What is an Alexandrite?

What is an alexandrite?  Most people have never heard of the gemstone called alexandrite.  And that’s for a good reason.  It is one of the rarest stones in the world.  It was named after Russian royalty and has a very unique characteristic:  it changes color.  And not like a diamond that shines differently in different lights, an alexandrite actually changes color based on what kind of light is shining on it.  It will either look green or purplish red depending on the light.  The more it changes color, the more it’s worth.

This is Le Vian’s 14-karat green gold ring, featuring 0.52 carats of black diamonds and 2.68 carats of alexandrite around a mint-hued quartz ($4,947)

Alexandrite comes from the chrysoberyl family.  It changes color because of the complex way the stone absorbs light.  It can be bluish-green in daylight or fluorescent light, and changes to purplish-red in incandescent light.  In the 1830′s the stone was discovered off in the mountains in Russia.  The leaders of Russia started noticing the stone and was named after Alexander II.  Now the stone has a certain cache because of the Royal history.  High quality alexandrite is almost impossible to find.  If the stone can be traced all the way back to Russia it can be incredibly valuable.  However, you can find mines looking for alexandrite now-a-days in Sri Lanka, Brazil, and parts of Southeast Asia and east Africa.

Omi’s pendant was handcrafted with a pear-shaped alexandrite center stone accented with diamonds and round alexandrites surrounding diamonds, all set in platinum ($95,000).

Something else that makes the stone valuable is you rarely see it in jewelry.  It is usually sought after by gem experts rather than consumers because it changes color, and that isn’t going to change any time soon.  And since it’s so hard to find most customers have never seen a high quality alexandrite in person to appreciate its beauty.  They don’t understand what sets it apart from diamonds or other stones.  If companies are looking to sell alexandrite retail they need to educate the customer.

Oscar Heyman’s oval-shaped alexandrite and diamond ring, made in platinum (price available upon request)

Prices for alexandrite continue to soar and there’s nothing to suggest it will slow down any time soon.  Whenever you’re dealing with a rare item, chances are demand will keep increasing while supply will decrease.  Over the past few years the price of alexandrite has risen “thousands per carat.”  Right now, the average price for a piece of alexandrite is $4,800 retail.  It is a hard stone to sell because it is competing with other colored stones that are much less expensive.  But the key to selling alexandrite is educating the customer on how rare the stone is and how it changes color.  

This ring by Erica Courtney, which was a 2014 AGTA Spectrum Award winner in the WJA Diva category, went for $205,000 when it sold.

Alexandrite is such a cool gemstone because it changes color.  It is not every day that you can say the stone in your necklace actually changes color.  Some stones look different in different lights but alexandrite actually changes color.  It is a rare stone that is meant for collectors and connoisseurs.

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