gems, gem trade, Madagascar, sapphire, diamond, Africa

Colored gemstones and diamonds are often mistakenly considered part of the same industry. Precious stones share many similarities with diamonds, such as high prices that are partly independent of weight, the geographical dispersion of production, and the opacity of distribution networks. However, despite coexisting in the worlds of jewelers and goldsmiths and historically having comparable commercial structures, these two sectors have undergone a decade of upheaval that has significantly deepened the differences between them. The emergence of new producer countries has led to diametrically opposite developments, largely depending on each nation's ability to leverage the key mechanisms of the global economy. These new dynamics have had a profound impact on regions whose economies rely on gemstone extraction, particularly in the Global South.