Colored gemstones will rise in price despite Europe’s debt crisis, according to a statement by Wilson Yuen, president of the International Colored Gemstone Association.

Yuen spoke at the first Jewelry News Asia Online Conference on Aug. 23.

“The colored gemstone market has witnessed larger demand,” Yuen said in a statement. “People value the rarity of gems that take thousands of years to form and decided to invest on them. The price of gems is heading to a positive direction. Among all those countries, China is a huge market with full potential.”

Yuen also noted many Chinese consumers are buying colored gemstone as investments, rather than for their beauty.

“Maybe we need to promote the image of colored gemstone as something a family will keep for generation,” he added.

JCK