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Why are gems so valuable?

Updated: 9/16/2023
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12y ago

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The small size of most gemstone deposits and the primitive nature of gemstone mining make the supply of gems "inelastic". That is, no matter how rapidly demand may develop, the rate at which gems are produced is comparatively limited or fixed. There is a certain increase in production due to demand, but the response is slow and depends on the discovery of new deposits which may or may not occur. Some deposits are marginal producers that are not profitable to mine unless gemstone prices rise substantially. Gemstone mines are also subject to the whims of weather, such as rainy and dry seasons, and local politics. All these factors combined suggest continued rising prices for gems in the years ahead, as demand increases, localities are exhausted and geopolitical factors interrupt the tenuous supply chain from the miner to the consumer.

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12y ago
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Q: Why are gems so valuable?
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