Emerald Pricing Factors and its Exponential Jumps: Size, Clarity, and the No-Oil Premium

GIA Clarity Enhancement Classifications

Lustre sources high-quality emeralds from Colombia—widely regarded as the best in the world thanks to their unmatched colour. In Australia, Colombian emeralds are especially prized for their vivid green tones and rarity.

Only about 1% of emeralds worldwide are completely natural with no clarity enhancement, known in the trade as “no oil.” The other 99% are treated with oiling, a process that fills tiny natural fractures to make the gem clearer and brighter.

For treated emeralds, there are three standard levels you’ll hear about:

• Minor (F1)

• Moderate (F2)

• Significant (F3)

Here’s where things get interesting. If you compare two emeralds of the same size, cut, and colour, a “no oil” stone (that rare 1%) will often cost at least three times more than one with minor oil (F1). That’s why untreated emeralds are so exclusive—prices usually fall between AUD $10,000 and $100,000 per carat. In Australia, these top-tier emeralds are considered investment-grade gems.

But clarity isn’t the only factor that drives price. Size matters—a lot. Emerald prices don’t rise in a straight line as stones get bigger; they jump exponentially. Larger emeralds are much rarer, and rarity pushes the value sky-high.

"Emerald prices don't rise in a straight line as the stone gets bigger- they jump exponentially"

For example, one 4-carat emerald of equal quality will cost far more than the combined price of two 2-carat stones. And the bigger you go, the steeper the jump in price.

There are many factors to consider when purchasing a Colombian emerald. At Lustre, we can help Australian jewellers and gemstone wholesalers understand emerald pricing factors and source high quality emeralds from Colombia.