By Jennifer Heebner, Editor in Chief
Colored gemstone and cultured Pearl sales are strong, but with ongoing sourcing struggles, election-year jitters, and international conflicts, the current landscape can be tough to navigate. AGTA asked its membership of nearly 1,100 dealers, designers, retailers, and students about what’s on their mind, top sales to date, tips for peers, and more.
Prices Are a Top Concern
Asked about what’s keeping members up at night, most responded that prices—of everything—were responsible. From daily necessities to monthly Internet and cable bills to transportation, medicine, and more, costs keep rising, and the gemstone and cultured Pearl industry isn’t immune. For consumers, bigger bills mean less money for fine jewelry.
“It’s not to say people don’t like jewelry, they do, but when it comes down to it, there are far fewer customers today than there were 20 years ago because of the cost of living and the change in the way we engage with the market,” says Belle Brooke Barer, Belle Brooke Designs, LLC.
Gold prices are high, too. The price per ounce at press time was $2,394, a record sum due in part to two international armed conflicts—Ukraine and Russia, and Israel and Gaza. “High gold prices are generally bad for the jewelry industry,” says Daniel Assaf, The Tsavorite Factory (USA), Inc.
Financial troubles in China are also impacting the U.S. market through fewer sales, though it’s not a scenario that dealers expect will mitigate the high prices they’re paying for gem-quality goods. “Heated Sapphires and Rubies are selling at a much faster pace than nonheated,” says Alan Afshin Hackman, Intercolor USA. “I guess it’s due to the astronomical price differences.”
This landscape is so financially fraught that it’s created some difficult client conversations.
“Constantly fluctuating costs of materials make it a challenge to keep prices consistent and requires more communication with our clients to keep them informed,” says Joshua Israileff, ASBA USA, Inc.
One more matter that could be exacerbating climbing costs? Some sky-high gemstone sales at auction houses. “I feel they are a big reason for higher overall prices,” adds Assaf.
What Colored Gemstone Jewelry Do You Wear?
“My favorite piece is my ‘Fairy’ necklace with Ethiopian Opals.”
—Belle Brooke Barer, Belle Brooke Designs, LLC
“I love my “Bubble” South Sea Pearls pieces made by Sean Gilson for Assael.”
—Peggy Grosz, Assael
“I have a ring with a cabochon-cut cats eye Chrysoberyl, which is a great understated stone for guys to wear.”
—Monte Zajicek, Equatorian Imports
Gemstones With Big Industry Impact
“Montana Sapphire has exploded in popularity and is highly sought after, not just the color but locality.”
— Jeremy Chalchinsky, Color Source Gems
“Spinel created a whole new category of gemstones that never existed. Spinel broke the glass ceiling and opened the path for many other overlooked gemstones.”
—Jaimeen Shah, Prima Gems USA, LLC
“For me, the discovery of Paraíba Tourmaline since it is recent and shook the whole industry for those selling gems and creating fine jewelry.
—Brian Charles Cook, Nature’s Geometry, Inc.
“For me it has been Ethiopian Opal … gorgeous and priced low enough for fine goods so I can enjoy, amazing margins with tremendous impact in our designs.”
— Mark Loren, Mark Loren Designs
“Sapphire and Tourmaline and because they come in so many colors.”
— Yehouda Saketkhou, Yael Designs
“In the 1980s, it was Topaz, then Amethyst, then Tanzanite, and now tsavorite Garnet, Sapphire, and Zircon.”
— Marc Altman, B&E Jewelers
5 Surprises for 2024
1
“The pushback against synthetic Diamonds and AGTA’s commitment to selling only natural gemstones at its shows have been on my radar. As someone who has been using natural Diamonds and gemstones for the better part of my career, and as someone who is concerned about transparent sourcing, I think this is a win for AGTA and for the industry in general.”
—Belle Brooke Barer, Belle Brooke Designs, LLC
2
“Prices remain high and are even climbing for fine stones despite diminished demand and slower sales.”
—Wesley Aframian, Jewelerette & Co.
3
“The overall rise of colored gemstones, especially the high-end category, in the trade as a stable go-to product for consumers of all asset classes.”
—Jaimeen Shah, Prima Gems USA, LLC
4
“The continued impact of lab-grown Diamonds on the natural Diamond market.”
—Joshua Israileff, ASBA USA, Inc.
5
“The sustained popularity of Pearls. At GemFair Tucson, we met more designers shopping for
loose Pearls who had never worked with the material.”
—Israileff
Sales & Training Tips
“Explain gemstone rarity and how the value of gems can increase over time. Because each gem is unique, it might not be available again.”
—Belle Brooke Barer, Belle Brooke Designs, LLC
“Remember that some gemstones require time to find a home. A stone you bought today may take two or three years to sell.”
—Daniel Assaf, The Tsavorite Factory (USA), Inc.
“Expose shoppers to gemstones of different qualities and price points so they have a better understanding of what they’re buying.”
—Wesley Aframian, Jewelerette & Co.
“Color sales differ from Diamonds in that Diamonds have a grid of color, clarity, and cutting, and everything falls within that grid. In color sales, passion plays a huge part because color invokes passion.”
—Jaimeen Shah, Prima Gems USA, LLC
“Focus on beauty and passion and how to communicate those in an emotionally appealing way instead of being overly technical.”
—Elichai Fowler, Elichai Fine Jewelry
“Have staffers wear colored gemstone jewelry and then ask them to learn about it and share their new knowledge.”
—Mark Loren, Mark Loren Designs
“Have staff check out online sellers to get an idea of pricing so they can better respond to customer questions. It helps everyone to know approximate pricing.”
—Jeremy Chalchinsky, Color Source Gems
“One of the best learning experiences you can give yourself is to visit the gem shows in Tucson.
—Yehouda Saketkhou, Yael Designs
Biggest Sale This Year
“A one-of-a-kind hinged cuff bracelet in oxidized silver with 18K yellow gold, Diamond, and a cabochon-cut Brazilian Agate.”
—Belle Brooke Barer, Belle Brooke Designs, LLC
“Double strand of round gem-quality 11mm multicolor Tahitian pearls. “It took us over six months to put it together and was one of—if not—the nicest strand we’ve put together in 15 years.”
—Joshua Israileff, ASBA USA, Inc.
“Fine 12.5 ct. lilac-color Spinel.”
—Yehouda Saketkhou, Yael Designs
“A 10.84 ct. cuprian Tourmaline from the original Batalha Mine, Paraíba, Brazil.”
—Brian Charles Cook, Nature’s Geometry, Inc.
“A one-of-a-kind 29 ct. gray untreated Zoisite.”
—Bryan Lichtenstein, 3090 Gems, LLC
“A Bvlgari Serpanti watch bracelet from the 1960s.”
—Wesley Aframian, Jewelerette & Co.
“Some ‘spiderweb’ and clear natural Turquoise
from Persia.”
—Shahriyar Zamansani, Top Turquoise, Inc.
7 Business Victories for 2024
1
“We are working on a new Garnet mining project in Malawi.”
—Daniel Assaf, The Tsavorite Factory (USA), Inc.
2
“We had a successful GemFair Tucson with 50% of our sales to new clients.”
—Simon Watt, Mayer & Watt
3
“I’m starting to apprentice three of my children in the business.”
—Elichai Fowler, Elichai Fine Jewelry
4
“We discovered a new overseas source of clear blue natural Persian Turquoise.”
—Shahriyar Zamansani, TopTurquoise, Inc.
5
“I made a sale to the National Collection at the Smithsonian Institution.”
—Bryan Lichtenstein, 3090 Gems, LLC
6
“My store is returning to making more of its own products in-house.”
—Marc Altman, B&E Jewelers
7
“We’re managing to keep our sales up despite high gold prices and more store
closings.”
—Candace Edelman, Alex Sepkus, Inc.
Pet Peeves
“People asking for a discount. You don’t go to the grocery or department store and ask for a discount, do you?”
—Belle Brooke Barer, Belle Brooke Designs, LLC
“Long payment or memo terms, stock rebalancing, and returns, in general.”
—Daniel Assaf, The Tsavorite Factory (USA), Inc.
“Knockoffs—designers copying other designers!”
—Candace Edelman, Alex Sepkus, Inc.
“Lab reports overstepping their roles. Are we selling stones or are we selling paper?”
—Simon Watt, Mayer & Watt
“Correct use of the terms enhancement and treatment. For example, oiling an Emerald is an enhancement while dying an Emerald is a treatment.”
—Monte Zajicek, Equatorian Imports
“Lab reports being referred to as ‘certs.’ They are reports!”
—Bryan Lichtenstein, 3090 Gems, LLC
“Untrained salespeople. I cringe when I hear some one ‘free-styling’ a sales pitch that sounds one-part Wikipedia and another part fiction.”
—Joshua Israileff, ASBA USA, Inc.
What's Working, What's Not
“I am eliminating the shopping cart on my website and going back to more of a wholesale-led model instead of selling direct to consumers online. I am also limiting my stock and production of silver.”
—Belle Brooke Barer, Belle Brooke Designs, LLC
“The incorporation of unusual materials into our Pearl and Coral offerings is working better and
more quickly than expected. What is not working is our older retail accounts and their persistent resistance to Pearl strands. Younger retailers, newer to the business, see Pearl strands as exciting and a ‘must have’ and sell them, but the retailers who saw Pearl popularity in the 1980s, 90s, and early 00s seem stuck in a state of ‘We don’t sell Pearls any longer.’
—Peggy Grosz, Assael
“We’re staying aggressive with keeping our inventory replenished. Given the increased demand for Pearls, we have been active in our communications with the farms we deal with to make sure our stock is constantly being updated.”
—Joshua Israileff, ASBA USA, Inc.
“We have many effective practices, such as our streamlined custom design process, my incredible staff in the front of the house, and the production staff in the back. They all work as a supportive team to offer superb experiences to our clients. We have solid multi-prong social media efforts and put a ton of images and video out on social media to feed people’s visual cravings.”
—Mark Loren, Mark Loren Designs
“I am selling star Sapphires and other unusual gems like bicolor stones, items that others generally do not carry. I am surprised at the lack of demand for medium quality, and the reduced availability of new material. This period has a similar feeling to the time around
1980 when the gemstone market crashed from its sky-high level. The U.S. gemstone industry recovered only after the big Tanzanite strike and the ascent of heated fine blue Sapphire, which supplied the market with new and beautiful blue gemstones at a low price. Plus, we saw the rise of East Africa and Madagascar as main sources for many types of gems. Can we expect that to happen again?”
—John Bachman, John M. Bachman, Inc.
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