As Chinese demand for gems slides, prices on rubies, sapphires, and emeralds are bound for a correction.
Over the course of his nine-year career selling sapphires, Sheahan Stephen had never seen anything like it: At Facets Sri Lanka, the Bangkok Gems & Jewelry Fair, and the Hong Kong Jewellery & Gem Fair, all of which took place in September, Asian buyers refused to spend more than $2,000 per carat for stones.
“The market has taken a drastic turn,” the San Francisco–based importer tells JCK.
The wholesale gem trade, which thrived over the past decade on purchases by Chinese
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