In recent years, the market for gemstones has grown consistently. The rising global consumer demand for luxury products is one of the key factors driving the industry. The demand for top-notch gemstones has increased as more people turn to luxury goods. Customers have a wide range of selections on the market, from classic diamond jewellery to vibrant birthstone jewellery.
According to Future Market Insights (FMI) recently released research, the gemstone market is expected to reach US$ 55.96 billion by 2033 from an estimated 32.38 billion in 2023. From 2023 to 2033, the market is projected to expand at a CAGR of 5.6%.
The market is expanding as a result of the rising demand for jewelry, crystals, and accessories. The growing disposable incomes of consumers and rising standards of life provide additional assistance in this scenario. Furthermore, the increasing acceptability of synthetic gemstones due to their affordability and the increase in demand for colored gemstones both influence the market expansion.
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The Gen Z and Gen Y populations are among the top target sections for the gemstone industry. Diamond is predicted to have the most growth potential of all the gemstones in the global gemstones market due to the growing demand for diamond jewelry among millennial consumers. As the cost of the processes needed to treat and create artificial diamonds is considerably less than that of real diamonds, artificial or lab-grown diamonds also demonstrate cost-effectiveness.
The increasing consumer demand for synthetic and lab-grown diamonds is likely to contribute to the steady expansion of the global gemstones market throughout the forecast period. The integration of gems in jewelry goods is also among the key factors anticipated to propel the expansion of the gemstones market during the forecast period.
Given the enormous sales of diamond jewelry in the United States, North America is the leading region in the gemstone market. The industry is expanding dramatically as a result of the rise in demand for premium gemstones and other rare and distinctive stones. This expansion is related to an increase in consumer expenditure per person on premium ornamental products.
KEY TAKEAWAYS
- The market in the United States accounted for 84.1% share in North America.
- In 2022, Japan held a 35.3% market share in Asia Pacific.
- India seized 31.6% of the Asia Pacific gemstone market.
- China held 28.4% of the market in Asia Pacific
- Germany accounted for 15.2% of the Europe gemstone market in 2022.
Competitive Landscape
Key players in the gemstone market are Gemfields Group Ltd., Petra Diamonds Limited, Rockwell Diamonds Inc., Gem Diamonds Limited, Swarovski Group, DebswanaDiamond Company (Pty) Limited, Fura Gems Inc., Dominion Diamond Corporation, Mountain Province Diamonds Inc., Stornoway Diamond Corporation, Arctic Star Exploration Corp., Merlin Diamonds Limited, Pala International Inc., Greenland Ruby, and Others.
These players are involved in various activities, such as exploration, extraction, processing, cutting, and polishing of gemstones. They also engage in designing and marketing jewelry products to consumers as well as investing in research and development to improve the quality and efficiency of gemstone production. They also participate in industry organizations to collaborate on sustainability, transparency, and ethical practices.
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Gemstone Market by Category
By Product Type:
- Diamond
- Emerald
- Ruby
- Sapphire
- Alexandrite
- Topaz
- Others
By End User:
- Jewellery & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Art
By Product Format:
- Natural
- Synthetic
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
RECENT DEVELOPMENTS
- In November 2022, The House of Meraki x Gemfields J’aime collection was published soon after Gemfields confirmed their partnership with the House of Meraki. Exquisite items from the J’aime line are built exclusively of emeralds from the Kagem mine in Zambia.
- In October 2022, through a new partnership with Tracemark and FACET, Greenland Ruby advanced the cause of a sustainable and accountable industry. By introducing a special selection of jewelry items that are only available from the top upscale jewelers in Europe, they teamed up on the path to sustainability.
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