together and then cut and polished into the final gemstone. The downside is that these emeralds eventually dry out and fall apart. Consequently, these gemstones are rarely stocked by jewellers and hold little value. 

Coloured oil 

Coloured oil is sometimes used to enhance the colour of an emerald. This practice isn’t admired in the industry and consequently these gems typically have little value on the market. 

Synthetic emerald

Synthetic emerald is one of the most difficult & expensive gems to synthesize because the chemical components do not easily combine, requiring expensive equipment, large amounts of energy and a long process with a very little yield. 

While synthetic emeralds often have excellent clarity, their origin restricts their value to around 5%-10% of natural emeralds of a similar quality. 

Natural emerald - from the mine to the market  

It can take a quarter tonne of mining ore just to yield 1 gram of emerald rough. This emerald rough will then need to be cut and polished to reach the final stone meaning weight loss against that gram. These production costs associated with mining impact the final price that you pay at your chosen retailer. 

Notable Sources Of Emerald

The origin of an emerald influences its value, much like French wines are often highly regarded, Colombian emerald is widely associated with the finest qualities. The origin of an emerald can be determined & certified by lab testing. 

Colombian Emerald

The two major mining areas in Colombia are Muzo & Chivor. These mines produce the majority of the world’s emeralds. Colombian emeralds are some of the most expensive on the market, known for their exceptional quality and deep green hues. 

Typically once sizes reach 1 carat or greater, the finest colours of Colombian emeralds are found.

Zambian Emerald

Zambian emeralds are considered the second most significant source of emeralds to Colombia. 

Zambian emeralds have a higher refractive index than Colombian emeralds meaning they have greater brilliance. At the same time however they have a higher iron content which means they don’t show fluorescence like the Colombian emeralds do. 

Siberian Emerald

Siberian Emeralds exhibit excellent clarity as well as excellent colour saturation and tone. 

Brazilian Emerald 

Brazilian emerald’s consistent availability at affordable prices has made it one of the world's most popular sources of emerald. Especially because Brazil can cater to high quality sub-carat stones in large quantities that are of excellent colour. Their hue is often lighter than from other sources. 

Brazil is also known to produce stones with relatively excellent clarity compared to other mining sources. 

Emerald Value & Demand Is Increasing

It may come as no surprise that emerald is incredibly rare and in short supply with limited mining locations worldwide. Some estimate that emeralds are 20 times rarer than diamonds.

A study of emerald prices at auction has shown annual increases of 10% year over year. Most notably for emeralds of the highest qualities tend to see the greatest ongoing increase in value. Ongoing record breaking emerald sales at auction go to show that demand is high. 

One of the reasons the demand for emerald gemstones is on the rise is because people are looking for alternative investments to diversify their portfolios.

One report suggests that the emerald market size is estimated to grow by a CAGR of approximately 5% year over year to 2030. 

Cultural Significance Of Emeralds

In ancient Egypt, pharaohs and queens wore emeralds believing in their power to grant immortality and renew life. Notably, Cleopatra popularised the connection between emeralds and royalty. 

In the Inca cultures of South America, emeralds were regarded as sacred stones, often offered to the deities as signs of protection. 

European royalty has long treasured emeralds as symbols of power and wealth. Emeralds can still be seen in the British crown jewels today, for example the imperial state crown contains 11 emeralds. 

This long history of association with wealth and royalty demonstrates the deep rooted value of emeralds. 

Some of the most expensive emeralds

The Aga Khan emerald was sold at Christie’s for approximately 8.8 million USD in November 2024 - a record breaking figure for any emerald sold at auction. A 37 carat square cut Colombian emerald brooch or pendant which was designed by Cartier over 60 years ago, bordered by 20 marquise-shaped diamonds. 

Another famous expensive emerald is the 18 carat Rockefeller emerald ring which sold for 5.5 million USD again at Christie's auction house. A Colombian emerald with intense saturation of a bluish green hue in a medium tone without any inclusions make it one of the finest emeralds ever discovered. 

Finally

So when you are purchasing your next emerald ring or necklace you should be thinking about colour, clarity, carat & the cut as well as asking the following questions: 

• What treatments has it had?

• Is this lab grown? 

• What is the origin of the stone?

 

 

 

 

 

If you are looking for a sterling silver emerald ring, you check out our selection here.