An Update on Spinel Sold at the Las Vegas JCK Show in 2024

Spinel has been on quite a dramatic ride! Confused with corundum for centuries, it was only identified as an independent species of gemstone in the late eighteenth century. Even after this discovery, spinel remained a very low-profile stone. That is something that has changed in the last decade. Many now regard spinel as a beautiful, more affordable, alternative to rubies and sapphires. Yet, even with this progress, it remains somewhat of a novelty stone. Here is what spinel sellers had to say about the current state of the market at the 2024 JCK show in Las Vegas.

A sentiment echoed by many was that spinel remains relatively unknown. Jannis Porcher, a representative for HC Arnoldi, said that their existing customers who admire the gem will go out of their way to request particular stones, but it isn't something that is on the radar for general shoppers. Thowfik Iqbal of Madagas Gem agreed with this, saying simply "normal people don't know spinel".

This is where generality ends. When speaking with dealers, it quickly became evident that no overarching statements about the spinel market can be made because the various colors all have different trajectories with regard to their trends in terms of both popularity and value. These are the varieties that people were talking about.

Gray

One might argue that the grey variety of spinel is what put the gem on the map for modern consumers five or six years ago. People fell in love with the sophisticated, elegant, and serene color expression that was smoothly distributed throughout the body of gemstones. Although prices for gray spinel had been increasing slowly for years, the sudden interest caused a spike in per-carat values. 

According to Arshed Aroos president & CEO of Ruwanpura Gems, LTD, values for gray spinel have recently plateaued. This is not an entirely unexpected change. As the initial excitement around the gem has started to wear off, one would anticipate that prices would level off.

Cobalt Blue

In the mid-1980s, scientists identified cobalt as the coloring agent for spinel with an especially bright blue hue. Since then, deposits have been found in places like Vietnam, Madagascar, Sri Lanka, and Tanzania to name a few.

Managing director of United Color Stone Co. Ltd. Muqbil Shinan Akbar Ali explained that he has seen prices for cobalt spinel continue to rise. He stated that new material costs two to three times as much as they used to a decade or more ago. 

Mr. Aroos said that he also has observed values for cobalt spinel climb. However, he noted that demand for his inventory is down. Due to this, Mr. Aroos predicts a rather sharp decrease in values of up to 20-30% over the next year. 

Red and Pink

The colors that buyers seem to be most excited about are vivid red and pink stones. Mr. Aroos proposed an example of a strongly colored 3 ct. stone red/pink spinel. Such a gem would, as recently as last year, be valued at about $3,000-4,000 per carat. Now, the value for the same stone is up to $6,000 per carat. Mr. Iqbal said that gems fetching the highest per-carat costs are pigeon blood stones from Burma.

As is true of some other gemstones, the geographic origin of red and pink spinel can affect the ultimate value. The location that was on everyone's lips was Mahenge, Tanzania. Mr. Ali stated that the red/pink Mahenge material has experienced a similar price hike as cobalt spinel. "Prices," he said, "are crazy! You can't get raw material!" 

There is also a sub-group of red/pink spinel that is especially bright called "Jedi spinel". This material exploded onto the scene when it was first discovered at the beginning of the millennium and it remains very popular to this day. Mr. Ali proudly presented a large tray filled with high-quality Jedi spinel. Clean material, he says, "is currently selling for about $2,000 per carat."