Emeralds, with their kaleidoscopic inclusions—materials trapped inside a stone—are experiencing a remarkable renaissance in the world of high jewellery. But why is the stone suddenly so popular? Selim Mouzannar’s family has been in the jewellery business for generations, dating back to the 19th century. While he has a deep interest in ancient souks of the Ottoman Empire, Mouzannar has also worked in Thai ruby mines to get a deeper understanding of precious gemstones. As a designer, gemologist and jewellery historian, he has a deep appreciation for the beauty and history of the green stones. In a video interview from Beirut, he tells Tatler, “Emeralds are the jewel of the Earth, with a rich internal world,” describing them as a “trip in the jungles of the Amazon”. The stone’s allure lies in its many shades of green and lustrous quality, but he cautions that true appreciation requires looking beyond the surface. “The internal world is such a rich inclusion,” he says.
Ronny Hsu, vice president and head of jewellery at Christie’s Hong Kong, adds: “When I speak of the perfect emerald, I refer to a specific tone of green that captivates connoisseurs around the world. It’s not just any green; it’s a vibrant, rich hue—a luscious green that contains life within it. It’s this unique combination of tone, saturation and luminosity that sets apart a top- notch emerald.”
Gilles Zalulyan (Photo: courtesy of Palais Royale)
Cartier emerald, rock crystal and diamond pendant circa 1912 (Photo: courtesy of Palais Royale)
The global emerald jewellery market is projected to grow significantly in coming years: according to a 2023 report by Custom Market Insights (CMI), a market research and consulting firm, the market value was US$2.6 billion and it is expected to reach US$4.2 billion by 2032. The stone was once highly favoured between the 16th and 19th centuries, but has been often overshadowed by rubies and white diamonds since, until this recent rise in demand.
The Taj Mahal emerald, which sold for over US$1 million in 2019 at Christie’s, originated in the Mughal era, between the 15th and 16th centuries. The Maharajas of India engaged in extensive trade in emeralds, particularly those from Colombia, through their interactions with Portuguese merchants, who played a crucial role in this trade, taking Colombian emeralds through the Pacific and then to India. The Portuguese traders’ involvement was facilitated by their established presence in India through the Portuguese East India Company and their trading posts in places like Goa, allowing them to tap into existing trade networks and local markets.
Ronny Hsu of Christie’s (Photo: courtesy of Christie's)
“These emeralds were highly coveted in India, known for their exceptional richness in colour and clarity,” as well as their ability to be carved,because of their “relative [softness], ranging from 7.5 to 8 on the Mohs scale [of mineral hardness],” says Hsu. The stones appealed particularly to the Maharajas who were Mughal, or of Islamic faith, because the colour green is considered auspicious—a holy colour, symbolising paradise and eternal life. Craftsmen “were able to intricately carve designs into the gemstones, including verses from the holy Quran and exquisite foliate patterns”, says Hsu. The stones would be used in “elaborate belts, kada bangles and headpieces”, he adds, becoming a powerful symbol of the Mughal Empire.
Centuries later, this tradition of using carved emeralds inspired Cartier’s iconic Tutti Frutti jewels, which remain one of the maison’s most renowned high jewellery collections to this day. Several key factors are contributing to this green revolution—the first being shifting consumer preferences. Today’s gem lovers, particularly younger ones, are increasingly drawn to coloured gemstones; emeralds, with their vivid hues, offer an appealing alternative to more classic diamonds.
Gilles Zalulyan, a third- generation specialist in antique jewellery and art-deco connoisseur at Hong Kong’s Palais Royal gallery, which specialises in vintage jewellery, says some buyers are attracted to the idea of owning a piece that may have a history. “Our stones often have an intriguing past, though we may not always be able to fully trace their origins due to confidentiality agreements with previous owners. Old emeralds, like old diamonds, can be particularly mysterious.”
Christie’s Hsu adds: “Emeralds are not just rare; they hold a special place in the hearts of collectors and jewellery enthusiasts of every generation. Signed jewellery pieces containing emeralds are highly coveted by the younger generation, who are attracted not only to a brand’s prestige but also to the contemporary designs that mount these stones from a new perspective.”
Don’t miss: Insider tips on bespoke jewellery: How to get jewellery custom-made to your style, purpose and budget
The Rockefeller Emerald (Photo: courtesy of Christie's)
This trend is evident in the changing demographics of luxury jewellery buyers.
According to the Conscious Jewellery Trend Report 2020 by online jewellery appraisal tool ExJewel, searches for “ethical gemstones” and “sustainable jewellery” significantly increased from 2019 to 2020. This growing emphasis on ethical and sustainable practices in the jewellery industry has benefited emeralds because mining these stones tends to have a smaller environmental footprint than diamond mining. The extraction process for emeralds generally involves less invasive techniques and fewer chemicals. For example, sustainable mining practices at the Belmont mine in Brazil include water management and land rehabilitation efforts, which help minimise the ecological impact and preserve the surrounding environment.
Plus there’s the “I want what they’ve got” factor: Mouzannar believes rising demand for the stone is being driven more by what people see in the media than a true appreciation for the stone. He cites the extravagant emerald display at the Ambani-Merchant wedding in India—there were hundreds of carats of the green stone around the neck of the groom’s mother Nita Ambani alone—as an example of how the stone has become a symbol of wealth and status. “It’s not about beauty; it’s not about the emerald anymore. It’s about showing how rich we are,” he says.
This growing demand, though, does mean emeralds are increasingly recognised as tangible, high-value, safe-haven investments. The increasing demand for the stone is reflected in their rising prices, as shown by recent high- profile auctions. A stone called the Rockefeller Emerald was sold in 2017 for US$5.51 million. Hsu says, “An 18.04 carat Colombian emerald, it once belonged to the famous Rockefeller family and was offered as the highlight of Christie’s Magnificent Jewels. The auction resulted in a record-breaking price, further cementing the emerald’s place in the history of jewels.”
And at the Christie’s Magnificent Jewels sale held in Hong Kong in May this year, two exceptional pieces highlight this trend. A unique multi-gem Cartier “India” Tutti-Frutti necklace, estimated to sell for HK$28-38 million (approximately US$3.57-4.85 million), achieved close to HK$68 million. In the same auction, an exceptional emerald and diamond ring realised over HK$17 million.
Selim Mouzannar emerald jewellery (Photo: courtesy of Selim Mouzannar)
One of the biggest names in the sector is Muzo Emeralds; its success is further proof of the growing demand for the stone. The Muzo mine, in Colombia, has a storied history dating back to pre-Columbian times—ie before Christopher Columbus arrived— when indigenous groups first mined the area. Today, it is renowned for producing some of the finest-quality emeralds, known for their intense green colour and often described as having a “green fire”.
The mine has undergone significant modernisation in recent years, transforming into a state-of- the-art operation with advanced safety measures and technology. Muzo has also gained recognition for its ethical and sustainable mining practices, providing traceability from mine to market.
It has produced several world- renowned emeralds, including the Duke of Devonshire Emerald, one of the world’s largest and most famous uncut examples, weighing 1,383.93 carats; and the Tiffany Muzo Emerald, a 10-carat gem acquired by Tiffany & Co in June 2023. In a press release at the time, Victoria Wirth Reynolds, chief gemologist at Tiffany & Co, said: “This remarkable stone, weighing over 10 carats, is a continuation of Tiffany’s longstanding heritage of acquiring the most coveted gemstones that Mother Nature has to offer.”
When it comes to buying, Mouzannar advises looking for clarity, lustre, depth of colour, transparency and a lack of fissures. “If you have a good transparency [but the stone] is not green enough, it will look like a grey emerald,” he says. The balance of these qualities is key—an emerald that is too green without transparency will appear translucent, while one with perfect clarity but lacking in colour will seem “lifeless”.
In case you missed it: Initial necklaces, mismatched earrings and all the jewellery trends seen in ‘Emily in Paris’ season 4
Selim Mouzannar (Photo: courtesy of Selim Mouzannar)
In both gems and life, it's the fire within that truly matters
By - Selim Mouzannar
Despite the benefits of investing in emeralds, Zalulyan says there is a need still to be cautious. “The biggest challenge today is the reliability of gemstone certifications. There can be significant discrepancies between labs and even instances of stones being treated after certification. It’s crucial to always buy with a freshly issued certificate to avoid issues,” he says. “Some labs also risk pleasing the market rather than upholding rigorous standards. My advice is to look beyond just the certificate and rely on your own judgement of a stone’s true quality and beauty”.
The resurgence of emeralds in high jewellery is more than just a passing trend. It represents a shift in consumer trends, a growing appreciation for coloured gemstones and a recognition of emeralds’ intrinsic beauty and value. As the market evolves, emeralds are poised to maintain their position as one of the most sought-after gemstones in the world of luxury jewellery.
In the end, as Mouzannar wisely puts it, “The true value of an emerald lies not in its size or perfection, but in its ability to make your heart beat faster.” After all, as he says, “in both gems and life, it’s the fire within that truly matters.”
NOW READ
Exclusive: Anya Taylor-Joy on wanting to trek the Himalayas, her favourite role and the moon’s power