Ramsaran Tambi, Partner, Swastic Exports (Emerald Mines Group),notes that colour is the new luxury, and the vibrant gemstones of today are not just symbols of wealth—they are an embodiment of individuality, creativity, and modernity. However, 2024 was the year of emeralds! Here are his insights:
Swastic Exports has been a prominent player in the gemstone trade since 1980. How has the company evolved over the years to meet changing global demands?
Each generation has brought a unique perspective, values, and strategies, ensuring the company remains relevant and responsive to the shifting market dynamics. We are now in the third generation of leadership, with the current leadership team bringing fresh ideas while still upholding the core principles of quality, craftsmanship, and customer satisfaction that have defined the company’s legacy.
The transition to the third generation has also brought with it a more forward-thinking approach, emphasising digital integration, sustainability, and customer-centric business models. This generational evolution has allowed the company to retain its core identity while adapting to new challenges and opportunities in the ever-changing market.
Tell us how have buyer preferences evolved?
In the past, buyers primarily purchased jewellery based on their personal preferences and designs they liked. Jewellery makers would create pieces based on pre-set collections, with limited customisation options. The emphasis was on the vision and creativity of the designer or the seller. Buyers largely sought out what appealed to them aesthetically, often choosing from existing catalogues or fixed designs.
However, as customer tastes have evolved, so has the nature of demand. Today’s buyers are much more involved in the design process. Rather than simply choosing from pre-designed collections, they seek custom-made pieces tailored to their personal preferences. Customers now have a more active role in defining the designs they wish to purchase. This shift towards customer-centric design reflects a broader trend across industries, where personalisation and individuality are highly valued.
Another key transformation the company has experienced is the change in demand patterns. In the past, the company largely catered to bulk buyers, fulfilling large orders that were typically stocked and distributed in significant quantities. However, with the rise of on-demand buying and just-in-time inventory systems, the demand model has shifted dramatically.
You export an impressive range of gemstones, from Paraiba tourmalines to tanzanites. Which of these gemstones currently sees the highest demand, and what factors are driving this trend?
The rising demand for vibrant, unconventional gemstones is a clear reflection of the younger generation’s shift in taste and mindset. Fuelled by the influence of luxury fashion brands and an increasing desire for self-expression, gemstones like Paraíba tourmaline, aquamarine, multi-coloured tourmaline, tanzanite, and bright shades of purple, yellow, and orange are quickly becoming the go-to choices for those looking for something unique and daring.
As this trend continues to gain momentum, the jewellery industry will likely see even greater demand for these colourful stones, marking a shift towards more personalised and dynamic luxury experiences. The message is clear: colour is the new luxury, and the vibrant stones of today are not just symbols of wealth—they are an embodiment of individuality, creativity, and modernity.
There are some factors that are driving this trend:
The influence of luxury fashion brands has begun to embrace more vibrant and unconventional colours in their designs.
Second, the young generation is shifting towards colourful gemstones, reflecting their desire to break free from tradition and embrace individuality and fashion trends. The youth of today, raised in an era of customisation and personalisation, expect to see variety and choice in everything from their fashion to their accessories. Jewellery, in particular, has become a way to communicate one’s identity, and vibrant gemstones are the perfect medium for that expression.
Please elaborate on the demand for emeralds – their pricing, trends, supply, etc.
Despite the growing interest in colourful gemstones like Paraíba tourmaline, aquamarine, and tanzanite, emeralds, in particular, continue to command a significant place in the luxury jewellery market, 2024 has undeniably been the year of emeralds, solidifying their position as one of the most coveted and loved gemstones in the industry.
Emeralds have seen a resurgence in 2024, thanks in part to their prominent role in high-profile events and fashion shows. Luxury brands have embraced emeralds as their centre piece, using them in showstopper pieces and showcasing them on prestigious runways and red carpets. One of the standout moments for emeralds this year was their prominent feature at the Ambani wedding, one of the most talked-about events in the world.
In terms of supply, emeralds have shown a remarkable degree of stability. However, this consistent supply has not necessarily led to lower prices. On the contrary, the prices of fine-quality emeralds, particularly from Zambia and Colombia, are at their highest levels in recent years.
Gemstone sourcing and ethical practices are increasingly important for international buyers. How does Swastic Exports ensure transparency and sustainability in its supply chain?
At Swastic Exports, we partner with certified miners and suppliers who adhere to the highest standards of environmental sustainability, fair labour practices, and social responsibility. We take pride in our ability to not only provide our customers with exceptional gemstones but also to ensure that they are fully informed and involved throughout the process—right from the sourcing of raw materials to the final cut and shape of the gemstones.
By practicing transparency and responsible sourcing, we are creating a more sustainable and ethical future for the entire gemstone and jewellery industry. Our buyers can feel confident that every gemstone they purchase from us reflects not only superior quality and craftsmanship but also a deep commitment to the values of sustainability, ethics, and social responsibility.
With over four decades of experience, what markets have emerged as the strongest for your exports, and are there any new regions showing growing interest in your gemstones?
The global gemstone market has long been influenced by key regions, with certain countries consistently standing at the forefront in terms of both volume and value.
Over the years, the United States has dominated as the largest market in terms of volume, while luxury consumption has been concentrated in European countries like France and Italy. However, in recent years, a significant shift has occurred in the global gemstone landscape, with Asian markets, particularly India, emerging as explosive growth areas in both consumption and demand.
Our country is poised to become an increasingly dominant force in the global gemstone market. With the continued rise of the middle class, a greater appetite for luxury goods, and the cultural significance of gemstones, Asian markets will continue to fuel demand growth for both traditional and exotic gemstones.
Could you elaborate on some challenges that the coloured gemstone industry is facing currently?
The gemstone industry faces significant challenges related to skilled labour, organised infrastructure, and ethical business practices. However, these challenges also present opportunities for growth, innovation, and improvement. By investing in training programmes, streamlining supply chains, and ensuring ethical transparency, the industry can address these issues while continuing to meet consumer demand for luxury gemstones.
As a company, embracing solutions such as sustainability-focused mining practices, ethical sourcing, and technology-driven innovations will help overcome these hurdles and ensure a bright future for the gemstone industry—one that is both profitable and responsible.