Colombia produces many of the most beautiful and valuable emeralds in the world and it is estimated that the country accounts for 90% of the global trade. The unique geological conditions mean that Colombian emeralds have that perfect vibrant green color which is so celebrated and sought after.
When visiting Colombia you can find the very best in the world and it is possible to make big savings by purchasing in the country of origin rather than through the export market. That said, it is very easy to overpay with values ranging from US$30 to over US$10,000.
It is important to tread carefully to avoid playing inflated export prices while ensuring you have a reliable expert who can provide the necessary paperwork and a true, accurate valuation.
I have lived and worked in Colombia for 15 years and this is my guide to buying emeralds in the country.
Understanding the Value of Colombian Emeralds
➡️ Characteristics of Authentic Colombian Emeralds
Colombian emeralds are formed in a process which can last over 40 million years in regions such as Boyacá offering unique geological conditions, with hydrothermal deposits of sedimentary rock of marine origin.
Emeralds in this country are so highly valued first and foremost for their rich, bright green color. In Brazil emeralds have more iron which means the green is far less bright while in Zambia there is more vanadium which means they have more of a yellow color.
Colombian stones are also known to be clearer and they can be found with very few inclusions. While almost all stones are treated by oil, Colombia is a country which has produced stones with such clarity and so few inclusions that they are sold untreated for extremely high prices.
➡️ Factors Influencing Emerald Prices
There are 3 factors which combine to set the value of an emerald; color, size and clarity.
Color is the most important factor and is 50% when determining the price of a stone – the deeper the green, the higher the price. An emerald on sale for around US$30 will be a younger formation which will be lighter, more opaque and closer to turquoise than rich green. If it is dark green then it will have been formed over tens of millions years.
The second factor is clarity with the number and types of inclusions in the stone. These can be air bubbles, internal crystals and the structure inside of the emerald. Every stone has imperfections, even the most valuable, and this gives them their unique characteristic. If you find a perfectly clear stone then you have found a fake. Inclusions is a factor but color is key; a light colored stone with few imperfections will usually be much cheaper than a dark, rich green with more inclusions.
A stone with many inclusions close to the surface are less valuable and lots of inclusions can also impact on durability of the stone. Almost all stones will be treated cedar oil which can increase their value and grade, near perfect untreated stones are very rare and valuable.
The final consideration is of course size. If the stone is more than one carat then the price will increase. There are very few large and high quality stones, with these very highly valued. Most stones are cut in a square or rectangular shape to best display the qualities of the emerald.
Where to Buy Emeralds in Colombia
➡️ Recommended Cities and Regions
The best place to buy emeralds in Colombia is the emerald market in Bogota. The vast majority of stones are mined in either Boyaca or Cundinamarca. They are then taken to the capital where they are sculpted, polished, valued and sold, either domestically or overseas.
The Emerald District in La Candelaria close to Calle 12 and Carrera 6 is where you will find stores and experienced street sellers. This lowkey corner of the capital is the heart of the global emerald trade and where those who know what they are doing will find bargains and sought after, high quality stones.
You can also find emerald stores in major cities such as Cartagena and Medellin. Here you will find reliable, established vendors offering fair prices but you won’t get the excellent value that is possible when you are one step away from the mining process.
➡️ Differences Between Street Markets and Established Stores
Despite appearances, many of the older gentlemen who gather on the street in this area of Bogota buying and selling emeralds are very experienced, renowned experts. There is a tradition to sell, trade and exchange in the open air downtown on Avenida Jimenez between Calle 6 and 7. Many will sell to jewelry stores and international wholesale clients, often they have worked in emerald mines and may even have experience polishing stones.
It looks very dodgy but many of these men buying and selling on the street are internationally renowned experts trading many thousands of dollars of the highest quality emeralds on the planet. They look out for each other and the community tries to police the process, to prevent fake sellers damaging their reputation.
That said, it is of course possible to be ripped off by chancers who sidle up to inexperienced buyers or tourists. The informal nature of buying this way means you are completely trusting your eye and the knowledge of the seller. You will also have to haggle and negotiate on the price, which will require a decent level of Spanish and a lot of confidence.
This is a high risk, high reward way of purchasing. The best deals are done with these informal sellers and there are international traders who will deal with their trusted experts in this community. This is what the pros do but you will be handing over a large amount of cash to a confident man in jeans you just met on the street in a foreign city in exchange for some small green stones.
I understand why this is an unsettling prospect and in many ways rightfully so.
In the same area of Bogota there are dozens of jewelers who will offer oil treated stones which can be set or loose. With a store you will have a receipt, documentation and proof of purchase. This means if you will have a means of recourse if there are any issues, which in turn can help prevent issues. They are unlikely to sell you a fake stone as a real one if you have a receipt.
Prices in stores will also be higher as they will sell treated stones, have more overheads and pay taxes on profits, something informal sellers often won’t do. You can also have the stone set into a piece of jewelry at a store. The Emerald Exchange has many stores offering fair prices and a good range of options.
➡️ How to Identify Reputable Sellers
If buying from a street wholesaler then you can ensure that they aren’t operating at the corner of the square away from other sellers. The reputable sellers will have a good relationship with all of the experienced experts and will be happy to discuss and negotiate with others to see. The more shady chancers will want a quick deal and then to duck out before they are spotted.
When buying from a store you should have more confidence. They should be happy to discuss the origin of the stones, talk you through the characteristics and explain the reason for the price.
Navigating the Purchase: Tips and Strategies
➡️ Negotiation Tactics for Fair Pricing
There is always scope for negotiations and even in a formal store you may be able to negotiate the price down by over 30%.
First, if you pay in Colombian pesos with cash you can immediately knock off 10-15% on the price in most small stores. Then it is a case of starting low and meeting in the middle. I have traveled a lot and in some countries these negotiations can be very intense and theatrical. That isn’t really the case in Colombia, it will usually be cordial and measured.
They will weigh up what you are offering and they will know the point at which they make a profit. Be friendly and conversational, don’t start off insultingly low and you should get a decent result. Retailers of emeralds in Bogota are getting good prices direct from the mines, so there is a lot of scope for them to make a good profit and you to get a bargain.
➡️ Cultural Norms and Practices in Colombian Trade
Colombian business is conducted in a very polite, respectful and non-performative way. The key to a good deal is being assured but also open and expressive. Always be ready to walk away but show an interest in the seller and their business.
While buying on the beach in Cartagena is all about scams, lies and tricks, this is a very different industry. If you are respectful and composed you should get the same in return, with a mutually beneficial outcome.
➡️ Language Barrier: Communication Tips for Non-Spanish Speakers
Obviously Spanish is a huge advantage in assessing the stones, building a report, ensuring clarity and negotiating a price. Spanish and in particular local guidance will undoubtedly go a very long way in getting good value.
If you don’t speak Spanish then I would suggest thoroughly assessing the quality of the emerald yourself and then writing down a figure you will be happy to pay. Encourage them to write their counter offer and take it from there.
This is far from ideal, particularly when you will want to know about carets, treatments the stone has had and setting options.
Avoiding Common Scams and Pitfalls
❌ Recognizing Red Flags in Transactions
First and foremost, if something seems too good to be true then it almost always will be. While it is possible to make savings and a sound investment, those selling the emeralds will almost certainly know much more about valuations than you.
If a jeweler has a large, near flawless, dark green emerald he is selling for US$100 then either he has no idea what he is doing or it is an obvious fake.
You also want to ensure you take your time with your purchase and check the seller’s credentials. A legitimate establishment will be happy to answer questions, allow you to think carefully and provide all the support you need, particularly when making a high value purchase.
❌ Common Scams Targeting Foreign Buyers
The biggest thing to watch out for is the old “cambiazo”. A seller may show you a real emerald and offer it at a fair price then once the terms are agreed switch it for a fake stone just before they package it or wrap it up for you to take.
This is obviously more likely with an informal purchase but you should always keep your eye on the stone during the negotiation and check it one final time before you leave.
You can also ensure that when you get a receipt, all of the details are correct to ensure you are protected if there are any issues. If they write down they sold you a replica emerald then it can be more difficult to claim you were scammed or miss-sold.
Finally, with any cash transaction you should make sure you have the correct change and that the notes you received are legitimate. This will only be an issue with a dodgy informal street vendor but it would be particularly galling to buy a fake emerald and also end up with fake notes in your change.
❌ What to Do If You Suspect a Rip-Off
If you have a receipt and you purchased from a reputable store then you can first discuss with them in person. If there is no resolution then you can report that case to the police but don’t expect a quick or satisfactory resolution. It is possible to report crimes online or at a DIJIN or SIJIN police station. Centros de Atención Penal Integral a Víctimas CAPIV can also provide legal advice.
The reality is a foreign tourist being overcharged for an emerald is a very low priority crime and will only really be assessed if you have a receipt and can prove you were sold something objectively, indisputably different to what you received.
Legal Considerations and Export Regulations
✅ Legal Aspects of Buying Emeralds in Colombia
The National Mining Agency (Agencia Nacional de Mineria) requires an individual or company that profits from the commercialization of emeralds to be registered. The Single Registry of Mineral Marketers (RUCOM – Registro Único de Comercializadores de Minerales) has records online with details of everyone legally operating in the industry and produces certificates.
Anyone seriously involved in the emerald industry should be registered and this can help identify how legitimate a seller is. That said, there isn’t a great deal of scrutiny or oversight beyond the obligation to register and declare tax on profits. Consumers are not liable if they purchase from non-registered sellers.
You can get certificates of authenticity, you can get valuations from approved experts and you can buy from registered sellers but there is minimal regulation of the industry beyond that. There is not an independent adjudicator with the authority to intervene over commercial disputes.
The police can intervene if you can prove you were knowingly mis-sold fake products but it is very difficult to prove what you have is not what you were promised. The best protection you have is by dealing with respected sellers who have a good reputation they are looking to retain.
✅ Process of Exporting Emeralds Legally
When taking the emeralds back to your home country it is important to check requirements. Loose and rough gemstones often fall under distinct rules to set and mounted stones which then qualify as jewelry.
As part of the 2012 United States-Colombia Trade Promotion Agreement, set or mounted stones from Colombia are exempt from import duties under the provision excluding “Gold (or silver) jewelry with precious stones”.
Check the rules for your destination and carry proof of purchase with your emeralds in your hand luggage just in case.
Ensuring Emerald Quality and Authenticity
How to Get Emeralds Appraised
You can get your emerald appraised at a reputable store inside Colombia. They will give you a price and explain the pros and cons of the emerald you have. The experienced experts from the major stores in Bogota will be able to give you a clear assessment.
Certifications and Proofs of Authenticity
You can pay for a certificate of authenticity in Colombia which costs 10% of the value of the stone. Some of the most expensive stones have formal, independent certificates of authenticity provided prior to sale (raising the price slightly) or you can pay for this service which takes 3 days.
This may not be worth it, particularly if you plan to have the stones appraised once you return to your home country as you will be paying twice for this service.
After the Purchase: Appraisals and Care
Where and How to Get Your Emerald Appraised Back Home
If you are in the US then you can search for an expert who is a member of the American Society of Appraisers. You can search their website here for an appraiser who is local to you and then get an independent assessment from an accredited expert.
You also have the option of taking it to a reputable lab such as the American Gemological Laboratories (AGL) to get an independent report on the type, size, cut, clarity, color, and origin of the emerald. This report can help give some level of objectivity to the price the emerald is worth.
Best Practices for Emerald Care and Maintenance
Emeralds are ranked 8 out 10 in terms of durability, with diamonds at 10 out of 10. They are stones that definitely last and retain their value but there are steps to prevent damage. Avoid wearing emeralds while doing tough manual work and keep them separate from harder stones like ruby, sapphire and diamonds when stored.
To clean your emeralds, put them in lukewarm water with soap for one minute. You can use a soft toothbrush to carefully remove dirt and oils but avoid brushing the top of the stone. You can then place the emerald again in lukewarm water for a quick rinse before drying with a clean microfiber towel. Never soak emeralds in solvents such as alcohol, acetone, or paint thinner.
Conclusion
Colombia has the best emeralds in the world and there is no better place to buy unique, special stones than in the emerald district of Bogota.
While experienced experts will find joy negotiating with wholesalers on the street, I would recommend going inside the Bogota Emerald Exchange to purchase. You can visit a number of the sellers there, negotiate on prices and find the right stone for you at a very good price.
I would suggest having the stone cut, treated and set in Colombia rather than in your home country as Colombian 18k gold is famous, affordable and labor here is cheaper. You can ask them to include the 18k hallmark, as it is not always done as standard.