Gemstones can be a hedge against a depression? Or inflation?
If they are of high quality.
Diamonds for instance have been used for trading and as a currency for thousands of years and even today. Just remember, the quality is the key and the more rare the more they hold value and/or increase in value. Example is American turquoise which is going higher every year because the mines are closed and no more is available in the turquoise people desire for jewelry.
The hedge against inflation is knowing go for the larger gemstones rather than the small ones used in jewelry.
You are welcome to contact Family Jewels and get some ideas?
Family Jewels and Silver Inc.
1911 Lakin Avenue
Great Bend, Ks 67530