Spinel’s Moment Keeps Building

By Victoria Gomelsky | August 12, 2026

In 2007, the discovery of a deposit of jumbo-size pinkish-red spinel crystals in the Mahenge district in Tanzania started a rush for the gem. Now, nearly 20 years later, the fervor over spinel—still largely unknown to the general public—continues.

Beloved by gem connoisseurs for its translucence and brilliance, spinel—found in Madagascar, Myanmar, Sri Lanka, Tajikistan, Tanzania, and Vietnam—comes in a kaleidoscopic range of colors, including metallic gray, hot pink, and an exceptionally rare cobalt blue, although it is most often associated with a bright red hue, much like ruby.

Kimberly Collins Spinel Group photo by Jeff Mason — *Spinel in a range of hues from dealer Kimberly Collins (photo: Jeff Mason)*

The gem was a mainstay of the Tucson gem shows in February, where, despite increased competition for top-quality material, it was sought after by scores of designers.

“Spinel is showing up more in general,” says Jillian Sassone, founder of Marrow Fine, a fine jewelry retailer in San Diego. “Designers are embracing it for its wide color range and rarity story.”

With soaring demand, especially for saturated pink, lavender, and purple gems, spinel prices have been on a seemingly inexorable climb upward, and are now approaching pink sapphire levels.

According to the latest edition of the GemGuide, per-carat prices for 2- to 5-ct. pink spinel in extra fine qualities range between $2,750 and $4,200. Compare that with pink sapphire, which sells between $3,750 and $6,500 for stones in the same quality and size range.

Lavender and lilac spinel, for the time being, are considerably more affordable—just $550 to $750 for 2- to 5-ct. extra-fine stones—which may explain why so many designers have embraced them, much like they did gray spinel (the seductive jewels on this page are proof). Though that pricing may not hold for long, as students of the spinel marketplace know all too well by now.