Opal market monthly review focuses on Opal Auctions ‘Best Sales’ on a monthly basis. The monthly breakdown asses the top 4 opal categories: Black Opal, Boulder Opal, Rough Opal and Ethiopian Opal. This review is an important source for sellers and buyers to analyse which opals are currently best to invest on.
The opal market experiences trends and changes which can occur rapidly or gradually. There are several reasons this can occur. The production of opals in the field is not guaranteed, which means the supply is affected. The biggest trend has been the increase of younger buyers. The millennials (aged between 18-30 years) and the generation x (aged between 30-40 years) have been purchasing more opals online.
The December sales were steady after a record month in November. The first week of sales was slower than normal however it there were a total of 2,650 opals sold for the month. It was an interesting quarter with a total of 9,576 opal lots sold.
USA was the largest market and 43% of buyers were repeat customers in this quarter. The increase in sales came from secondary buyers that are located outside in USA. These buyers are re-sellers which promote and sell on other online platforms or markets in their country.
We had a group of strong buyers from Kuwait, France, Germany, Switzerland, South Korea, Russia and China that purchased single items. These countries are non-English native speakers, which gives them an advantage to sell our Australian opals in their country.
Chinese buyers have dropped this year due to the Chinese Government blocking online sites that are associated with PayPal, Google or USA links. This results to Opal Auctions not being visible in China, however Chinese buyers are routing through Japan to purchase opal for China. Japanese sales have increased but they are transit sales only.
Another fundamental change is older buyers aged between 55 and 65 years are now spending more time on the website, however they are buying less. In comparison the younger buyers aged between 30-40 years are spending less time bute spending more. We have observed buyer habits which are changing rapidly for Opals. The popularity of opals within the younger generation, millenials and gen X have been increasing.
Black opal and Ethiopian opal have experienced top sales between $3,000 to $5,000 and the strongest demand are for opals priced between $300 to $500.
Boulder opals had the same strong demand for clean $500 opals and boulder specimens selling between $800 to $1,500.
No Reserve opals slowed down in the last two weeks. The silver opal jewelry sold well in first two weeks.
Listings from Australians sellers had slowed down during this month due to the closure of opal mines experiencing excessive temperatures between the range of 40 to 50 degrees.
This month is record month on Opal Auctions. There has been strong demand across all sections in the opal categories. Sales volume were steady at 3,523 opals sold, however they were higher values compared to the previous quarter. Our first ever Black Friday and Cyber Monday opal promotion resulted in many new buyers purchasing opals in our ‘Make An Offer’ promotion. Our sellers reduced their prices in the ‘Make An Offer’ which resulted to buyer purchasing several items. Generally, the demand was strong for better quality opals across the categories, especially for quality opals that feature more character and uniqueness. There is an increasing popularity for opals worldwide. United States has been the strongest market followed by Europe, with strong sales in Asia which are usually not strong buyers, and surprisingly island countries in the Caribbean purchased higher priced opals.
Black opals sales had very a strong demand in the price range between $1,000 to $4,000 that were bright black opals with an N1 body tone. Sales for the higher end black opals with a lighter body tone of N2 to N4 were strong aswell, however they all seem to show bright fire colours. This proved to be important to buyers. Lower value black opals that bad picture stones also sold well.
The strongest demand were for boulder opals between the $50 to $300 price range, that showed a lot of character, especially ones that had veins or opals with either horizontal or vertical patterns. The lower end that ranged under $50 were steady. The boulder opals that sold under $1000 proved to have a quality of clean and bright colours, enhibited character inclusions or had veined lines. The category that had the highest sales volume were between $20 to $50.
Opal specimens sold well this month for black opals, boulder opals and parcel lots of boulder rubs. The sales showed a good demand for boulder opals wiht a clean face.
Repeat Ethiopian Opal buyer are always searching for unique patterns between the price points of $1,000 to $3,000. The demand is strong for $300 opals with reasonable pattern, however if the pattern is average the price drops considerably. Lower priced opals sold well in the ‘No Reserve Category’.
Silver opal rings, earrings and pendants in all categories of opal jewelry sold well with solid opals, doublets and triplets. Opals set in 18k gold rings were in steady demand, with jewelry over 15% of the total sales.
No Reserve auctions had on average 300 items listed compared to an average 150 items in the previous months. The demand was steady for Ethiopian opals in parcel lots and opal jewelry, especially parcel lots for resellers world-wide are stocking up before the Christmas rush. Single boulder rubs have also sold steady.
The was 3,325 opals sold in total, which is approximately a 10% from September sales. There was a high demand for Boulder Opals, especially Wood Vegetation Opals which were under $300, and also clean boulder stones in the $1,000-$2,000 price bracket. Black opals around the $2,000 price point were in high demand. Ethiopian opals came up strong at both under the $100 price point and between $2,000-$5,000 price range. Rough boulder parcels at around $250 with volume cutters and Jundah pipe opals were in solid demand.
On September 2017, there was a total of 3,018 opals sold, which is approximately a 17% increase from August sales. Boulder opals and Ethiopian opals came through equally strong in volume sales. The top category was Black Opal with sales between the $5,000 to $10,000 price points. Buyers bought a variety of rough opals ranging from Gamble parcel deals to clean rubbed opals.
There were 2,591 opals sold, paid and shipped for the month of August 2017. Sales have been steady for all categories however Boulder Opal sales were the strongest. The demand was strong for the newly listed Wood Fossil Boulder Opals, with the weakest deman for the lower grade boulders under $20. Black Opals and Ethiopian Opals were both steady, with a few sales on both categories ranging over the $3,000 range, but most sales averaged around the $1,000 price point.
Was this article helpful?2 people found this article helpful