Recently, the US government decided to lift the ban on the importation of rubies and jade from Myanmar (Burma) that had been in place since the Lantos JADE act of 2008. During this time, the prices of Burmese rubies has increased exponentially due to many market conditions and the restricted trade. So, what will it mean to the American trade and the end consumer now that rubies can now flow freely from Burma?
In simple Economics 101, people would assume that with greater supply that prices would drop. In most cases this would be true, but in this case, we don’t see a huge number of affordable rubies flooding into the US market. During the period that this ban was in place, Burmese rubies continued to be sold in every other country in the world. The supply was still not meeting that demand, thus the increase in prices globally. There is no huge stockpile of gems in Burma waiting to be sent to the US market. Yes, they are now available to be imported directly, but US buyers still have to compete with other international buyers for this limited supply. This competitive market will keep ruby prices high as buyers of fine rubies will pay top price for high quality gemstones for their discerning clients.
We at Omi Gems are very supportive of the lifting of the ban. We have maintained the belief since it was implemented that the ban was doing more harm than good to the artisanal miners in the Mogok region. Our family has a rich history of close ties to Burma. Five generations have passed since our family mined rubies in Mogok, but we still have strong connections with ruby sources in the country. We are also very involved with rubies coming out of Mozambique, Madagascar and Tanzania, but we do have a special love for the chromium-rich Burmese gems and their siganture “glow”
Our current selection of Burmese rubies is very strong and we expect to build it up even more with the freedom of access to new productions. We have most sizes available from melee up to larger single gemstones. We are closely monitoring how the market is affected by new Burmese supply and economic softening in Asia, but we are not counting on lower prices based on early indications from the sources. We will use our relationships to obtain rubies at the best prices we can and pass that value along to our clients.
It’s our favorite time of year because Tucson is here! Visit us at the AGTA GemFair booth 401 to view our fine colored gemstone collection as well as a great selection of closeouts. We look forward to seeing you!
Lot No: SA2323
9.22 x 8.88 x 7.69 mm
It’s our favorite time of year at Omi Gems, as we prepare for the AGTA GemFair in Tucson, AZ. From February 2nd-7th you have the unique opportunity to view our loose gemstone inventory as well as many closeout deals! We have a large selection of fine rubies including matched pairs, suites and no-heat collector quality large singles. View our collection at booth 401 at the AGTA GemFair located in the Tucson Convention Center.
This year, nine designers took the challenge of designing jewelry around a 4.59 carat fancy purple sapphire from Omi Gems. A special daughter about to leave the nest and a natural purple sapphire are at the heart of the 2015 MJSA Online Design Challenge. Nine designers were supplied with the fictional scenario, presented here, about a father wanting to surprise his graduating daughter with a special gift before sending her out to conquer the world.
Now it’s your turn: Vote for your favorite design by visiting the MJSA.org website and following their voting instructions before October 31, 2015. The winner of the 2015 MJSA Journal A Little Piece of Home Design Challenge will be announced in the December print edition of MJSA Journal.
The magical, fiery birthstone for October is opal and we’re thrilled to present some of our finest black opals to date. Few things are as remarkable as the highly prized Australian black opal. The Lightning Ridge area of New South Wales produces a very finite supply of this phenomenal stone. Enjoy the wondrous play-of-color this October from Omi Gems!
Lot No: OP1035
Oval Black Opal
14.90 x 12.80 mm
The 5th, 6th and 7th designs in the 2015 MJSA Online Design Challenge are now online. Each year the MJSA hosts an exciting design competition held exclusively online for nine jewelry designers. The designers are presented with a loose gemstone from Omi Gems (a 4.59 carat cushion purple fancy sapphire) and a fictional client story titled “A Little Piece of Home,” as inspiration for their designs. Read the story here.
See the latest designs and click each for more details:
Lot No: TS1064
Tsavorite Garnet Pear
11.69 x 8.40 x 5.62 mm
Rich deeper green but not over dark. Very clean and bright, difficult to find color like this today over 3 carats. GIA certified.