Emerald
Emerald is the green variety of beryl, coloured by chromium and vanadium, and it is one of the four stones the trade has always treated as precious. Unlike most gems it forms where beryllium and chromium meet, a geological accident that makes it scarce and gives it the internal fracturing the trade calls the garden. It is set in high jewellery, in signed pieces and in auction goods, and fine untreated material of strong colour is among the most valuable substances traded by weight anywhere in the world.
Listed emerald markets
Each line is a grade at a delivery point. Open one for its full specification and terms.
Grades
An emerald contract is a colour contract with a clarity enhancement disclosure attached. Colour carries the value, the type and extent of any fracture filling carries the discount, and the laboratory report that states both is the document the price is agreed against.
Species, variety and identification
8 grades
| Grade | Definition |
|---|---|
| SpeciesBeryl, confirmed by gemmological testing | Confirmed against the constants of beryl. Green beryl that does not reach the colour threshold may not be called emerald under the trade nomenclature standard. |
| VarietyEmerald | The chromium and vanadium coloured green variety, with the naming threshold applied under the trade nomenclature standard. |
| Colouring elementChromium, vanadium, with iron as a modifier | The trace element chemistry that produces the colour, and the same chemistry a laboratory reads for an origin opinion. |
| Refractive indexReported, with the birefringence | Measured on a refractometer, separating emerald from the green stones that stand in for it. |
| Specific gravityReported | Measured hydrostatically, confirming the species. |
| Hardness and toughnessReported on the Mohs scale, with the toughness described | Emerald is hard but not tough. Included and fractured material needs care in cutting, setting and cleaning, and that is a commercial term. |
| FluorescenceDescribed, under long and short wave ultraviolet | An identification and treatment indicator, and one of the checks that separates natural from synthetic. |
| PleochroismDeclared, as the two observed colours | Emerald is dichroic. The orientation decides the face up colour and therefore the cut. |
Colour
6 grades
| Grade | Definition |
|---|---|
| HueDescribed, from bluish green to green to yellowish green | The primary hue with any modifier named. Slightly bluish green is the classic fine emerald description. |
| ToneDescribed, from light to dark | Medium to medium dark tone with strong saturation is where the value concentrates. |
| SaturationDescribed, from weak to vivid | The single most important value term in emerald. A vivid saturation carries a stone that would otherwise be heavily included. |
| Colour zoningDescribed, by location and intensity | Emerald grows in zones and the zoning decides orientation and yield. |
| Colour distributionDescribed, from even to uneven | How evenly the colour reads face up in the cut stone, which is what the buyer of the finished goods sees. |
| Lighting conditionDeclared | Assessed under daylight equivalent lighting, with the appearance under incandescent light noted. |
Clarity and inclusions
6 grades
| Grade | Definition |
|---|---|
| Clarity typeType three, under the standard clarity classification | Emerald is expected to be included. It is graded against that expectation and an eye clean emerald is the exception rather than the standard. |
| Inclusion suiteDescribed | Three phase inclusions, jagged fissures, pyrite, calcite, mica and healed fractures. The suite is the primary evidence in a laboratory origin opinion. |
| Fissures reaching the surfaceDescribed, by count, position and reach | The fissures that take a filler. Their number and reach set both the treatment level and the durability of the stone. |
| Clarity enhancement extentDescribed, as none, minor, moderate or significant | The trade grading of how much filler is present, reported by the laboratory. It moves the price more than almost any other single term. |
| TransparencyDescribed, from transparent to translucent | Transparent faceting material, translucent cabochon material and opaque carving material are separate products at separate prices. |
| Eye clean assessmentDeclared, at the stated viewing distance | Whether the inclusions read to the unaided eye, which is the working commercial threshold. |
Rough form, size and yield
6 grades
| Grade | Definition |
|---|---|
| Rough weightCarats, per piece and per parcel | Weighed on a calibrated balance, with the piece weights listed for a parcel of significant stones. |
| DimensionsMillimetres, length by width by depth | Measured on the crystal or preform, because the emerald cut that will come out of it is a dimensional question. |
| Estimated yieldPercentage of rough weight, declared as an assessment | Emerald yields poorly because the fissures dictate where the saw goes. The assessment is an opinion, never a warranty. |
| Shape and formDeclared, as crystal, cobbed piece, preform or sawn slice | The condition of the rough and the work still to be done. |
| OrientationDeclared | Where the table sits relative to the optic axis, which governs the face up colour of a dichroic stone. |
| Size distributionDeclared, as the count within each stated weight band | For a sorted parcel, the distribution across sizes rather than an average. |
Treatment and disclosure
7 grades
| Grade | Definition |
|---|---|
| Clarity enhancementDisclosed, with the filler identified and the extent stated | Filling surface reaching fissures with cedarwood oil, other oils, or a polymer resin. It is near universal, it is accepted where disclosed, and both the substance and the extent must be named. |
| Filler typeDeclared, as oil, resin or polymer | Identified by the laboratory through infrared spectroscopy. Oil is traditional and reversible, resin is more permanent and priced differently. |
| Filler stabilityDeclared | Whether the filler is expected to dry, cloud or leak with time, cleaning or heat, which the buyer needs before it reaches a customer. |
| Dyed fillerDisclosed | Any coloured filler, which is a separate and far more serious disclosure than a colourless one. |
| Fracture healing and other processesDisclosed | Any heating, irradiation, coating or surface process, disclosed with the method. |
| Synthetic screeningDeclared, against the named laboratory method | Confirmation that the stone is natural rather than flux grown or hydrothermal synthetic emerald, which is widely produced and easily confused by eye. |
| Disclosure recordDocument, per stone or per parcel | The written treatment disclosure on the invoice and with the parcel, as the trade standard requires. |
Parcel, documentation and settlement
9 grades
| Grade | Definition |
|---|---|
| Parcel compositionDeclared, by piece count and total carat weight | What is actually in the lot. A rough parcel is sold as a parcel, so the count, the weight and the size distribution are the contract. |
| Weight basisCarats, to the stated decimal place | Weighed on a calibrated balance, with the weighing certificate and the tolerance named. |
| Sealing and markingDeclared | Parcels sealed in the presence of both parties or their agents, numbered and photographed, so the goods that arrive are the goods that were inspected. |
| Laboratory reportDocument, per stone or per parcel | Issued by a named laboratory operating to the international testing competence standard, covering species, treatment and, where commissioned, origin. |
| Origin determinationDeclared, where commissioned | A laboratory origin opinion is an opinion based on inclusion suites and trace element chemistry. It is stated as such and never as a guarantee. |
| Export and import documentationDeclared | Export permit or certificate from the producing country, customs classification under the harmonized system, and any royalty or clearance certificate the origin requires. |
| Responsible sourcingDeclared | Mine or source, chain of custody, and the due diligence statement, including artisanal and small scale mining status where it applies. |
| Viewing and rejectionDeclared | Where and when the buyer may view, the memo or consignment terms if any, and the window and grounds for rejection after the laboratory report. |
| Insurance and carriageDeclared | Valuation for transit, the specialist carrier or secure courier named, and the point at which risk passes. |
Grades outside this list trade on request. Send us the contract specification you work to and we will price against it.
Locations
| Country | Region | We trade it as |
|---|---|---|
| Colombia | South America | Origin and destination |
| Zambia | Southern Africa | Origin and destination |
| Brazil | South America | Origin and destination |
| Zimbabwe | Southern Africa | Origin and destination |
| Madagascar | Southern Africa | Origin and destination |
| Mozambique | Southern Africa | Origin and destination |
| Tanzania | East Africa | Origin and destination |
| Ethiopia | East Africa | Origin and destination |
| Nigeria | West Africa | Origin and destination |
| Afghanistan | Central Asia | Origin and destination |
| Pakistan | South Asia | Origin and destination |
| Russian Federation | Eurasia | Origin and destination |
| China | East Asia | Cutting centre and destination |
| India | South Asia | Cutting and trading centre |
| Thailand | Southeast Asia | Cutting, treatment and trading centre |
| Sri Lanka | South Asia | Origin and destination |
| Myanmar | Southeast Asia | Origin and destination |
| Australia | Oceania | Origin and destination |
| United States | North America | Origin and destination |
| Canada | North America | Origin and destination |
| Argentina | South America | Origin and destination |
| Bolivia | South America | Origin and destination |
| Peru | South America | Origin and destination |
| Israel | Middle East | Cutting and trading centre |
| United Arab Emirates | Middle East | Trading hub and free zone |
| Switzerland | Europe | Trading, laboratory and vaulting centre |
| Belgium | Europe | Trading centre |
| Germany | Europe | Cutting centre and destination |
| United Kingdom | Europe | Trading centre and destination |
| France | Europe | Destination |
| Italy | Europe | Destination |
| Spain | Europe | Destination |
| Hong Kong | East Asia | Trading centre |
| Singapore | Southeast Asia | Trading and finance |
| Japan | East Asia | Destination |
| Republic of Korea | East Asia | Destination |
| Saudi Arabia | Middle East | Destination |
| Turkey | Western Asia | Origin and destination |
| Kenya | East Africa | Origin and destination |
| Malawi | Southern Africa | Origin and destination |
| Namibia | Southern Africa | Origin and destination |
Origins and destinations outside this list trade on request. We are not limited to the locations shown here.
Timing
Production is when the stone comes out of the ground at origin, which follows the mining season, the water level at an alluvial working and the rhythm of artisanal digging rather than a crop calendar. Arrival is when material from that origin typically reaches a cutting or trading centre. The gap between them is sorting, export clearance and the journey to the market.
HarvestArrival
| Origin | J | F | M | A | M | J | J | A | S | O | N | D | Window |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Colombia | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest Jan to Dec, arrival Jan to DecThe reference origin, from the Boyaca mines. Production runs year round with the rains slowing the open workings, and Colombian material sets the colour standard the whole trade quotes against. |
| Zambia | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest May to Oct, arrival Jul to DecLarge scale mechanised production in the Kafubu area, with the dry season carrying the bulk of the output and regular tendered auctions. | ||||
| Brazil | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest Jan to Dec, arrival Jan to DecProduction from Bahia, Minas Gerais and Goias, running year round and covering a wide range of qualities. |
| Zimbabwe | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Oct, arrival Jun to DecSandawana and related workings, producing small vivid stones, weighted to the dry season. | |||
| Ethiopia | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Oct to Mar, arrival Dec to MayNewer production from the southern regions, with mining concentrated outside the main rains. | ||||
| Madagascar | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Oct, arrival Jun to DecProduction from the eastern belt, accessible in the dry season. | |||
| Afghanistan | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest May to Sep, arrival Jul to NovPanjshir valley production, moving out overland once the passes are open. | |||||
| Pakistan | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest May to Oct, arrival Jul to DecSwat valley and northern workings, limited to the summer window. |
Windows outside this pattern trade on request, including forward commitments against a mine run, parcels already sitting in a cutting centre, and material held in a free trade zone or bonded vault.
Customs, packing and contract terms
Indicative terms for emerald. Tariff classification is the importer’s responsibility and limits change, so confirm both against the destination customs authority and the current regulation before you fix a contract.
- HS heading7103.10 Precious stones, unworked or simply sawn or roughly shaped
7103.91 Rubies, sapphires and emeralds, otherwise worked - PackingSealed and numbered parcels under a valuation certificate. Never containerised.
- Container loadingNot containerised. Moves by insured secure courier or hand carry against a declared valuation, with customs presentation at both ends.
- Contract and arbitrationCIBJO Blue Book nomenclature, with a GIA, Gubelin or SSEF report where the value warrants it. Sale on viewed and approved parcel terms with weight and treatment disclosure. Arbitration under the rules of the World Federation of Diamond Bourses or the ICC.
- Destination limitsOrigin declaration and OECD due diligence for minerals from conflict affected and high risk areas, US OFAC sanctions on Burmese ruby and jade under the JADE Act, anti money laundering registration and reporting for dealers in precious stones, and full disclosure of heat, diffusion, fracture filling and any other treatment.
Common questions
What grades of emerald does SIP Global trade?
We quote 42 published grades of emerald, including Species - Beryl, confirmed by gemmological testing, Variety - Emerald, Colouring element - Chromium, vanadium, with iron as a modifier, Refractive index - Reported, with the birefringence, Specific gravity - Reported and Hardness and toughness - Reported on the Mohs scale, with the toughness described. Every grade is tied to a delivery point and a settlement route. Grades outside the published list are priced on request.
How is emerald graded?
An emerald contract is a colour contract with a clarity enhancement disclosure attached. Colour carries the value, the type and extent of any fracture filling carries the discount, and the laboratory report that states both is the document the price is agreed against. Grading runs on 6 systems: Species, variety and identification, Colour, Clarity and inclusions, Rough form, size and yield, Treatment and disclosure and Parcel, documentation and settlement.
Where does SIP Global trade emerald?
We trade emerald in Colombia, Zambia, Brazil, Zimbabwe, Madagascar, Mozambique, Tanzania and Ethiopia and 33 further markets. Origins and destinations outside this list trade on request. We are not limited to the locations shown.
When is emerald harvested and when does it arrive?
Typical windows are Colombia: harvest jan to dec, arrival jan to dec; Zambia: harvest may to oct, arrival jul to dec; Brazil: harvest jan to dec, arrival jan to dec; Zimbabwe: harvest apr to oct, arrival jun to dec; Ethiopia: harvest oct to mar, arrival dec to may. Harvest is when the lot is taken at origin, arrival is when a shipment from that origin lands in a consuming market. Windows outside this pattern, including carry, trade on request.
What is the HS code for emerald?
Emerald is normally classified under HS 7103.10 (precious stones, unworked or simply sawn or roughly shaped) and HS 7103.91 (rubies, sapphires and emeralds, otherwise worked). The heading follows the form the goods are in at the border, and national tariffs extend it beyond six digits, so confirm the full line with the destination customs authority before you fix a contract.
How do I get a price for emerald?
Send the grade, the origin and the delivery window to the SIP Global desk. That is enough for a trader to come back with a level and a settlement route. 3 listed emerald markets are published on this page, each with its full specification and terms. We take both sides, physical and financial, prompt to long dated.
Standards and data sources
The grading language on this sheet follows published standards. Trade volumes and tariff lines are public record. Verify anything here against the source.
- UN ComtradeOfficial international trade statistics by HS code
- ITC Trade MapBilateral trade flows and tariff data
- FAOSTATFAO production and trade series for agricultural commodities
Price this with our desk
Grade, origin and window if you have them. If what you are carrying does not fit the sheet above, describe it in your own words and a trader will take it from there.