Category Archives: Emerald

EMERALD NEWS FROM COLUMBIA

Recent emerald sales have set new record prices for fine emeralds, for both cut stones and specimens. The old record for a fine cut emerald $40,000 per carat. In late 2010, Muzo International, Inc. sold a 9 carat emerald cut stone for almost $90,000 per carat – more than doubling the previous best price.

Recognition of the Rarity of Fine Emeralds

This 9.27 carat emerald sold in 2010 for over $800,000.

This record-setting sale demonstrates a new recognition of the rarity and value of a very fine emerald with a spectacular combination of color and transparency. It also reveals a new class of buyers. Big money has discovered the undervalued and collectible attraction of fine gems, mainly because the stock market and real estate no longer offer the returns they once did. Fine world class mineral specimens have also become attractions for the wealthy collector. New money and money displaced from traditional investments is coming into the gem and mineral world, affecting prices from top to bottom, ushering in a new era of stratospheric emerald prices.

Mineral Specimens Have Also Broken Barriers

The fabulous “Yamile” emerald specimen has sold three times in the last ten years. In 1984 it was sold by the mine owner for $80,000. The collector who bought it held it until 2007, and sold it for over $250,000 (that’s a tidy little profit of $170,000). This collector sold it again in 2010 for $500,000, doubling his money in 3 years.

These 2 photos of the Yamile emerald were taken 26 years apart. The photo on the left was taken in 1984, the one on the right in 2010.

EMERALD DEPOSITS OF COLOMBIA

Emerald, Colombia

Chivor Mine 2ct grass green crystal

Coveted for more than 5,000 years, deep green emeralds have a rich and romantic history. Ancient Egyptian emerald mines near the Red Sea were known as “Cleopatra’s Mines” after the charismatic queen who so loved these gemstones. Indian maharajas are known to have collected emeralds, and modern-day treasure hunters have discovered Spanish galleons brimming with the stones, hoarded by conquistadores of long ago. The green gem is the birthstone for May.

Emerald, Colombia

5.87ct terminated crystal from the Muzo Mine

Emerald is the green variety of the mineral beryl. Other gemstone color varieties that belong to beryl include aquamarine, morganite, heliodor, and goshenite. Other colors of beryl are simply referred to by their color, such as red beryl.  Emeralds are beryllium-aluminum-silicates with a hardness of 7.5 to 8.  The name emerald comes from the Greek ‘smaragdos’ via the Old French ‘esmeralde’, and really just means ‘green gemstone’.  Emerald’s wonderful deep green color is caused by the color-causing chromophores chromium and iron, which are incorporated in trace amounts in the molecular lattice of the crystal.

muzo emerald mine

Debris from the Muzo Mine on a steep jungle hillside in Colombia

Colombia continues to be at the top of the list in terms of the countries in which fine emeralds are found. It has about 150 known deposits, though not all of these are currently being worked. The main emerald deposits of Colombia are situated near Muzo, in the western foothills of the eastern branch of the Colombian Andes, about 60 miles northwest of Bogotá, the capital of Colombia.  The region about the deposits is intensely tropical, characterized by excessive heat and high humidity which produce rank jungle growth. Other Colombian emerald mines include the Coscuez deposits, which are about 10 miles north-northwest of the Muzo mines, and the Chivor (Somondoco) deposits, which lie about 100 miles to the southwest.

Emerald, Colombia

Sharp, see-through termination on a gem crystal

In economic terms, the most important mine is at Coscuez, where some 60 faces are being worked. Approximately three quarters of Colombia’s emerald production now comes from the Coscuez Mine. Colombian emeralds differ from emeralds from other deposits in that they have an especially fine, shining emerald green unimpaired by any kind of bluish tint. This fascinatingly beautiful color is so highly esteemed in the international emerald trade that even obvious inclusions are regarded as acceptable.

Emerald Colombia

End view through the termination of a 48ct gemmy crystal

The early history of the Colombian emerald deposits is buried in the remote past. These had been worked for thousands of years before the Spaniards first set foot in the New World.  Spaniards discovered the source of Peruvian emeralds in 1537, when Gonzalo Jimenez de Quesada entered the valley of Guachetá in the Chibcha Indian domain and received nine emeralds as a gift from the Indians.

Emerald Colombia

¾” 7.6ct gem emerald crystal

Emerald crystals are usually found in pockets, or embedded in calcite veins traversing the emerald formation.  Today, emeralds are mined using tunnels (open cut mining is now prohibited).  The emerald-bearing calcite veins are carefully removed by hand and taken to a sorting shed above. In the sorting shed, the calcite veins are carefully broken by hand and the emerald crystals picked out. The stones are separated into a number of grades according to color, size, transparency, and freedom from flaws.  Independent emerald miners called “guaqueros” wash the waste from the mines and sometimes find small low quality emeralds called “morallas”. In the past when open pit mining was still allowed, the number of the “guaqueros” could reach fourty thousand people.

Emerald Colombia

Multiple terminations on a large 24.7ct crystal from Coscuez

Visiting the mines can be a major challenge. For security reasons, buyers carrying millions of dollars in cash usually fly in by helicopter, but bad weather conditions often make this impossible.  Others visit the mines by SUV, passing through beautiful, jungle-covered mountain landscapes.  For safety, the drive is usually made in convoys escorted by armed guards wearing ammunition jackets.

Emerald Colombia

Very fine 2.9ct emerald crystal

For those considering purchasing emeralds as an investment, the most important factor in determining the valued of an emerald is its color. Following this, the stone’s clarity, carat weight, and the amount and type of inclusions are the other major determinants of value. Dark, clear stones with few or no visible inclusions command prices higher than those of equally fine diamonds.  Economic changes over the last few years have caused emerald prices to skyrocket, as investors sought a safe refuge for their money.

We invite you to click here to visit the Treasure Mountain Mining emerald gallery on our website, featuring a number of these very special gem crystals.