Emerald Price in 2024: Factors Affecting Cost

Emeralds are often prized for their lush green color and are commonly used in high-end jewelry pieces. From exquisite rings to dazzling necklaces, emerald jewelry adds a touch of elegance and sophistication to any ensemble.

The cost of emeralds in 2024 ranges from $300 to $5000 per carat. This marks an increase of 10-20% compared to 2023, depending on the origin of the stone.

Let’s delve into the factors influencing emerald prices.

What Determines the Cost of an Emerald?

Color stands as the primary and most crucial determinant of an emerald’s value. The most expensive ones boast a rich, saturated green hue.

Clarity is also vital, impacting the gem’s worth. Natural inclusions are common in emeralds; they are more tolerated in emeralds than in any other gemstone. Emerald clarity is typically categorized into three grades for faceted stones and two for cabochon-cut ones.

Origin plays a significant role in determining value. Currently, major mining sites are in Colombia, Zambia, Brazil, and Afghanistan. Each location boasts unique mineral colors and attracts its own following. Colombian emeralds remain the most coveted and expensive on the market today. Afghan emeralds rival Colombian ones in color variety and quality. Zambian emeralds are widely distributed in the market.

Lastly, the cut of the stone is crucial. A well-cut emerald enhances its brilliance and color saturation.

Most emeralds undergo some form of enhancement. The extent of enhancement influences the price. It’s widely known that over 98% of emeralds are treated with oil, filling fractures and enhancing visual appeal. This treatment is acceptable since finding an inclusion-free emerald is exceptionally rare.

Untreated emeralds labeled “No Oil” command the highest prices.

However, complications arise with the use of synthetic resins and dyes by some cutters. These substances may alter the stone’s color, even turning green beryl into what appears to be an emerald, inflating its value manyfold.

To avoid this, opt for stones with minimal treatment and reliable certification.

For those considering purchasing high-value emeralds exceeding $50,000, certifications from three labs—SSEF, Gubelin, and AGL—are recommended. They are considered the strictest in the market. GRS certifications are suitable for lower budgets but are less rigorous.

In the video below you can compare 2 emeralds for an example. The left one costs 300 USD per carat and the right one costs 7 thousand USD per carat. Such a significant difference in the price of these stones is formed by the following:
1. The right stone is larger (11 carats vs. 2.81 carats).
2. The right stone is mined in the Muzo region, where emeralds are especially valued.
3. The right stone is significantly more pure and has a richer color in a more popular shade. Both gemstones have a minor oil treatment. But inclusions in the left gemstone do not embellish it, unlike the right gemstone.