ALT/FNDATA · Market Report
Q2 2025 Report: The Secondary Market for Fine Jewelry & Gems
Auction-realized prices and the luxury-equity backdrop
The year's flagship quarter: the Geneva Magnificent Jewels sales drove auction value up sharply, colored stones and historic colored diamonds led the top, and the high-jewelry market stayed resilient even as the broader luxury equities de-rated.
The headline
The correction in three numbers
$202.3M
Q2 2025 auction value
Across 13,308 sold lots; +37% gross and +68% like-for-like vs 2024
$13.98M
Top lot: the Marie-Thérèse Pink
A historic colored diamond at Christie's; the Geneva May sales led
$45.4M
Sapphire value
Colored stones led, behind $94.9M of diamonds; rubies added $22.6M
Auction-realized prices: what fine jewelry and gemstones actually sold for at the hammer, not asking prices. · 10M+ auction results · 100+ houses.
Key findings
What the quarter told us
- The year's flagship quarter: Q2 2025 cleared $202.3M across 13,308 sold lots, up 37% in gross value and 68% on a like-for-like basis, the Geneva Magnificent Jewels sales driving the strongest jewelry quarter of the year.
- The Geneva May and June sales were the quarter. May ($78.7M) and June ($104.8M) together carried roughly 91% of the value, against a quiet April.
- Historic colored stones and colored diamonds led the top. A Marie-Thérèse Pink colored diamond realized $13.98M at Christie's, ahead of the $11.3M Blue Belle sapphire necklace and the $9.5M Regent Kashmir sapphire ring.
- Christie's dominated, clearing $103.0M (about 51% of the quarter) across 455 lots, with Sotheby's ($56.9M) bringing the two flagship houses to roughly 79% of value.
- Diamonds anchored the market at $94.9M, but colored stones carried the headlines: sapphires added $45.4M, rubies $22.6M and emeralds $14.1M, the colored-stone share unusually high.
- The high end traded apart from the equities. The broader luxury majors de-rated in the spring (LVMH about −22%), yet the auction jewelry market rose and Richemont's jewellery maisons, Cartier and Van Cleef & Arpels, remained the sector's most resilient division.
Year-over-year
Q2 2024 vs. Q2 2025
Q2 2024 vs. Q2 2025: sold fine-jewelry and gem lots at auction (like-for-like = the 26 houses present in both quarters)
| Metric | Q2 2024 | Q2 2025 | Change |
|---|---|---|---|
| Sold auction lots | 14,595 | 13,308 | −9% |
| Total value (USD) | $147.7M | $202.3M | +37% |
| Like-for-like value | $120.6M | $202.1M | +68% |
| Top marquee lot | $13.29M | $13.98M | +5% |
The divergence
As the listed luxury majors de-rated in the spring (LVMH about −22%), the auction jewelry market rose 68% on a like-for-like basis, led by the Geneva Magnificent Jewels sales. Jewelry, and the jewellery maisons, remained the sector's most resilient corner.
Source: Yahoo Finance closing prices (31 Mar 2025 to 30 Jun 2025); ALT/FNDATA auction value.
The outlook
Three trends that will define the year
Geneva is the market
The second-quarter Magnificent Jewels sales in Geneva concentrate the year's deepest jewelry capital. Christie's and Sotheby's cleared roughly four-fifths of the quarter's value; the marquee, not the mid-market, sets the result.
Colored stones command the ceiling
The top of the market is colored: historic Kashmir sapphires, Burmese rubies and fancy-colored diamonds drew the deepest bids. Provenance and natural, untreated origin, more than carat weight alone, set the pinnacle prices.
Jewellery is the resilient luxury category
As fashion and watches softened across 2025, the jewellery maisons kept compounding and the auction high-jewelry market stayed firm. Hard, intrinsic value, lifted further by record gold, is the defensive core of the luxury complex.
“The high-jewelry market stayed firm while the broader luxury complex de-rated: in Geneva, historic colored stones and fancy-colored diamonds drew the deepest bids of the year.”
Members only
Read the full report
The headline data above is free to cite. The full report is part of ALT/FNDATA Membership, which includes every quarterly market report and the Visual Analytics Hub. Inside this report:
- The full month-by-month auction breakdown (April to June)
- The luxury-equity backdrop: the jewellery maisons vs. the broader de-rating
- What the value was made of: diamonds, sapphires, rubies and emeralds
- Methodology and how to cite the data
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Source: ALT/FNDATA, “Q2 2025 Report: The Secondary Market for Fine Jewelry & Gems” (June 2026). Based on auction-realized prices for fine jewelry and gemstones cleared at the auction houses ALT/FNDATA tracks, with public-market context from Q2 2025 luxury-equity performance. © 2026 ALT/FNDATA · altfndata.com/reports/jewelry-gems-market-report-q2-2025