Spinel

Carat weight is critical for fine spinel. While small stones are not uncommon, larger gems above 3–5 carats with top color and clarity are scarce and can command high per-carat prices. Very large fine spinels are rare and highly sought after by collectors.

Color is the primary driver of value. The most prized spinels are vivid, highly saturated reds (comparable to ruby), hot pinks, 'cobalt' blues and some vibrant orange and lavender tones. Stones that are overly dark, too grayish, brownish or weak in color are less valuable. Many fine spinels show exceptional brightness and 'open' color.

Spinel is often relatively clean, and buyers expect faceted stones to be eye-clean or nearly so. Visible inclusions reduce value, especially in larger gems, though minor inclusions may be tolerated in stones with exceptional color. Some inclusions can produce asterism in star spinels when cut en cabochon.

Good cutting maximizes spinel's natural brilliance and vivid color. Brilliant and mixed cuts in ovals, cushions and rounds are common. Because of its high refractive index and uniform optics, spinel responds well to precision cutting, which can significantly enhance value.

Spinel occurs in alluvial and primary deposits in Myanmar, Sri Lanka, Vietnam, Tanzania, Tajikistan and other countries. Production of fine-quality material is limited compared with more common gemstones, and much of the best material is recovered through artisanal mining.

Demand has increased significantly in recent years as awareness of spinel's beauty and durability has grown. High-end jewelers and collectors now actively seek fine spinels, especially in red, pink and cobalt blue, leading to strong price appreciation in top grades.

Recent Trends: rising demand and upward price pressure for fine spinel, particularly from classic localities such as Burma, Sri Lanka and Vietnam.