Global colored gemstones market is projected to grow at a healthy CAGR of over 5.7% during the study forecast period 2021-2031, exhibiting a positive recovery from period of muted growth in 2020, according to a latest study by Future Market Insights. The research study tracks colored gemstones market in 20+ countries, offering a lucid analysis on how growth trend will unfold.
Chinese consumers are avid buyers of jadeite gemstone. The significance of colorful stones among millennial is rapidly growing. The preferences for colorful stones among young millennial couples as their wedding jewelry has rapidly increased in the past few years. The demography is considered as a prominent consumer segment fuelling high sales of colored gemstones in China. Some of the leading companies have therefore ventured in China in order to capitalize on available opportunities.
One such business, Gemfields, is making multiple steps to alter the mining industry’s culture in light of rising sustainability. The company is dedicated to conducting environmentally friendly mining activities. It collaborates with the appropriate authorities to conduct an evaluation of the environmental impact prior to beginning any operations.
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Key Takeaways from the colored gemstones Market Study
- FMI has forecast the market to rise at a CAGR of 5.7% between 2021 and 2031
- The U.S. will remain dominant market within North America, accounting for nearly 85% of market in the region
- Incessantly rising demand for gemstones will enable the U.K. market exhibit above 8% y-o-y growth in 2021
- Increasing spending power of consumers will support expansion in Germany and France
- China will continue dominating East Asia market, trailed closely by Japan
“Establishment of online B2B store is expected to help the market boast increasing market. To capitalize on existing opportunities, players are engaged expanding their market network by collaborating with end-use industry giants.” says an FMI analyst.
Impact of COVID-19 on the Market
The colored gemstone is a global market with expansive supply chain. Stones travel across numerous borders and many hands before they are embedded in a beautiful jewelry.
The outbreak of novel coronavirus resulted in stopping travel, border closures, holding of shipping and cancellation of numerous trade shows that further hampered the market growth. The outbreak has impacted the industry mining and cutting operations and end use wholesale and retail thus affecting the market. But as the economies enter the reviving phase the market is slowly reflecting growth opportunities.
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Who is winning?
Some of the key players present in the colored gemstones market are Anglo American Plc, Gemfields group Ltd., Petra Diamonds Ltd., Rockwell Diamonds Inc., Gem Diamonds, Ltd., PJSC ALROSA, Swarovski Group, Botswana diamond Plc., Dominion Diamonds Corporation, Mountain Province Diamonds, Inc., Trans Hex Group, Ltd., MIF Gems Co. Ltd., Greenland Ruby, Merlin Diamonds, Ltd., Fura Gems, Inc. and among others. Extensive organization of trade shows, exhibitions and other such events has driven a desire among end consumers to adopt products embedded with colored gemstones.
Colored Gemstones Market by Category
Product Type
- Colored Diamond
- Emerald
- Ruby
- Sapphire
- Others
End-Use
- Jewelry & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Arts
Product Format
- Natural
- Synthetic
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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