The Persians believed the Earth stood on it, God supposedly carved those ten commandments into tablets of it and now Kate Middleton is sporting it on her ring finger. Meet the blue sapphire, gemstone of choice for biblical kings and the late Princess Diana, now de rigueur among legions of royal admirers and, more recently, high-end jewelers.
Nearly three months after the announcement of Middleton’s engagementto Prince William, the flood of commoners wanting in on the fairytale still has purveyors of the cornflower blue sparklers scrambling to keep up.
“November was a record month by far, December was a record month by far, January, still a record month by far,” said Michael Arnstein, president of the Natural Sapphire Company and loose gem vendor to the likes of Cartier and Tiffany & Co. The online sapphire retailer, which sees $5-10 million in annual revenue, has Kate Middleton’s 18-carat Garrard rock to thank for the 300% increase in sales.“[She’s] a walking, talking fashion advertisement for the gemstone,” said Arnstein.
Sapphire mania appears to have penetrated all sectors of sapphire retail, low and high. Mark Aaron, Tiffany vice president of investor relations, confirms improved sales of blue sapphire rings, especially in Europe.
Sapphires are widely thought to be much rarer than diamonds. They command an estimated $800 million of the gemstone retail market according to Gemological Institute of America Senior Analyst, Russell Shor, citing a 2007 mining company study. This figure includes non-blue sapphires (the gemstone comes in all colors but red; a red sample would be called a ruby).
Unlike diamonds and gold, there is no widely-accepted price list that sets sapphire values, which makes for tricky investment planning. While he forecasts a bullish sapphire market, John Tolliver, president of Simply Sapphires, cautions against stockpiling the blue stunners unless you can afford to go big–really big.
If you’re looking for almost guaranteed ROI, Tolliver recommends shelling out for quality sapphires over 10 carats, Kashmir sapphires or an untreated sapphire–if you can get your hands on one, that is. More than 90% of sapphires on the market have received some form of processing treatment, making untreated specimens extremely rare and valuable.
As for the Kashmir lot, whose name is derived from its renowned Indian mine provenance, expect to pay a king’s ransom. In April 2007, an unnamed 22.66 carat Kashmir sapphire, once owned by railroad magnate, James J. Hill, sold at Christie’s for $3,064,000, the highest amount ever paid for a sapphire.
by Jane Lee
