The Value of Australian Opal
Australian opal is widely regarded as the most valuable and sought-after opal on the planet—and for good reason. Known for its vibrant play-of-colour, unique natural patterns, and superior quality, opal from Australia stands in a league of its own. Even better? It’s ethically sourced straight from the rugged heart of the outback.
Did you know high-grade Australian opal can be just as expensive as diamonds—and sometimes even more so. Opal jewellery crafted from these precious gems is highly prized by collectors, designers and investors worldwide. Compared to tones from Ethiopia or Mexico, opals from Down Under typically command higher prices due to their rarity, durability and visual brilliance.
In recent years, the opal market has transformed. Thanks to the rise of online shopping, social media, and greater global awareness, genuine Australian opals are now more accessible and affordable than ever before. Whether you're a first-time buyer or a seasoned collector, you can now shop for these stunning gems with just a click.
So, how valuable are Australian opals really? What can you expect to pay for top-quality stones — and is opal a smart investment? Let’s explore the fascinating world of Australian opal value, pricing and why this gemstone continues to capture hearts around the globe.
Are Australian opals valuable?
In a nutshell, yes they are. But that doesn't mean they're out of reach for most of us. While the world's best jewellery houses turn to Australian opal when sourcing colourful gems for their beautiful designer pieces (think Cartier and Chopard), the 'Queen of Gems' also features in modern everyday jewellery. This reflects how versatile gem quality opal from Australia really is, with varying price points that suit all budgets.
Prices can range from under $100 for a piece of opal jewellery featuring a triplet, white or crystal opal set in silver, to tens of thousands of dollars for a top quality black opal with fiery red colour and Harlequin patterning. Set this into an 18ct gold or platinum ring or pendant, and the price tag rises substantially!
Lightning Ridge black opal is the world's rarest and most valuable type of Australian opal as it is only found at one place on earth. We absolutely love black opal and have a special connection to this stone as we have mined and sold it all over the world since 1969. Black opal is also one of the most popular stones for our handcrafted gold opal jewellery collections and is desired as an investment stone by global gem collectors.
Queensland boulder opal is also a valuable and precious Australian gemstone. Relatively obscure for many years, boulder opal has moved out of the shadows to become one of the most highly prized opals on the market today. These stones have the look of black opal with bright, vivid colouring and beautiful patterns, but the ironstone host rock is part of the opal and they can be more affordable. Boulder opals also tend to be cut flatter whereas black opals have a cabochon cut and higher dome.
Moving to lighter coloured stones, top quality white and crystal opals can also command eye-watering per carat prices, sometimes comparable to a black opal, depending on their unique patterning, intense colours and size. For example, the famous 'Virgin Rainbow' opal mined in South Australia fluoresces in the dark and is considered one of the world's most valuable and beautiful crystal opals.
What opal colour is most valuable?
Australian opal can display all the colours of the rainbow, from neon pinks and oranges to vibrant greens, fiery reds, radiant yellows, vivid purples and a full range of blue hues. Rich, brilliant colours in stunning patterns is a major influence on an opal's value ,and 'play of colour' is one of the most important factors when pricing the gemstone.
Play-of-colour is a very special feature of Australian opal, and causes changing patterns and patches of rich colour and iridescence as you move the gemstone around. This phenomenon is caused by the internal structure of an opal, where light hits stacked silica molecules at different level. The varying size of the silica modules and spacing between them dictates the colours within the stone. Pretty amazing stuff!
Typically, Lightning Ridge black opals with a strong red colour on a very dark body tone are the highest in value. Unsurprisingly, this colour combination is known as ‘red on black’ by the Australian opal industry and is greatly sought after. The next most valuable colours are purples and pinks, with oranges, greens and yellows following.
Blue is the most common Australian opal colour and therefore a gemstone displaying a lot of blue colour can be deemed not as valuable. However when combined with other colours in a multi-toned gemstone, its value can soar.
How is an opal valued?
There are several factors considered by experienced valuers when pricing an opal. The first consideration is what type of opal it is, as black opals usually command higher prices than boulder, crystal or white opals, and also the stone's body tone. Intensely dark black opals are more valuable than those with a dark grey body tone.
Next, as stated earlier, the stone’s colour is very important – the more intense and varied its hue, the more attractive and valuable it will be. Opals that feature unique and rare patterns - such as a Harlequin or Chinese Writing patterns - can fetch higher prices too.
Opals vary greatly in size and shape, and bigger gem quality stones with more carat weight could be more valuable than smaller stones (depending on other pricing factors). The stone's cut is also important, as is its brightness and the thickness of the colour bar. Valuers also look for any faults in the gemstone, which can decrease its value if significant.
Opal valuers can be formally trained through organisations like the Gemmological Association of Australia and belong to the National Council of Registered Jewellery Valuers. However, many experienced opal valuers and dealers have decades of opal field and purchasing experience, which can make them as accurate as a formal valuer when pricing the Queen of Gems.
How much is opal worth?
Opal can be worth a little, or a lot. It all depends on the type, size, colour and rarity of the stone, among other factors we've covered earlier. Generally speaking, Australian opals tend to be more expensive than other types of opal due to their superior quality and high demand, as well as being ethically sourced.
If you are looking for an affordable opal or opal jewellery, a white or crystal opal is usually less expensive than black or boulder opal - a top quality black opal can cost up to $10,000 per carat, if not more. You can even think about a doublet or triplet opal, which contains the look of a black opal but is a composite stone that is considerably cheaper.
Purchasing an opal in or from Australia can mean a better price than when purchased from retailers overseas. You will also be dealing directly with expert opal sellers who oftentimes have close relationships with opal miners and years of experience in the opal industry. At Black Star Opal, we have 55 years experience mining, wholesaling and retailing opal and our retail store The Opal Centre has been operating for 35 years on the beautiful Coffs Coast.
If you've ever seen the television show Outback Opal Hunters, you'll have seen opal dealers meet with miners to purchase rough or rubbed opal. These dealers then either sell these uncut stones, or will have opal cutters shape and polish them to sell to jewellery manufacturers and retailers. Today, some retailers and jewellers are choosing to cut out the middle man, so to speak, and deal with opal miners themselves.
How much should I pay for an opal?
The amount of money you should pay for a real Australian opal depends on the factors we've explored. Does it display a beautiful colour range and patterning? Is it a big or small stone? And what type of opal is it? And for opal jewellery, the metal in the setting - be it silver or gold - also impacts price. And that's before you add accent stones like diamonds.
Overall, opal jewellery can be quite valuable – especially if it is made from rare types or patterns - but at the end of the day, you should pay what you can afford. Owning an opal does not have to be expensive. You can purchase your own opal for under $100, or pay thousands if you want a better quality stone. When researching which opal is for you, there's a wealth of information online. But talking to opal experts is always the best way to work out what you should pay.
Are opals worth investing in?
When it comes to investing in opal jewellery and gemstones, the answer is yes, it’s worth it. No two opals are alike and most high quality jewellery pieces are handcrafted, feature unique designs and are set with beautiful and valuable precious opal gemstones. So opals can be an excellent addition to any collection, especially when bough from highly reputable specialists - which we're delighted to say we are.
If you are serious about investment opal, we recommend visiting a professional gemmologist or certified opal jewellery valuer to inspect your purchase and provide a valuation certificate outlining its features, authenticity and excellent quality.
It's important to remember when investing in opal that with wear, over time opals can lose their lustre and, subsequently, their value. That's why it's so important to look after your gems and jewellery and treat them with the utmost care. If you need to know more about looking after opal, read our Top Tips For Australian Opal and Opal Jewellery Care.
So whether you’re looking to invest or you simply enjoy opal jewellery but want to know more about what it's worth and, more importantly, what you should pay, you can't beat a little bit of research to know exactly what the right price for you is. We hope you've found this article very helpful and by keeping all of the above points in mind, you can be sure to find a quality opal at a great price that you can keep in your family forever.
