Centring on a cushion-shaped red spinel weighing 23.02 carats, flanked on each side by a half-moon-shaped diamond, decorated by brilliant-cut diamonds and pink diamonds to the basket and shoulders, mounted in 18 karat white and pink gold. Ring size: 6 ½
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Spinels, a group of gemstones that have a long history of being incorrectly identified as rubies, are spectacular specimens that are in high demand among gem collectors. It wasn’t until the mid-1800s when spinels were found to have different quality characteristics compared to rubies. As a result, many famous “rubies” on some of the world’s finest crown jewels are actually spinels. The most famous examples are the magnificent 170-carat Ruby of the Black Prince set on the Imperial State Crown of England, and the Timur Ruby, which weighs more than 350 carats and is today part of the private collection of Queen Elizabeth II. In general, red colour spinels are the most desirable and the “red” comes in different hues. This 39.24 carats emerald-cut pink-red spinel offered at Tiancheng International is one of the finest examples of the large and clean gemstones mined from the Pamir Mountains in Kuhi-Lal, a province in Tajikistan where some of the world’s most famous spinels were produced and collected by the Royal families, including the Ruby of the Black Prince and the Timur Ruby mentioned above. Spinels are much less available than rubies of similar characteristics and gem quality spinels are very rare. The rarity of spinels makes the gem less recognized in the market, thus keeping prices relatively low. However, spinels have certainly been a rising star over the past few decades, simply because they have been in great demand by gem enthusiasts. Nevertheless, the lack of popularity due to its scarcity has kept prices relatively low – for now. However, from an investment perspective, spinels are attractive. Just think of what’s out there in the investment universe – soaring equity prices, bond yields near record lows, real estate bubbles, and macroeconomic and geopolitical risks across the globe. On the other hand, rare and high quality gemstones, such as spinels, are relatively more sound, investment-wise. Since spinels are scarcely available, yet at the same time garnering more attention, it is reasonable to believe their prices will fundamentally be driven up in the future. In addition, because their prices are yet to reach levels of “extreme” inflation, spinels present an excellent risk-reward profile relative to many other investment options.