In this article, we’ll list the most expensive gemstones in the world and discuss their rarity. You can skip the details and read 5 Most Expensive Gemstones in the World. 

Gemstones are naturally occurring, inorganic crystalline materials valued for their beauty, rarity, and durability. Each gemstone possesses a unique chemical composition, crystal structure, and physical properties, including color, hardness, and refractive index. The value of a gemstone increases with its rarity, aesthetic appeal, and purity. Factors such as origin, hardness, and market demand also play crucial roles in determining a gemstone’s price.

Gemstone Production and Market Trends in the US

The United States hosts a diverse array of expensive gemstones, including agate, diamond, pearl, sapphire, and turquoise. In 2022, the US gemstone industry experienced significant growth. According to the US Geological Survey (USGS), the production of natural and synthetic gemstones reached approximately $95 million, a 7% increase from the previous year. Arizona emerged as the leading producer of valuable gems, followed by Oregon and Nevada, collectively contributing to nearly half of the country’s natural gemstone output. California, Montana, and several other states also made substantial contributions.

Additionally, the US gemstone market witnessed a robust import trend, with a 22% increase in 2022, amounting to about $30 billion. This surge included a notable rise in both diamond and non-diamond gemstone imports. The combined effect of increased domestic production, imports, and exports resulted in a 19% growth in overall gemstone consumption in the US, valued at around $28 billion. This consumption predominantly comprised high-quality diamonds and other expensive gemstones.

Also Read: 20 Countries With Highest Gold Consumption By Year

Diamond – The Most Known & Beloved Gemstone 

Diamonds are cherished as the most iconic and beloved gemstones in the world. As symbols of enduring love and prestige, diamonds hold a special place among luxury gemstones.

In 2022, global diamond production witnessed a marginal increase compared to the previous year. Notable boosts in diamond output were observed in Angola, Botswana, and Namibia, while significant declines were recorded in Canada, DR Congo, Lesotho, and Russia.

Turning our attention to the key players in the diamond industry, De Beers is a subsidiary of Anglo American plc that has traditionally managed diamond supply chains across the world, mainly through stockpiling. This approach involved the acquisition of diamonds from various sources, thereby limiting their availability in the market, ultimately maintaining high prices and market stability. De Beers’ method of controlling supply proved effective in stabilizing prices during periods of fluctuating demand. For example, the company would decrease the release of diamonds when demand waned and increase it when demand surged. Historically, De Beers dominated 80-90% of the rough diamond market, making such strategies highly effective.

However, in recent times, De Beers’ dominance in the diamond market has diminished, with companies like Rio Tinto Group (NYSE:RIO) gaining prominence. A significant development in 2021 was Rio Tinto Group (NYSE:RIO)’s acquisition of full ownership of the Diavik Diamond Mine in Canada’s Northwest Territories, solidifying their position in the Canadian diamond market. According to Rio Tinto Group (NYSE:RIO)’s reports, the Diavik mine produced approximately 970,000 carats of diamonds in Q2 2023. This marked a slight decrease from the 1.1 million carats in Q2 2022 but represented an increase from the 954,000 carats in Q1 2023. The total production in 2022 amounted to 4.7 million carats, with the decrease partly attributed to the construction of underground pipes at the mine.

In another significant development in the diamond mining industry, Botswana, one of the top diamond-producing countries, is progressively moving away from De Beers  in diamond production. As reported by Reuters, Botswana is determined to secure a larger share of the profits generated from diamond sales, a departure from its long-standing collaboration with De Beers. This partnership is executed through the Debswana Diamond Company, a joint venture equally owned by both parties for over half a century. Since 2020, their diamond sales agreement, initially established in 2011, has undergone multiple extensions and is now approaching its conclusion.

At present, De Beers acquires 75% of the diamonds produced by Debswana, while the remaining 25% is allocated to the Okavango Diamond Company, a government-owned corporation established in 2011. This move signifies Botswana’s initial steps towards independently selling a portion of its diamond output, marking a departure from the traditional De Beers distribution channels. The Botswana President is advocating for an expansion of diamond sales through different channels, signaling a shift towards a more autonomous approach in marketing the nation’s diamonds.

Read what other mining giants are up to in 20 Most Valuable Mining Companies in the World.

Let’s now talk about the priciest gems! 

Our Methodology

We found prices for the world’s most expensive gemstones from multiple credible sources, including Gemval, the International Gem Society, and Cut Gems, among others. Afterwards, we ranked these luxury gemstones in ascending order of their price ranges. 

Note: The Mohs scale is a measure of the hardness of minerals, ranging from 1 (softest) to 10 (hardest), where each higher number can scratch any mineral with a lower number. For example, diamond, the hardest mineral, is rated 10.

Based on our findings, here are the world’s highest-priced gems:

20. Jeremejevite

Average Price Range: $1,750-$1850 per carat

Jeremejevite was discovered in Russia, one of the countries with abundant natural resources, in the late 19th century. It initially emerged as small, individual crystals amid granitic rubble. Notably, Namibia, specifically the regions of Cape Cross and Erongo, later yielded gem-quality specimens suitable for faceting. Jeremejevite is available in various hues, including blue, green, yellow, colorless, and brown. However, its blue variant is particularly prized for its deep and vivid coloration.

19. Fire Opal

Average Price Range: $1,980-$2200 per carat

Known as Hydrophane Opal in scientific terms, Fire Opal is a captivating gemstone celebrated for its brilliant display of colors, particularly in shades of red, orange, and yellow. Fire Opals are primarily found in regions such as Mexico, Brazil, the United States, and Australia. Mexican Fire Opals, in particular, are highly admired for their exceptional color spectrum. Regarding hardness, Fire Opals rank between 5.5 and 6.5 on the Mohs scale, making them relatively softer and more susceptible to scratches compared to other gemstones.

18. Benitoite

Average Price Range: $2800-$4,000 per carat

Benitoite was first unearthed in 1907 near California’s San Benito River, leading to its designation as the state gem of California in 1985. Benitoite exhibits a range of blue shades, and in rarer instances, it can appear white, pinkish, or even colorless. In terms of its physical attributes, benitoite registers a hardness of 6 to 6.5 on the Mohs scale. The combination of its rarity and remarkable qualities results in high prices, with the average cost of faceted benitoite being around $3,400 per carat. The largest recorded benitoite specimen weighs 7.8 carats.

17. Poudretteite

Average Price Range: $3,000-$3500 per carat

Poudretteite was uncovered in the 1960s at the Poudrette Quarry in Mont Saint-Hilaire, Quebec, Canada. Subsequently, this gemstone has also been discovered in Myanmar, Afghanistan, and Madagascar. Despite these findings, its availability remains scarce, preserving its exclusivity in the realm of gemstones. Poudretteite typically exhibits a clear, glass-like appearance with a shiny surface. Although it is softer than many other gemstones, with a Mohs hardness rating between 5 and 6, it still holds considerable appeal. Furthermore, unlike some other luxury gemstones, poudretteite does not change color when viewed from different angles (non-pleochroic).

16. Demantoid Garnet

Average Price Range: $5,000 – $10,000 per carat

Demantoid Garnet, renowned for its captivating range of green shades, belongs to the andradite garnet family and is distinguished in the gemstone world. Its color spectrum ranges from pale, almost transparent greens to rich, deep forest green tones. Initially discovered solely in Russia, additional sources have emerged in recent decades, including Madagascar and Namibia. Another notable characteristic of Russian-sourced demantoid garnets is the presence of “horsetail” inclusions, which resemble hair-like fibers extending from a chromite crystal within the stone.

Also See: Top 20 Gold Mining Companies in the World

15. Musgravite

Average Price Range: $6,000-$6500 per carat

Discovered in the Musgrave Ranges of South Australia in 1967, Musgravite ranks as one of the most expensive gemstones in the world. It belongs to the oxide mineral family and is distinguished by its hexagonal crystal structure. This gemstone boasts a hardness rating of 8 to 8.5 on the Mohs scale, indicating its resistance to scratches and suitability for various jewelry designs. Known for its brilliant, glass-like diamond-like shine, Musgravite displays a diverse color spectrum, including shades of greenish-blue, violet, purple, gray, and occasionally colorless.

14. Emerald 

Average Price Range: $6000-$8000 per carat

Emeralds, loved for their captivating green hues ranging from dark green to blue-green, are a distinct variety of the mineral beryl. These gemstones exhibit considerable hardness, with a rating between 7.5 and 8 on the Mohs scale, classifying them as among durable gems. Despite their hardness, emeralds are susceptible to brittleness, making them prone to cracking when subjected to sharp blows or extreme temperature changes. Therefore, they require careful handling. Colombia is famed for producing some of the finest emeralds, and their origin often adds to their desirability and value. Other significant sources of emeralds include Zambia, China, Russia, and the United States.

13. Black Opal

Average Price Range: $9,500-$12000 per carat

The Black Opal is considered the most esteemed among opals, distinguished by its vivid display against a dark, often black, background. Discovered in 1902 at Lightning Ridge in New South Wales, Australia, this area is recognized as the primary source and largest supplier of Black Opal worldwide. Additional sources of this gemstone can be found in regions such as Ethiopia, Honduras, and the United States. The remarkable color play of the Black Opal results from the interaction of light with tiny silica spheres within the stone. This interaction produces a spectrum of colors, which vary depending on the size of these silica spheres. Smaller spheres display colors ranging from violet to green or blue, while larger spheres exhibit red or orange hues.

12. Red Beryl

Average Price Range: $10,000-$12,000 per carat

Red Beryl, often called Bixbite, is a rare and valuable gemstone primarily discovered in Utah’s Wah Wah Mountains. This gem is renowned for its distinctive hues, ranging from raspberry pink to reddish-purple, with the most prized specimens showcasing a deep red color. Regarding physical properties, Red Beryl ranks between 7.5 and 8 on the Mohs hardness scale. However, it is frequently found with internal inclusions, making the gem susceptible to cracking.

11. Alexandrite

Average Price Range: $10,000-$50,000 per carat

Alexandrite stands out as one of the most valuable gemstones due to its extraordinary ability to change colors. This phenomenon, called metamerism, enables the stone to exhibit varying hues under different light sources. It appears green under natural daylight and transitions to a red tone under artificial incandescent lighting. The gemstone is sourced from various global locations, including Russia, Brazil, Tanzania, Madagascar, Zambia, Sri Lanka, Burma, and India. Despite its wide geographical occurrence, the discovery of high-quality alexandrite is uncommon. Typically, the stones found are smaller, usually not exceeding 2 carats.

10. Diamond

Average Price Range: $15,000-$18,000 per carat

Diamonds are celebrated for their unmatched hardness and sparkling brilliance. These gems form under extreme conditions of heat and pressure deep within the Earth and occupy the highest position on the Mohs scale of mineral hardness, with a perfect score of 10, signifying them as the hardest naturally occurring substances. The leading diamond-producing countries include South Africa, India, Russia, China, Australia, Brazil, and Botswana.

9. Paraiba Tourmaline

Average Price Range: $15,000 – $25,000 per carat

Paraiba Tourmaline, distinguished by its copper-rich composition, originates from Brazil’s Paraíba region. Its scarcity sets it apart, making it even rarer than diamonds. This rarity is attributed to both its geological occurrence and the challenging mining process required for extraction. The mining of these gems often avoids using dynamite to prevent damage to the fragile crystals, favoring manual methods instead. Consequently, Paraiba Tourmalines that are free of inclusions are extremely rare and highly valued.

8. Serendibite

Average Price Range: $18,000-$20,000 per carat

Serendibite is an exceptionally rare and valuable gemstone primarily sourced from specific locations, including Sri Lanka, Myanmar (formerly Burma), Italy, and China. This complex silicate mineral is typically found in high-pressure metamorphic rocks such as eclogites or blueschists, often formed in areas known as subduction zones. Serendibite is known for its striking colors, which range from deep blue to bluish-black. In some instances, it can also be found in dark green or blue-green shades.

7. Grandidierite

Average Price Range: $20,000-$26,000 per carat

Grandidierite stands out in the gem world for its exceptional qualities and rarity. First unearthed in Madagascar’s southern region in 1902, this gem has only been found in a few other global locations, such as Sri Lanka, the US, Algeria, and Italy, but always in limited quantities. It possesses a notable characteristic called trichroism, which means it can display three distinct colors – a deep blue-green, nearly colorless or faint yellow, and a dark green hue, depending on the viewing angle. With a Mohs hardness rating of 7.5, grandidierite is scratch-resistant, making it a practical choice for jewelry. However, the gem’s susceptibility to cleavage in two specific directions poses a challenge during cutting and makes it more prone to damage from impacts.

6. Taaffeite 

Average Price Range: $35,000-$37,000 per carat

Taaffeite exhibits a spectrum of hues, including variations of pink, violet, blue-grey, and transparent forms. It is notably durable, with a Mohs hardness scale rating between 8 and 8.5. A distinguishing feature of Taaffeite, setting it apart from other minerals, is its capacity for double refraction, a trait not present in similar-looking stones such as Spinel. This quality, combined with its rarity—particularly in specimens exceeding 5 carats—makes it highly sought after by collectors and gem enthusiasts. This scarcity is partly attributed to the limited geographical locations where it is found, including areas like Tanzania, Sri Lanka, and China.

Click to continue reading 5 Most Expensive Gemstones in the World. 

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Disclosure: None. 20 Most Expensive Gemstones in the World is originally published at Insider Monkey.