When we speak of fine wine, we often speak of time – how a vintage will age, how rarity defines worth over the years, and how provenance shapes quality during a wine’s transformational second life. The world of coloured gemstones echoes these themes: finite natural resources, a reliance on expert eye over algorithms to define value, and stories of origin that become more precious as the years pass.
We recently had the privilege of exchanging with two specialists – gemologist and coloured gemstones dealer William Roffey (AGD Lapidary) and jewellery expert and gemologist Roberta Belfer (Phillips). We explored the shared language of scarcity, storytelling, and value generation. Below is an extract from our conversation during 1275’s latest “soirée salon”.
Q: How does the supply and demand dynamic in gemstones compare with that of wine?
In both cases, best sources are finite. Iconic vineyards are protected and fixed in size; legendary gemstone mines – such as those in Kashmir or Burma – are either depleted or producing less. As global demand grows, sourcing the highest quality becomes harder, fuelling competition and pushing up prices. The pre-owned market for gemstones plays a more and more central role, where wine producers are trying to shorten their supply chains and reduce secondary market activity for rare bottles.
Q: In wine, origin is everything—region, vineyard, winemaker. What parallels exist in gemstones?
Like wine, gemstones carry the mark of their origin. A ruby from Burma will hold more value than one from a lesser-known deposit. Colour, inclusions, and crystal structure act as ‘terroir markers’. In both worlds, place shapes character and price.
Q: Provenance is a pillar of wine collecting. How does it apply to gemstones?
Provenance is just as critical in gems and jewellery. A piece once owned by royalty or created by a major maison can see its value soar. Beyond ownership history, serious buyers look for documentation, expert assessment, and a trusted network – just as they would for wine with guaranteed ex-château provenance.
Q: With AI on the rise, how important is human expertise in the gemstone world compared to wine?
Essential. There’s no standard price list or algorithm for coloured stones. Unlike diamonds, each stone is unique. It takes a trained eye – sharpened over years of experience – to judge a stone’s true value. As in wine, expertise isn’t just about recognising quality, but knowing when to walk away.
Q: Time is vital to wine’s maturity and value. What about in gemstones?
Time enhances value in both. Gemstones grow rarer as mines dry up and trends evolve. Older stones from now-inaccessible sources, just like discontinued pieces of jewellery become more prized. And just like a fine cellar, it takes time to build knowledge and assemble a collection worth passing down to the next generation.
Overall, fine wine and gemstones share more than just luxury status – they are bound by rarity, provenance, and the irreplaceable role of human expertise. In both worlds, time adds value, stories create meaning, and proper sourcing is key.