Global Emerald & Ruby Supply:

Analysing Market Data

Market Research

LAURIANE PINSAULT MARCH 2022

GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

Table of Contents
I. Scope of this paper 2
II. Challenges 2
III. Ruby 3
A. Insights from each data source 3
A.1. Mining Data 3
A.2. NRGI 3
A.3. USGS 4
A.4. UNComtrade 5
A.5. Bank of Mozambique balance of payments data 7
A.6. ResourceTrade.Earth 8
B. Insights from comparison of data sources 9
B.1. Production volumes 9
B.2. Production value 11
IV. Emerald 12
A. Insights from each data source 13
A.1. Mining Data 13
A.2. NRGI 14
A.3. USGS 14
A.4. UNComtrade 15
A.5. ResourceTrade.Earth 17
A.6. Fedesmeraldas vs. ResourceTrade.Earth 18
B. Insights from each data source 19
B.1. Production volumes 19
B.2. Production value 20
V. Closing statements 22
VI. Request for participation in further research 22
VII. References 22

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I. Scope of this paper

The aim of this paper is to compile data relating to international coloured gemstone supply.
Due to the challenges outlined in section 2, most of the data presented is for all coloured gemstones taken
together, including cut and polished gemstones. However, where possible, the focus is on rough rubies and
emeralds (and sapphires to a lesser extent).
Production data is presented in both quantity, which can be stated in kilograms or carats (1 gram = 0.2
carats), and value, stated in US dollars (USD).

II. Challenges
Before drawing conclusions from the data presented herein, readers are alerted to the significant challenges
related to obtaining data and information about coloured gemstone supply and the downstream market.
The major challenge when trying to assess worldwide coloured gemstone production is the lack of available
data. The vast majority of coloured gemstones are extracted by artisanal mining, both formal and informal,
for which no reporting standards – and scant data – exist. Private large-scale miners do not have to make
their production numbers public. Formal mining operations must typically report their activity to their
national authorities. However, the less economically developed countries (in which a large portion of
coloured gemstones are extracted) do not always have strong reporting systems in place, and nor do they
make available what little data they have.
If reported, the production figures are usually declared as total quantities or values of gemstones produced,
but they rarely break down the varieties of gemstones.
Production information is typically declared either in terms of quantity or of value, but very rarely with both
sets of data together. This is a major obstacle when trying to see the full picture of supply, because providing
quantity with value represents an improved overall assessment of gemstone quality and pricing. Unlike with
many commodities, gemstone pricing is enormously sensitive to subtle changes in colour and quality. For
example, it is difficult to talk about the ruby market as a whole when it covers quality and price ranges from
red corundum to fine exceptional rubies reserved for high jewellery and where the price per carat can vary
30 million times! This feature of coloured gemstones also has profound implications for deposit-hosting
nations: allowing the price to be set at the point of export from the host country inevitably leads to acute
under-pricing as the value is so subjective. This, in turn, highlights the fact that official export data is likely
to seriously understate the true value of the gemstones.
Because production information is very rare, data for coloured gemstone exports from producing countries
is presented and considered to reflect their domestic production (but note that export numbers could
include re-exports and exports of gemstones produced much earlier in time). A further complication arises
in that export data is often published for ‘worked’ gemstones (those that have been cut and polished),
instead of for rough gemstones.
The Natural Resources Governance Institute (NRGI), who published a report about the coloured gemstone
sector in 2017, summarises these issues as follows: “Uncertainty regarding countries’ respective market share remains,
particularly in the coloured gemstone market, given sparse and contradictory information concerning available sources, the
relatively rapid pace of development and exhaustion of critical deposits, a high degree of smuggling and under-reporting,
conflation between the volume and value of resources produced, and the tendency of operators to misreport a stone’s country of
origin for their own commercial gain.”
Considering all of the above challenges, it should be kept in mind that the data collected and used in this
report is unfortunately often inconsistent and far from robust. Yet, these are the only data sources readily
available for analysis and interpretation, and they allow a useful, if somewhat fuzzy, picture to be formed.

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III. Ruby
The data sources used and presented below are:
1. Production and sales (export) data from large-scale mining companies;
2. Insights from the 2017 report “Governing the gemstone sector” by the Natural Resources
Governance Institute (NRGI);
3. Production data from the United States Geological Survey (USGS) mineral reports per
country;
4. Export data from the UNComtrade database;
5. Export data from the Bank of Mozambique’s balance of payments data set;
6. Export data from the ResourceTrade.Earth database of Chatham House.

A. Insights from each data source

A.1. Mining Data
Gemfields is the only coloured gemstone mining company in the world publicly reporting its production
and sales volumes, as well as its revenues. Graph 1 presents production, sales and revenue data for
Gemfields’ Mozambican ruby mine, Montepuez Ruby Mining (MRM). As a result of the Covid-19
pandemic, MRM had no revenue in 2020 and also suspended mining operations from April 2020 for a year.

Montepuez Ruby Mining production and sales

3,000 140

2,500 120

Revenue in USD Million

100
2,000
Quantities in kg

80
1,500
60
1,000
40
500 20

-
2012 2013 2014 2015 2016 2017 2018 2019

MRM Revenue (USD) MRM Production (kg) MRM Sales (kg)

Graph 1

A.2. NRGI
The NRGI report published in 2017 provided some global statistics on the production and manufacturing
of coloured gemstones. Figure 1 below is taken from this report, and percentages were extrapolated from
the charts. The values are modelled on estimated market value. The coloured gemstone industry is highly
dependent on discoveries (“gemstone rushes”) and is very dynamic: therefore, not knowing the period of
time used for this modelled data makes it difficult to interpret, but it is assumed to represent the market as
of the date of the report, in 2017.

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Figure 1

A.3. USGS
The USGS mineral reports are the only source of gemstone production data in volumes (kg) for most of
the producing countries.
For ruby production, production data for five of the main producing countries, namely Kenya, Madagascar,
Mozambique, Myanmar and Tanzania, have been compiled and presented in Graph 2 below. Production
from other East Asian countries like Cambodia, India, Thailand and Vietnam must have occurred within
the time period presented, but no data for ruby production was available for these countries. The highlight
of this graph (which runs only to 2015) is the importance of production from Kenya and Tanzania, which
represent about 90% of global production. Montepuez Ruby Mining (MRM) held its first ruby auction in
June 2014.

Ruby Production from the main producing countries

14,000

12,000

10,000
Quantity in kg

8,000

6,000

4,000

2,000

-
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Kenya Tanzania Madagascar Mozambique Myanmar

Graph 2

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A.4. UNComtrade
UNComtrade is a free online database providing all reported data of exports and imports by country. The
values are provided in USD and the commodities are classified as per the Harmonised System (HS). For
this report, data for HS 710391, defined as “rubies, sapphires and emeralds worked but not set”, is
presented.
Graph 3 below presents the worldwide exports and imports for HS 710391 between 1995 and 2017. The
import values tend to be higher than the exports because the imports are generally reported based on Cost,
Insurance and Freight (CIF), while exports are reported on a Free on Board (FOB) basis. It is worth noting
that Gemfields announced the acquisition of the Kagem emerald mine in 2007, and the financial crisis of
2008/2009 clearly had a detrimental impact on operations.
Total Trade Value in USD Billion

Global yearly exports and imports of rubies, sapphires

and emeralds (UNComtrade HS 710391)
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
10
5

-5
-10
Exports Imports

Graph 3

Interestingly, when looking at the top ten exporters for this period of time (1995-2017), only two countries,
Colombia and Sri Lanka, were producers of rubies, emeralds and/or sapphires. This seemingly suggests
that most of the coloured gemstone exports were actually re-exports (Graph 4).
Total Export Value in USD

Top 10 exporters of rubies, sapphires and emeralds

(UNComtrade HS 710391) between 1995 and 2019
20
Billion

15
10
5

Graph 4

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Graph 5 below presents the export value for HS 710391 for the four main producing countries of rubies.
Considering that rubies are the principal gemstones produced in these countries by value, the graphs are
assumed to reasonably reflect their production of rubies. There are clear reporting issues, as many gaps are

Kenya
2.5
Export Values in USD

2
1.5
Million

1
0.5
0

Tanzania
1.5
Export Values in USD

1
Million

0.5

Myanmar
5
Export Values in USD

4
3
Million

2
1
0

Mozambique
250
Export Values in USD

200
150
Million

100
50
0

Graph 5

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

present. It is also difficult to assess if the major jumps and drops in yearly exports are representative of
reality, or are just data anomalies.

A.5. Bank of Mozambique balance of payments data

In its balance-of-payments data set, the Bank of Mozambique provides a useful “Rubies, Sapphire and
Emerald” category reflecting Mozambique’s combined export value for these three gems since 2011 (Graph
6).

Mozambique's Ruby, Sapphire & Emerald Exports

(USD million, per Bank of Mozambique BoP data)
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Nov-11

Nov-16
Apr-12

Jul-13

May-14
Oct-14

Apr-17

Jul-18

May-19
Sep-12
Feb-13

Dec-13

Aug-15

Oct-19
Jan-11
Jun-11

Mar-15

Sep-17
Feb-18

Dec-18

Aug-20
Jan-16
Jun-16

Mar-20

Jan-21
Jun-21
Graph 6

Notwithstanding the commencement in 2009 of a well-documented “ruby rush” in the Montepuez area,
involving thousands of artisanal and illegal miners, no official exports of rubies, sapphires or emeralds were
reported across Mozambique until August 2012. MRM commenced mining in mid-2012 and held its first
auction in June 2014, garnering USD 33.5 million. Prior to May 2014, and since January 2011, when the
data commences, the cumulative exports of rubies, sapphires and emeralds across all Mozambican
producers totalled less than USD 1 million.
During the last decade (from January 2011 until June 2021), MRM’s ruby exports accounted for 94% of
Mozambique’s official exports of rubies, emeralds and sapphires:

Mozambique's Official Exports of Rubies, Sapphires and Emeralds

vs. MRM's Sales
(i.e. MRM accounts for 94% of all Ruby, Sapphire and Emerald Exports from
Mozambique since Jan 2011)
Jan 2011 through Jun 2021 (in USD million)
800

600

400

200

TOTAL MRM Sales

Mozambique's Ruby, Sapphire & Emerald Exports (per Bank of Mozambique BoP data)

Graph 7

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A.6. ResourceTrade.Earth
ResourceTrade.Earth has been developed by Chatham House using their proprietary database, the Chatham
House Resource Trade Database (CHRTD). The values are in USD and the commodities are classified as
per the Harmonised System (HS). For this report, data for HS 710391, defined as “rubies, sapphires and
emeralds worked but not set”, is presented. Although some information gaps remain (e.g. in Mozambique),
they are fewer and the data seems smoother than that provided by UNComtrade. The Chatham House
database is likely to be cross-referencing data from different sources.
Export value in USD

Kenya
3
Million

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Export value in USD

Tanzania
80
Million

60
40
20
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Export value in USD

Myanmar
300
Million

200

100

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Export value in USD

Mozambique
Milliom

200
150
100
50
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Greenland
Export value in
USD Million

30
20
10
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Graph 8

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Graph 9 below presents the export value for the four main ruby-producing countries. This is the export
value for HS 710391, but considering that these countries produce mainly rubies, we can again interpret the
graph as a reasonable proxy for the export value for rubies. Graph 10 compares two periods of time,
showing the impact of the ruby discovery in Mozambique in 2009.

HS 710391 exports value from the main ruby producing

countries
350
Export Value in USD Million

300
250
200
150
100
50
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Kenya Tanzania Mozambique Myanmar

Graph 9

Graph 10: Share of exports value of HS 710391 for four ruby-producing countries

B. Insights from comparison of data sources

B.1. Production volumes
Two sources of production (by quantity) can be compared: the value reported by MRM and the values
declared by USGS (Graph 11). In total for the period from 2012 to 2015, it is clear that MRM produced a
much higher volume than what is reported by USGS. However, the sales volume from MRM more closely
matches the USGS total. This suggests that USGS data of production in volume is, in reality, representative

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of the exports, and not of the production. Another key observation from this comparison is that MRM is
nearly the only source of (declared) exported rubies from Mozambique.

Ruby production in Mozambique (USGS) vs MRM actual

production and sales
4,000

3,500

3,000
Production in kg

2,500

2,000

1,500

1,000

500

-
2012 2013 2014 2015 Total

MRM Prod kg MRM Sales kg USGS Moz Ruby kg

Graph 11

Ruby Production from the main producing countries

Quality adjustment - Corrected with MRM Production

700

600

500
Quantity in kg

400

300

200

100

-
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Kenya (1%) Tanzania (5%) Madagascar (5%) Mozambique (30%) Myanmar (30%)

Graph 12

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To know that USGS production volumes are most likely export volumes changes the interpretation of
Graph 2 (global ruby production by main producing countries). Moreover, when comparing the volume of
rubies produced per country, the quality of the rubies produced should be considered: as per USGS data,
Kenya appears to be the leading producer of rubies, strongly dominating the market. So why are Kenyan
rubies so rarely seen at trade shows and in jewellers’ shopfronts? Kenya does produce a lot of red corundum,
but the overall quality, and therefore value, is very low. Indeed, USGS notes that Kenyan rubies are mainly
produced from the Rockland mine (the former John Saul mine), and this mine is described by Gemdat as
producing a “large quantity of ruby rough, but only around 1% is fine quality and suitable for faceting”. In
comparison, about 30% of MRM production is suitable for faceting.
Following the above observation, Graph 2 has been corrected using the actual production of MRM for
Mozambique’s production, and adjusted with percentages applied to each source and based on the assumed
share of faceted quality ruby. The new Graph 12 shows that since Mozambique began producing rubies, it
has accounted for between 50% and 70% of the yearly supply of faceted quality rubies.

B.2. Production value

UNComtrade coloured gemstone exports from Mozambique (HS 7103 and HS 710391) are considered to
represent the export value of rubies. ResourceTrade.Earth data was used to complete the UNComtrade
data gaps. These export values are compared with MRM’s revenues in Graph 13. This graph suggests that
between 2014 and 2018, MRM’s revenue represented 85% of the total export value of non-diamond
gemstones from Mozambique.

Precious gemstone export value from Mozambique

(ResourceTrade.Earth) vs MRM actual revenues
500

450

400

350
Value in USD Million

300

250

200

150

100

50

2014 2015 2016 2017 2018 Total

HS 7103 = Precious Gemstones (excl. Diamonds)

HS 710391 = Rubies, sapphires and emeralds worked but not set
MRM Ruby Revenue USD Million

Graph 13

The export values from ResourceTrade.Earth have been compared with the production volumes from
USGS (Figure 2), to calculate an average value in USD per gram. Mozambique’s average value is identified

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

as being the highest of the five main producing countries, with Myanmar coming second and the other East
African countries showing much lower values.
When looking at the share of production value from the NRGI report compared to the
ResourceTrade.Earth export values, Mozambique remains at around 40%.

Ruby statistics between 2000 and 2015

Producing country Production in Kg1 Export Value in thousand USD2 Average
USD/g
Mozambique 1,186 164,376 138.60
Myanmar 5,045 278,437 55.19
Madagascar 5,107 23,757 4.65
Tanzania 30,919 59,653 1.93
Kenya 73,186 7,558 0.10
1 Production from USGS Mineral Yearbook per country
2 Export value from Chatham House (ResourceTrade.Earth)

Figure 2

Figure 3 Left, NRGI report (production as per market value estimate) vs Right, ResourceTrade.Earth data

IV. Emerald
The data sources used and presented below are:
1. Production and sales (export) data from large-scale mining companies;
2. Insights from the 2017 report “Governing the gemstone sector” by the Natural Resources
Governance Institute (NRGI);
3. Production data from the United States Geological Survey (USGS) mineral reports per
country;
4. Export data from the UNComtrade database;
5. Export data from the ResourceTrade.Earth database of Chatham House.
6. Export data from Fedesmeraldas vs. ResourceTrade.Earth

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

A. Insights from each data source

A.1. Mining Data
Gemfields is the only coloured gemstone mining company in the world publicly reporting its production
and sales volumes, as well as its revenues. Grizzly Mining (Grizzly), also operating in Zambia, has shared
its revenues. Graph 15 below presents production, sales and revenue data for Gemfields’ Zambian emerald
mine, Kagem Mining Limited (Kagem). Graph 14 below presents Kagem and Grizzly revenues.

Kagem Mining production and sales

12,000 100

90
10,000
80

Revenue in USD Million

70
8,000
Quantities in kg

60

6,000 50

40
4,000
30

20
2,000
10

-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Kagem Revenue (USD Million) Kagem Production (kg) Kagem Sales (kg)

Graph 15
Zambian Emerald Total Sales
Kagem Mining Ltd Grizzly Mining Ltd

120

100 36
5 51
80
16 34
5 7 19
60
5

40 87
7 79
62 63 68
58 58 60
52
20 34
7
12

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Graph 14

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A.2. NRGI
The 2017 NRGI report provides some global statistics on production and manufacturing of coloured
gemstones. Figure 4 is taken from this report and percentages were extrapolated from the charts. The values
are modelled on estimated market value. The coloured gemstone industry is highly dependent on
discoveries (“gemstone rushes”) and is very dynamic: therefore, not having the period of time used for this
modelled data makes the interpretation difficult, but it is assumed to represent the market as of the date of
the report, in 2017.

Figure 4

A.3. USGS
The USGS mineral reports are the only source of gemstone production data by volume (kg) for most of
the producing countries.
For emerald production, production data for five of the main producing countries, namely Brazil,
Colombia, Ethiopia, Madagascar and Zambia, have been compiled and presented in Graph 16. Production
from other countries, like Afghanistan, Pakistan and Russia, must have occurred within the time period
presented, but no data was available for these countries. Data for Brazil was available until 2005, and the
last ten years for Brazil have been extrapolated, assuming a consistent supply from that country (and no
new discovery or depletion).
The graph highlights the importance of production from Zambia, which represents about 50% of the global
production for the period 1995 to 2015, and more than 70% of the global production for the period 2010
to 2015.

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Emerald production from the main producing countries

9,000
8,000
7,000
6,000
Quantity in kg

5,000
4,000
3,000
2,000
1,000
-
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Colombia Zambia Ethiopia Madagascar Brazil Brazil estimated

Graph 16
A.4. UNComtrade
UNComtrade is a free online database providing all reported data of exports and imports by country. The
values are in USD and the commodities are classified as per the Harmonised System (HS). For this report,
data for HS 710391, defined as “rubies, sapphires and emeralds worked but not set”, is presented.
Graph 17 presents the worldwide exports and imports for HS 710391, between 1995 and 2017. The import
values tend to be higher than the exports because the imports are generally reported on the basis of Cost,
Insurance and Freight (CIF), while exports are reported on a Free on Board (FOB) basis.
Total trade value in USD Billion

Global yearly exports and imports of rubies, sapphires

and emeralds (UNComtrade HS 710391)
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

8
6
4
2

-2
-4
-6
-8
-10
Exports Imports

Graph 17

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Interestingly, when looking at the top ten exporters for this period of time (1995-2017), only two countries,
Colombia and Sri Lanka, were producing rubies, emeralds and/or sapphires. This suggests that most of the
coloured gemstone exports were actually re-exports (Graph 18).
Total Export Value in USD Billion

Top 10 exporters of rubies, sapphires and emeralds

(UNComtrade HS 710391) between 1995 and 2019
20

15

10

Graph 18

Graph 19 presents the export value for HS 710391 for the three main producing countries of emeralds.
Considering that emeralds are the principal gemstones produced by these countries (by value), the graphs
are assumed to reflect their production of emeralds. The export value for Zambia was near to zero until
2018, with a sudden jump to USD 130 million in 2019. Kagem and Grizzly mining together have sold on
average USD 75 million per year over the past ten years, so the data provided by UNComtrade seems very
inaccurate.

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Brazil
30
Export Values in USD Million

25

20

15

10

5
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Colombia
450
Export Values in USD Million

400
350
300
250
200
150
100
50
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Zambia
140
Export Values in USD Million

120
100
80
60
40
20
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

Graph 19

A.5. ResourceTrade.Earth
ResourceTrade.Earth has been developed by Chatham House using their proprietary database, the Chatham
House Resource Trade Database (CHRTD). The values are in USD and the commodities are classified as
per the Harmonised System (HS). For this report, data for HS 710391, defined as “rubies, sapphires and
emeralds worked but not set”, is presented.

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

The data seems less irregular than that presented by UNComtrade. Zambia’s value looks closer to reality,
and Colombia’s value also seems more accurate with a steady overall increase in the value exported. The
Chatham House database is likely to be cross-referencing data from different sources.

Brazil
50
Export value in USD Million

45
40
35
30
25
20
15
10
5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Colombia
400
Export value in USD Million

350
300
250
200
150
100
50
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Zambia
90
Export value in USD Million

80
70
60
50
40
30
20
10
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Graph 20

A.6. Fedesmeraldas vs. ResourceTrade.Earth

The National Federation of Emeralds of Colombia (FEDESMERALDAS) is a trade union entity founded
in 1988 with the aim of developing, representing and guiding the Colombian emerald industry.
Fedesmeraldas links a large number of formal actors in the Colombian emerald production chain and

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administers the National Emerald Fund, which collects by law a paraphysical tax of the order of 1% of the
value of all exports of emeralds.
The data set provided by Fedesmeraldas indicates that the vast majority of Colombian emerald production
is exported to the rest of the world to fulfil demand for medium to fine quality emeralds. Colombia has a
well-established emerald cutting industry, and most of the exported emeralds are beneficiated in country.
With very little formal mining taking place, accurate production data is not available.

Colombia Export Value (USD)

Rough VS C&P Emeralds
180
Export value in USD Million

160
140
120
100
80
60
40
20
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Value Rough Emeralds (USD) Value C&P Emeralds (USD)

Graph 21

Colombia Export - comparing data sources

400
Export value in USD Million

350
300
250
200
150
100
50
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Resourcetrade.earth Fedesmeralda (rough) Fedesmeralda (rough + C&P)

Graph 22

B. Insights from each data source

B.1. Production volumes
Two sources of production by quantity can be compared: the value reported by Kagem and the values
declared by USGS (Graph 23). In total for the period from 2009 to 2016, it is clear that Kagem produced

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

a much higher volume than that reported by USGS. However, the sales volume from Kagem is about 50%
of the USGS total. This suggests that USGS production data by volume is, in reality, representative of the
exports, and not of the production, and that the Kagem mine accounts for about half of the emerald exports
in Zambia.

Emerald production in Zambia (USGS) vs Kagem actual

production and sales
50,000

45,000

40,000

35,000
Production in kg

30,000

25,000

20,000

15,000

10,000

5,000

-
2009 2010 2011 2012 2013 2014 2015 2016 Total

Kagem Prod kg Kagem Sales kg USGS Zambia Emerald kg

Graph 23

B.2. Production value

UNComtrade coloured gemstone exports from Zambia (HS 7103 and HS 710391) are considered to
represent the export value of emeralds. ResourceTrade.Earth data was used to complete UNComtrade data
gaps. These export values are compared with the revenues of Kagem and Grizzly in Graph 24. The total
declared revenues from both mines between 2009 and 2019 exceeds the reported export values. This
suggests that both mines together account for most of the declared exports.

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GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

Precious gemstone export value from Zambia (UNComtrade &

ResourceTrade.Earth) vs Kagem & Grizzly actual revenues
900
800
Value in USD Million

700
600
500
400
300
200
100

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total

HS 7103 = Precious Gemstones (excl. Diamonds)

HS 710391 = Rubies, sapphires and emeralds worked but not set
Kagem + Grizzly Revenue $

Graph 24

The export values from ResourceTrade.Earth have been compared with the production volumes from
USGS (Figure 5) to calculate an average value in USD per gram. Zambia’s average value comes in as the
lowest of the three main producing countries.
Emerald statistics between 2000 and 2015
Producing country Production in Kg1 Export Value in thousand US$2 Average USD/g
Colombia 15,134 2,443,168 161.43
Brazil 5,550 284,348 51.23
Zambia 43,193 91,184 2.11
1 Production from USGS Mineral Yearbook per country
2 Export value from Chatham House (ResourceTrade.Earth)
Figure 5

However, Kagem itself has achieved an average selling price of USD 4.26 per carat based on its auction
sales between 2009 and 2015 and USD 10.28 per carat from 2016-2020.
When looking at the share of production values from the NRGI report, compared with the
ResourceTrade.Earth export values, Zambia’s share of market value is between 10% and 35%.

Figure 6: Left, NRGI report (production as per market value estimate) vs ResourceTrade.Earth data

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 GLOBAL EMERALD & RUBY SUPPLY: ANALYSING MARKET DATA

V. Closing statements
It is clear from this research that data relating to coloured gemstone supply, demand and movement is both
hard to come by and unreliable. Differing values per carat due to the variation in gemstone quality, reliability
of declared export value, and the values attributed to gemstone smuggling all provide complexity that
challenges the validity of any closing statements. We observe that the data analysed within this report is
often differing, conflicting and necessitates assumption in order to develop a narrative.
We can draw assumptive conclusions that Kagem is believed to be the world’s single largest producing
emerald mine from the USGS data, which indicates that Zambia has accounted for more than 70% of global
emerald production since 2010, and Kagem accounts for at least 50% of the total emerald production from
Zambia. This suggests that Kagem produces about some 35% of the world’s emeralds. However, greater
verification of the data originating from Colombia would be needed to substantiate this.
Similarly, the data indicates that Mozambique provides around 40% of the world’s production volume of
rubies (in all qualities) and has supplied between 50% and 70% of the yearly stock of faceted quality rubies,
and that MRM revenue represents 85% of the total declared export value from Mozambique. Gemfields’
direct experience of the market leads us to question the value that should be attributed to ruby smuggling
and what this would reveal about the deposit. Mozambique is undoubtedly one of the most significant ruby
deposits in the world, but the true extent of the export value of rubies from there remains unknown.
It is therefore necessary to see this paper as a first step and undertake further research before reliable
statements regarding global emerald and ruby supply can be drawn.

VI. Request for participation in further research

Gemfields wishes to co-author, together with other interested parties, additional research papers in order
to better understand global emerald, ruby and sapphire supply. Please contact
helena.choudhury@gemfields.com should you wish to join the initiative to produce an updated and more
in-depth study during 2022.

VII. References
ResourceTrade.Earth (Chatham House)
United States Geological Survey (USGS)
UNComtrade
NRGI Report: Shortell, Paul, and Irwin, Emma. "Governing the gemstone sector: Lessons from global
Experience." Natural Resource Governance Institute. UK Department of International Development and
Australian Department of Foreign Affairs and Trade (2017)
Quality statement on the Rockland mine

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