| Written by Mark Buzinkay
Table of contents:
The emerald market
Emeralds are part of the broader coloured gemstone market, which is growing steadily. The overall gem market is projected to expand from about USD 36,044 million in 2025 to over USD 68,150 million by 2035, with a CAGR (compound annual growth rate) of roughly 6.6 %. Within that market, emeralds make up a significant share. (1)
More narrowly, the emerald jewellery market was valued around USD 2.5–2.6 billion in 2023-24, with growth forecasts placing it at over USD 3.2–4.2 billion by the end of the decade. The growth rate is expected to be around 5-6 % annually. (2)
There is also a synthetic emerald market: in 2024, it was worth about USD 3.15 billion, with projections rising to nearly USD 5 billion by 2031. (3)
Stone quality
Emerald quality depends heavily on colour (vivid, rich green often with a slight bluish cast is most prized), clarity (inclusions are common in emeralds, but stones with fewer or more “pleasing” inclusions fetch higher prices), cut, origin, and size. Stones from certain geographies—especially Colombia—carry prestige. Zambian emeralds (from Kagem), Brazilian, and those from Afghanistan (Panjshir) have also become more prominent. (4)
There is a rising demand for emeralds that are sustainably sourced and traced in origin. Ethical concerns, environmental footprint, traceability, and certifications are becoming much more important to buyers. Also, for many consumers, “near-gem” material (stones that are not perfect but still very good) is appealing because of more affordable pricing.
Synthetic and lab-grown emeralds are also capturing market share — not only for lower price points but also where demand is high for “green gemstones” but budgets are more limited. Part of the synthetic market’s growth is driven by manufacturing improvements (hydrothermal methods, etc.).
Key Origins & Producers
Colombia remains by far one of the most important sources, particularly for class-1 emeralds (top colour, clarity, provenance). Mines in Boyacá (Muzo, Chivor, etc.) are especially prestigious.
Zambia (especially the Kagem mine) is also a major producer. It supplies stones with good clarity and deeper tones; many buyers see Zambian emeralds as more “modern” in style by comparison with the traditional Colombian aesthetic. Gemfields’ Kagem mine produces something like a quarter of the global emerald supply.
Brazil produces large stones and a wide tonal range; while many are more “commercial” in grade, there are also high-quality lots.
Other smaller but noteworthy sources include Afghanistan (Panjshir), Pakistan (Swat), and some newer or less developed deposits. These are often prized because of rarity, novelty, or exceptional colour/character for their origin.
Major Marketplaces
The emerald trade is split among rough stone auctions/tenders, wholesale rough & cut sales, retail jewellery, and lab-grown channels.
One of the most prominent players in the rough emerald auction space is Gemfields, which runs regular high-quality auctions from the Kagem (Zambia) mine. For example, in a recent auction (Aug-Sept 2025), they sold 38 lots for USD 32 million, averaging about USD 160.78 per carat for those lots. That’s a strong signal of demand recovering in better-quality rough material. (5)
Another auction/tender site is Auctim.com, which handles large lots of rough emeralds (for example, over 1.4 tonnes in one lot from Brazil), generally targeting B2B buyers who can view and bid on large rough quantities.
Belmont Emeralds is another producer that holds regular rough-emerald tenders (for example, in Bangkok), with many of their lots coming from Brazil. These tenders attract international buyers of rough material.
There are also online marketplaces for finished or cut stones, retailers, and luxury jewellery houses that purchase the polished emeralds. Auction houses (Christie’s, Sotheby’s, etc.) occasionally feature very high-end emerald pieces. Also, dealers use trade shows, gem fairs (Bangkok, Idar-Oberstein, Jaipur, Hong Kong, etc.) to showcase polished stones. While I don’t have exact recent numbers for those fairs in this summary, these remain important channels.
Challenges, Trends & Forecasts
Supply constraints are an issue: the best emeralds are rare, mining is difficult or dangerous in many locales, geopolitical instability can affect production (e.g. in Colombia or Afghanistan - see also: mine security), and regulatory and environmental concerns are rising. These all push up costs and make traceability more important.
Tariffs and import/export restrictions also affect trade, especially rough stones. Market uncertainty from such regulatory changes has caused delays or even temporary shutdowns of mining or auction activity (for example, in Zambia).
On balance, the forecast is for continued growth, with demand particularly strong in Asia-Pacific (rising disposable incomes, growing luxury and jewellery consumption), and also among consumers who value ethical sourcing. Price appreciation is likely for the highest quality stones and for stones with good provenance and traceability. Synthetic emeralds will continue to occupy more of the lower price bands, and there may be growing blurring (in terms of consumer perception) between natural vs lab-grown if lab-gem quality improves and certification becomes standard.
Mining for emeralds
Emerald mining is a highly specialised branch of gemstone extraction that differs significantly from diamond or gold mining because emeralds form under very specific geological conditions. They typically occur in hydrothermal veins or within black shales and limestones, where beryllium interacts with chromium or vanadium to create their distinctive green colour. This unusual formation means emerald deposits are relatively rare, small, and structurally complex, which shapes the way they are mined.
There are two primary methods of emerald mining: open-pit and underground. Open-pit mining is generally used when emerald-bearing rock is close to the surface. Large amounts of overburden are stripped away using excavators and bulldozers, exposing veins where emeralds can be collected. Because emeralds are fragile compared to other gemstones, blasting is used sparingly or avoided altogether, as excessive force risks shattering the crystals. Instead, miners often employ careful mechanical excavation and even manual tools when they get close to gem-bearing zones (more: Mine risk management).
Underground mining is more common in older, established emerald districts such as Muzo and Chivor in Colombia, where emerald veins run deep into the earth. Shafts and tunnels are driven into the host rock, sometimes extending hundreds of metres underground. Ventilation, pumping, and reinforcement are critical in these environments due to poor rock stability and water inflows. Once emerald-bearing veins are located, miners extract the host rock with extreme care, typically breaking it into manageable chunks that are hauled to the surface for washing and sorting.
After ore is brought out of the mine, it is washed and sieved to separate emerald crystals from the surrounding rock. Sorting is meticulous, as emeralds occur in varying qualities and sizes, and the vast majority of recovered material may not be suitable for jewellery. Only a small fraction qualifies as gem-grade, which contributes to the stone’s high value.
Environmental and social issues are also central to emerald mining today. Historically, emerald mines were associated with unsafe working conditions and informal operations. Modern producers, particularly in Zambia and Colombia, are moving toward more regulated, mechanised, and sustainable practices. International buyers increasingly demand transparent supply chains, encouraging mining companies to adopt fair labour standards (see also: Responsible mining in Latin America), community investment, and environmental rehabilitation alongside their extraction activities.
Emerald mines in Brazil
Emerald mines in Brazil play a central role in the global gemstone industry, not only because of their volume of production but also due to the wide range of qualities they produce. Unlike Colombia, which is traditionally considered the most prestigious source, Brazil has developed a reputation as a supplier of both large-scale commercial material and high-quality gems suitable for fine jewellery. The history of emerald discovery in the country goes back to the 1960s, when significant deposits were first identified in the state of Bahia. Since then, Brazil has steadily expanded its position to become one of the world’s leading producers, alongside Colombia and Zambia.
The state of Bahia remains one of the most important emerald-producing regions in the country. Deposits such as Carnaíba and Socotó are well known for yielding stones of intense green colour and good transparency, although the geology of the area can be challenging to mine. Bahia emeralds often display a slightly yellowish or bluish tone, adding diversity to the spectrum of Brazilian material. Another prominent source is Minas Gerais, where the Belmont mine has become a benchmark for modern emerald mining. Belmont is recognised not just for the quality of its gems but also for its use of advanced technology and sustainable practices, making it a model for the wider industry. Goiás is also home to several emerald deposits, contributing to Brazil’s overall output.
One of the defining features of emerald mines in Brazil is the size of the crystals found. Brazilian emeralds can be remarkably large, sometimes weighing hundreds of carats, although not all of these crystals reach gem quality. Many of the stones are highly included or fractured, which limits their value, but the availability of sizeable crystals gives Brazil a unique position in the market. High-quality Brazilian emeralds, however, can rival Colombian gems in beauty, especially when their colour leans toward a deep bluish-green.
The Brazilian emerald industry has built its reputation not only on production but also on its sales and distribution model. Tenders and auctions in trading hubs like Bangkok or Hong Kong often feature rough stones from Brazil, with companies such as Belmont Emeralds organising regular events that attract international buyers. Brazil also benefits from a robust lapidary tradition, with local cutters adding value before stones reach global markets. The combination of mining and cutting expertise strengthens the country’s role in the gemstone supply chain.
Sustainability and traceability are increasingly important to the emerald mines in Brazil. With international consumers demanding ethical sourcing, Brazilian operators are investing in better working conditions, environmental management, and community engagement. Mines like Belmont highlight transparency by documenting their extraction processes and ensuring stones can be traced back to their source. This commitment helps Brazilian emeralds compete in high-value markets where provenance and ethical standards are as important as beauty.
Overall, emerald mines in Brazil have carved out a significant niche in the global gemstone trade. With deposits spread across Bahia, Minas Gerais, and Goiás, the country produces a wide range of emeralds, from commercial-grade material to gems of exceptional beauty. Combined with a forward-looking industry that emphasises sustainability and innovation, Brazil is likely to remain a cornerstone of the emerald market for decades to come.
FAQ – Emerald Mines in Brazil
Where are the emerald mines located in Brazil?
Brazil’s most famous emerald deposits are in the states of Bahia, Goiás, and Minas Gerais. The Belmont mine near Itabira (Minas Gerais) is internationally known for producing high-quality emeralds with rich green colour.
Why are Brazilian emeralds considered unique?
Brazilian emeralds are often praised for their clarity and lighter green shades compared to Colombian emeralds, which are typically darker. This makes them attractive for jewellers seeking stones with fewer inclusions and a bright, vivid look.
How important is emerald mining to Brazil’s economy?
Emerald mining is a niche but valuable sector of Brazil’s gemstone industry. While not as large as diamond or gold mining, Brazilian emeralds are highly sought after in international markets, contributing to exports and local employment in mining regions.
Takeaway
A key takeaway from the emerald market is that the growth in demand must be matched by stronger commitments to mine worker safety. Emerald deposits are difficult to access, and mining often involves unstable rock formations, deep shafts, and limited ventilation, all of which pose serious risks. While modern operations in regions such as Zambia, Colombia, and Brazil are increasingly mechanised and regulated, informal and small-scale mines still struggle with unsafe conditions. As consumers place more emphasis on ethical sourcing, ensuring the well-being of workers underground is as important as environmental sustainability or traceability in securing the industry’s future.
Delve deeper into one of our core topics: Miner safety
Glossary
Hydrothermal veins are mineral-filled cracks in rock that form when hot, mineral-rich fluids circulate through fractures deep underground. As the fluids cool and pressure drops, dissolved elements crystallise, creating veins of quartz, calcite, or gem minerals like emeralds. These veins often develop in tectonically active regions where heat and fluids are abundant. Their formation explains why emeralds occur in narrow, irregular zones rather than large deposits. (6)
References:
(1) https://www.futuremarketinsights.com/reports/gemstones-market
(2) https://www.thebusinessresearchcompany.com/report/emerald-jewelry-global-market-report
(3) https://reports.valuates.com/market-reports/QYRE-Auto-3O14940/global-synthetic-emerald
(4) https://emeralds.com/education/major-emerald-producing-countries/
(5) https://nationaljeweler.com/articles/14266-gemfields-achieves-32m-at-high-quality-emerald-auction
(6) Robb, L. (2005). Introduction to Ore-Forming Processes. Blackwell Publishing.
Note: This article was partly created with the assistance of artificial intelligence to support drafting.
