The Philippines" gemstones market has shown significant fluctuations in trade volume and prices, particularly in rubies. In 2024, the country"s import of rubies and other precious stones (further worked) dramatically increased to 124,752. 55 carats with a value of $58,446, up from 4,320. 52 carats worth $3,310 in 2023. This sharp rise indicates growing demand and possibly increased economic activity within the luxury goods sector. Conversely, the import of unworked precious stones saw a moderate increase in quantity from 294. 366 kg in 2023 to 3,001. 82 kg in 2024, valued at $46,017.

This suggests a trend towards valuing raw materials for local finishing processes, reflecting a strategic move to enhance domestic gemstone processing capabilities. Export activities also highlight shifts in the market. Despite a larger export volume of unworked precious stones in 2024 at 8,490 kg, the total value was relatively modest at $10,000, indicating an oversupply or lower global market prices. Comparing the trends from 2021 to 2024, export volumes have increased substantially, suggesting an effort to penetrate international markets despite lower price realisation. Overall, the data suggests that while the Philippine market is expanding its importation of more finished gemstones, it still faces challenges in achieving higher export prices for unworked stones. For businesses looking to engage in the Philippine gemstones market, platforms like Aritral can be invaluable. Aritral offers tools such as Product Listing, Direct Communication, Global Sales Assistance, AI-Powered Marketing, and Profile Management, streamlining the process of connecting with key suppliers and expanding market reach globally.