It may sound obvious but if you don’t enjoy endless travel, there are better occupations to choose than to be an international gemstone merchant. You see, more than 80 years ago, my family resolved to only work with gemstones that were procured directly from its respective mining sites. Additionally, our gemstones must be purchased from other families that we know and trust. What was a very noble declaration by my grandfather- to create direct tracing to a particular family at a particular mine for each gemstone- has been very lucrative for the airlines. I fly, on average, 150,000 miles each year. Â
It's one thing to fly New York to Istanbul airport, for 10 hours and have a Turkish coffee and baklava (a favorite pastime of mine). It’s a whole other endeavor to continue on to Dar Es Salaam, Tanzania on an 8-hour flight just to sit around for a few hours until you find a replacement seat for your cancelled, short 1.5 hour flight to Arusha. That’s where I find myself drinking coffee today. Yes, it’s the hunt for tanzanites.
In the gemological world, it’s a very new gemstone. It was discovered in the 1960’s by Maasai shepherds, not far from where I am sipping my coffee. Its beauty is undeniable, as even the most jaded gemstone enthusiasts find the gemstone mesmerizing. At its finest quality and unlike any other gemstone before it, tanzanites possess a deep, alluring violet-blue color. Even though relatively soft, the natural topography of the region allows these gorgeous specimens of nature to grow without many internal flaws. But even the greatest works of art need a proper gallery and marketing to achieve commercial success. In steps the retailer of the little blue box, Tiffany.
Tiffany was shown this gemstone in 1968 and fell in love with it. Always keen to introduce new gems to the world, this powerful retail entity decided to put its money and its marketing might behind this exciting, new discovery. They named it Tanzanite as an ode to its source country.
The gem world normally calls gems that are more abundantly found semi-precious. Tanzanites were initially abundantly found but several factors immediately clouded the fine line between semi-precious and precious for this incredible gem. To begin with, Tanzanites were an instant hit. As consumers learned about this magical gem, Tanzanites started to fill a void with a unique color and relatively approachable price point. They were a big hit instantly, and demand far exceeded supply. Additionally, the discovery of a new gem is usually followed by further discoveries in other source countries. To date, the world hasn’t seen a source for tanzanites outside of a small area in northern Tanzania. What was expected to be just another semi-precious gemstone soon became the darling of modern gem enthusiasts and commanded much higher prices.
Fast forward to 2023 and the tanzanite mines are being depleted and rumors are swirling about the end of time- At least for tanzanite supplies. Collectors and enthusiasts alike are in search of larger tanzanites (at least 5 carats+ but preferably 10 carats+) in top, saturated colors. Obviously, such specimens are becoming ever harder to find, and most industry experts are predicting a 50% rise in prices in the near future. The proof- for the first time in tanzanite history, gems are selling at much higher prices within Tanzania as compared to older inventory around the world. In this case, it doesn’t take an economics degree to realize the sudden increase in prices and the window closing on what the tanzanite world considered the norm.
Happy hunting! My plane is about to leave!