World Of Gems Conference 2017 Proceedings Book

WORLD OF GEMS CONFERENCE V - 47 - SEPTEMBER 2017 W ithout a market, gemmology would not exist. There are a multitude of reasons why an accurate valua- tion of a gemstone is important such as trading, in- surance and replacement of lost/damaged stones etc. The diamond industry dominates the gemstone market and has a well-established grading system, which combined with the Rappaport Report, enables a valuer to arrive at an accurate valuation. Traditionally, valuing gemstones is not taught to gemmology students. The combination of this, the need for a far more complex grading system for coloured stones and a more diverse market, makes valuing coloured gemstones more difficult than valuing diamonds. Aim To assess how gemmology students, in the latter stages of training, are able to price gemstones in comparison to industry experienced traders with more than 5 years of experience. Method Five stones were presented of fine-high quality between 3-5 carats to each participant. The five materials were aquama- rine, emerald, ruby, sapphire, and tanzanite. No gem testing was necessary. Constants • Same stones used throughout the project • Pricing done in GBP at UK wholesale price Variables • Viewing conditions varied • No time limit was given • Some of the traders didn’t have experience in valuing or pricing gemstones, for example setters. Results As predicted, there were differences of opinions between the students and experienced traders on the value of the stones. 1. In general the students valued the stones less than the traders. The exception was emerald where both traders and students estimated a similar value. 2. The biggest difference between the traders was ruby with approximately £550 difference.We thought this was because a subtle difference in brilliance and colour can make a large difference in value. 3.The largest variation between the students was the sap- phire. We thought this was because the stone was large and a fine colour, however they probably underestimated how much the obvious colour zoning affected the price. CONCLUSION Theoretically, no answer is wrong when it comes to estimat- ing the value of a stone. The traders were within an accept- able range taking into account current market circumstances. Due to the difference between students and traders, educa- tion facilities should consider including a unit on valuing. The student should be taught how to judge individual types of stones and about current market supplies and trends, also how to use established colour grading systems. This would save years of learning how to value stones. New traders and valuers would not have to be so reliant on traders with over 10 years of industry experience. u ASSESSING AND VALUING COLOURED GEMSTONES (A STUDENT & INDUSTRY COMPARISON) Research by Jason Williams, Amanda Good, Annette Garland and Iona Wiseman VALUING COLOURED GEMSTONES POSTER ABSTRACT One sample chart is shown here as an example of the study. This one covers ruby.