Dubbed the "World's most sought after" emerald jewelry, the "Grand Esmeralda Suite" – a 30-carat necklace and earrings set featuring 7 unoiled deep green gems – is making its first Asia appearance at a jewelry show in Singapore.
Created by Switzerland-based luxury jeweler Mouawad, the exquisite piece with a $14.5 million price tag aims to capture shifting demand for high-end jewelry in Asia.
"Things have shifted from the old days when everything was about white diamonds. Nowadays, people are interested in investing in colored stones," said Jean Nasr, managing director at Mouawad Singapore, referring to precious stones like rubies, sapphires and emeralds. "There's a sense of competition and it's also about making a statement. Women of today are also very confident and they want to show that they dare to be different."
Growing demand boosted prices of colored stones by 30-60 percent over the past six years, Angela Loh-Bém, festival director of Singapore JewelFest, an annual high-end jewelry show, told CNBC.
Rare colored gems such as Tanzanite and Paraiba Tourmaline are also gaining traction among Asia's jewelry buyers, she said. The former is an increasingly rare stone available only in the depleting mines of Tanzania, while the latter changes into a brighter shade of blue under heat.
"Asians are now looking for things that are hard to come by. The bottom-line is rarity that they can afford," said Loh-Bém.