Thirty years in the trade: what changed since 1995

The Stone Atlas has been sourcing colored stones since 1995. The trade then was different in significant ways from the trade now. Five shifts have shaped what's possible — and what's required.

1. Mozambique opens, Africa rises

In 1995, African production was dominated by Sri Lankan-cut Madagascar material and Tanzania's tanzanite. Mozambique's gem-mining sector was nascent. Today Mozambique is one of the world's top sources for tourmaline, garnet, ruby (Mahenge), and color-change garnet. The shift dropped commercial prices on multiple species 20-40% and introduced new categories (color-change garnet) that didn't exist commercially before.

2. Lab certification becomes standard at lower price points

In 1995, lab reports were for stones over $5,000. Most colored stones traded on word and reputation. Today, GIA, GRS, and AGL routinely certify stones in the $500-2,000 range. Buyers expect documentation for any meaningful purchase, and labs have responded by making reports faster and more affordable.

This has shifted the trade toward more disclosure (good) and more documentation cost (a real cost passed to buyers).

3. Synthetic and treated material expands

In 1995, synthetic gemstones existed (lab-grown ruby, sapphire) but were limited and clearly priced as alternatives. Heat treatment was universal for sapphire/ruby but rarely disclosed. Today:

• Lab-grown diamonds are 1-15% of the diamond market and growing
• Hydrothermal-grown emerald, sapphire, ruby are widely available
• Treatment disclosure has become an industry norm (the AGTA's Gemstone Information Manual is the de facto standard) but compliance varies

4. The trade goes online

In 1995, gemstones moved through trade shows, dealer networks, and physical stores. Buying from a dealer required either trust through a long relationship or a face-to-face transaction. Today, the entire trade has moved at least partially online. eBay, dedicated marketplaces, dealer websites, social media — all of these have created direct miner-to-consumer channels.

This has compressed margins for traditional retailers and made price comparison easy for consumers. It's also created new fraud vectors — counterfeit stones, falsified origins, treated stones marketed as natural — at unprecedented scale.

5. Ethical sourcing becomes mainstream concern

In 1995, the term "conflict diamond" was newly coined. Most colored-stone trade had no equivalent concept. Today, ethical sourcing is a primary concern for many buyers:

• Kimberley Process for diamonds (1998 onwards)
• Burmese ruby/jade restrictions (2003 onwards)
• Mozambique gem-trade ethics initiatives
• Madagascar artisanal-mining ethics work
• Increased attention to working conditions in gem-cutting centers

Reputable houses now publish provenance information, support traceability initiatives, and work with miners under fair-trade frameworks. The trade is more transparent than it was — but still less so than buyers often assume.

What hasn't changed

Three things are exactly the same as 1995:

• Tucson in February — the gem show is still the center of the global trade for three weeks a year
• The fundamental species and their pricing logic — top Burmese ruby is still the most expensive ruby; Kashmir sapphire is still the most expensive sapphire; Paraíba tourmaline is still the most expensive tourmaline
• The need for relationships — the trade still runs on multi-decade relationships between miners, cutters, brokers, and dealers. Trust is still the underlying currency.

Continue reading

• The studio: how each stone gets graded before listing
• Why we disclose treatments on every listing