Gemports published its Sapphire Transaction Index for the fourth quarter of 2025 on 18 February 2026, describing a market in consolidation after the sharper moves seen earlier in the year. The index registered only small quarter-on-quarter changes across origin, treatment, and size segments.
That relative calm does not mean softness in fine material. The report stresses that high-quality unheated sapphires, especially from Sri Lanka in sizes of three carats and above, remain structurally scarce. New gem-quality rough from Ceylon pits continues at low volume, with little sign of a large untreated pipeline opening.
Commercial heated goods faced more price pressure than elite unheated stones. Investors are advised to treat laboratory certification, origin verification, and confirmed unheated status as gatekeepers for appreciation potential rather than optional extras.
Gemports expects large-carat unheated Sri Lankan sapphires to resume price leadership in 2026, with auction results in the first quarter setting benchmarks. For buyers in Ratnapura and abroad, the index reads as confirmation: the mid-market can pause while the top end tightens.
