Gemstone
Gemstones are rare and durable minerals known for their unique crystallization and chemical stability. The most valued gemstones, often referred to as the "big four," include rubies, emeralds, diamonds, and sapphires, which are primarily recovered through mining processes. Diamonds, in particular, hold significant historical and economic importance, with major reserves located in Russia and Africa. These stones not only serve decorative purposes in jewelry but also have various industrial applications due to their hardness.
Historically, gemstones have been used since ancient civilizations for jewelry, amulets, and spiritual offerings, with notable examples including turquoise and lapis lazuli. Over the centuries, the value of different gemstones has fluctuated, influenced by discoveries of new reserves and changing consumer preferences. Recently, synthetic gemstones have gained popularity, particularly in industrial use, due to their lower cost and reduced environmental impact.
However, despite the rise of lab-created gems, natural stones still hold a special allure, rooted in tradition and cultural significance. The ethical implications surrounding gemstone mining, particularly concerning conflict minerals, have prompted greater awareness and regulation in the industry. Overall, gemstones continue to captivate and symbolize wealth, beauty, and the enduring appeal of nature’s treasures.
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Gemstone
Gemstones are rare, hard, chemically stable minerals that survive in the original form forever. Most gemstones have a simple chemical makeup, and their rarity comes from their unique crystallization, which is different for each gem. The "big four" gemstones, in order of descending value, are rubies, emeralds, diamonds, and sapphires. They are typically recovered by the process of mining. Diamonds, rubies, and sapphires also have a variety of industrial uses. Experts believe that most of the major gem reserves have already been discovered, so their value is likely to remain stable over time.
Perhaps the best-known gemstones are diamonds, which most geologists estimate to be between one and four billion years old. Russia is home to almost half of the world's recoverable diamond reserves, with the African continent housing most of the others. According to the World Atlas, as of 2024, the Aikhal mine in Russia was the largest operating diamond mine in the world.
Some of the world's rarest gemstones can also be found in the Andes Mountains, especially in Chile, which has one of the largest mining economies in the world. Chile is home to one of the world's largest deposits of lapis lazuli, a deep-blue semiprecious stone. Rich deposits of emerald, topaz, amethyst, and chrysoberyl (also known as alexandrite) can be found in the Ural Mountains of Russia.
Brief History
The earliest traces of jewelry date back to 3,000 to 400 BCE, in Mediterranean civilizations. They were usually simple amulets and seals that carried spiritual meaning. In those times, jewelry was used to dress up statues, and it was frequently offered to the gods. Ancient Egyptians also wore amulets and talismans.
Some of the earliest jewelry ever discovered was made from amber, a fossilized resin containing the remains of extinct coniferous trees. It is yellowish in color. Early amber jewelry came from the Orient, Morocco, Afghanistan, and the Baltic region. Ancient Egyptians were also fond of turquoise because of its distinctive color. Turquoise was particularly prized by the Aztecs, Persians, and Tibetans. Coral, once believed to have the ability to cure blood disorders, was also a popular jewel in ancient China. Lapis lazuli, still mined in Chile and Afghanistan, was also a very popular early gemstone.
Gemstone valuation has changed considerably over the last two millennia. Members of the quartz family were considered highly valuable commodities until about the Middle Ages, when significant new reserves were discovered. Now they are relatively inexpensive. The one exception, however, is amethyst, which remains a valuable stone today because of its rich purple color.
Benvenuto Cellini, a renowned Italian Renaissance goldsmith from the sixteenth century, wrote in his memoirs that ruby was considered the most valuable of all gems, followed by the sapphire. The diamond was ranked third, followed by the emerald. True rubies remain exceedingly valuable today, since in previous times they were often confused with other red stones like garnets and spinels.
Throughout much of the twentieth century, emeralds and rubies fought for the title of most valuable gem, and today flawless white diamonds are almost equal in value to high-quality sapphires. Other rare stones, such as alexandrite and colored diamonds, can far exceed the traditional big four gems in prices.
Overview
While jewelry remains the primary purpose for recovering natural gemstones, precious stones including diamonds, rubies, and sapphires have many industrial uses. Because of their hardness, diamonds are often used in drilling mechanisms and polishes. Sapphires are used in cell phone circuits, CB radios, and satellite communications. Glass made from sapphire glass is known for its exceptional durability, which is why it is used in body armor and windows for military vehicles. Rubies are used in laser production and in movements for clocks and watches. Diamonds and sapphires are also at the forefront of laser technology.
With advances in technology, synthetic gemstone production is gaining in popularity. So far, synthetic gems are primarily used in industrial capacities, but they are starting to gain traction in the jewelry world. In 2021, of the $95 million worth of gemstones produced in the United States, natural stones only accounted for $10 million of them. The rest were created in laboratories.
While manufactured gemstones are chemically identical to natural stones that are mined, they must be clearly marked so as not to be confused with natural stones. Despite this, some budget-conscious consumers see them as a viable alternative to mined jewels. Socially conscious consumers also see synthetic gemstones as a way to reduce the environmental impact and avoid issues that could arise with gemstones mined in conflict-ridden parts of the world.
The issue of conflict minerals arose from illegally traded conflict diamonds, otherwise known as blood diamonds, which drew the attention of the United Nations in the late 1990s. Back then, diamonds sourced from war-torn areas in Sierra Leone were funding armed rebel groups that were opposed to legitimate and internationally recognized governments. Many of those groups had well-documented histories of human rights violations, such as child labor, forced labor, and unsafe working conditions.
In 2010, the United States government passed conflict minerals legislation aimed at protecting American consumers and companies from unknowingly funding armed conflict groups in that part of the world. Since gemstones and precious metals are common components in many consumer products, those who manage global supply chains need to be mindful of how they source their raw materials.
Despite the rise in synthetic gemstone production, however, jewelers believe natural stones will remain the preferred choice of jewelry enthusiasts everywhere. The lure of the gemstone dates back to ancient times, as evidenced by all the jewels discovered in ancient tombs. Furthermore, the unique chemical composition of gemstones makes them virtually indestructible.
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