An exclusive conversation with Andy Lucas, President of the Guild Institute of Gemology, and Tim Denning, Director of Colored Gemstones at Bonas Group, on the recovery of the real emerald market, demand for real emeralds, and the global outlook for rough emeralds.
At the latest tender back in November 2025 of Belmont Emeralds in Bangkok, industry leaders gathered to evaluate supply, demand, and the evolving landscape for Brazilian emeralds coming directly from a world-class emerald mine.
In this exclusive interview, Andy Lucas, President of the Guild Institute of Gemology, speaks with Tim Denning, Director of Colored Gemstones at Bonas Group, about the growth of the auctions, market confidence, and the increasing appetite for real emeralds and rough emeralds worldwide.
The Evolution of the Belmont Mine Auctions
Andy Lucas opened the conversation by asking about the progression of the tenders.
Tim Denning explained that Belmont held its first auction in 2021, initially conducted in Dubai due to global travel restrictions. Since then, the volume of rough emeralds offered has grown significantly — from approximately 100 kilos at the first sale to about 280 kilos at the current tender.
This steady growth reflects both the strength of the Belmont emerald mine and the increasing demand for responsibly sourced Brazilian emeralds in the global gemstone market.
Strong Buyer Participation Driven by Demand for Real Emeralds
The auction attracted roughly 75 buyers, with the majority coming from Jaipur — one of the world’s most important cutting and trading hubs for colored gemstones — alongside select Western companies.
According to Denning, the consistent turnout demonstrates strong confidence among manufacturers seeking reliable sources of real emeralds for jewelry production and investment.
Introduction of A+ Grade Rough Emeralds from Belmont Mine
For the first time, Belmont introduced an A+ category, representing a small selection of exceptionally high-quality rough emeralds. Only a handful of stones met this top classification, highlighting the rarity of premium material from any emerald mine.
Buyers showed strong enthusiasm, particularly for larger stones suitable for high jewelry and luxury brand houses.
Why Consistency Matters in the Emerald Market
Denning emphasized that one of Belmont Emeralds’ greatest strengths is consistency — both in grading and supply.
Buyers attending tenders know that each auction will present well-assorted goods similar in quality to previous sales. This reliability allows manufacturers to plan production lines confidently, ensuring steady availability of Brazilian emerald jewelry to the market.
Consistency is especially important for companies working with real emeralds, as it reduces uncertainty and supports long-term business planning.
The Role of Commercial Emerald Production
While top-tier stones receive significant attention, Denning noted that the highest grades represent only about 10% of production.
The majority consists of commercial-quality rough emeralds, which form the backbone of the industry. Finding markets for these goods is essential, as they supply jewelers worldwide with accessible real emerald options.
The tender model helps match supply with demand across all quality levels, ensuring every segment of production finds a buyer.
ESG Leadership and Responsible Mining
Belmont Emeralds stands out not only for production scale but also for its commitment to environmental and social responsibility.
Denning highlighted that the emerald mine operates with strong ESG practices, mining excellence, and high environmental standards — factors increasingly important to buyers and luxury brands seeking traceable Brazilian emeralds.
This responsible approach strengthens confidence throughout the supply chain, from mine to market.
Rough Emeralds Market Recovery After 2024 Adjustments
Andy Lucas referenced the price softness seen in 2024, particularly in commercial material, where prices declined roughly 20%.
Denning explained that the correction reflected a natural adjustment as the market absorbed increased supply. Over time, demand expanded to consume the additional rough emeralds entering the market.
Today, confidence has returned, supported by strong activity in India — especially following high-profile weddings featuring emerald jewelry — as well as steady demand in the United States and Europe.
Luxury brands continue to seek premium real emeralds, reinforcing positive momentum.
A Growing Global Appetite for Brazilian Emeralds
Denning shared a key insight: markets tend to grow to absorb available supply.
When more gemstones are introduced, short-term adjustments may occur, but ultimately the industry expands. After a period of normalization, demand is once again strengthening, and buyers are showing renewed enthusiasm.
At the Bangkok tender, early attendance and strong engagement signaled optimism across the sector.
Looking Ahead: A Strong Future for Rough Emeralds
The conversation concluded with a sense of confidence that the emerald sector is entering a new phase of growth.
With consistent supply from a leading emerald mine, strong demand for Brazilian emeralds, and increasing appreciation for real emeralds in luxury markets, the outlook appears positive.
Belmont Emeralds continues to play a central role in shaping the future of the industry, providing responsibly sourced rough emeralds that support manufacturers, designers, and collectors worldwide.
Key Takeaways
- Brazilian emeralds continue to gain global demand
- Consistent supply from Belmont Emeralds builds market confidence
- Rough emerald production supports both luxury and commercial segments
- ESG leadership strengthens trust in the supply chain
- Market confidence is recovering after 2024 adjustments
- Demand for real emeralds is growing across major regions
Watch the full interview at Belmont Emeralds channel on YouTube: https://youtu.be/CyzTOOB0sOk