The Indian market for colored gemstones is projected to reach a value of USD 707.8 million in 2023. With a strong compound annual growth rate (CAGR) of 10.5% expected between 2023 and 2033, the market is set to grow significantly. By 2033, this growth is anticipated to bring the market value to USD 1,916.9 million.
Gemstones in India are valued for reasons beyond their beauty. Many people in the country believe in the mystical properties of gemstones. For instance, the market for ruby-colored gemstones is expected to grow rapidly in the coming years because rubies are seen as a symbol of the Sun.
Enhancing the clarity and color of colored stones through gemstone treatment is common and easily implemented. Heat treatment, for example, is a popular method to enhance the appearance of gemstones. However, incorrect use of these treatments can damage the stones. More expensive treatment options include filling fractures and applying oil or wax, as well as using radiation therapy.
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A gemstone’s worth is determined by factors like asteria, clarity, cut, and color zoning. Only emerald, sapphire, diamond, and ruby are considered to be precious gemstones. As a result, these are among the most expensive gemstones. To check for the authenticity of these gemstones, consumers should be on the lookout for the following characteristics:
- Hardness, which should range between 8 and 10 on the Mohs scale
- Translucent appearance with fine colors (with the exception of colorless diamond)
Diamond, sapphire, ruby, and emerald are regarded as precious gemstones. These gemstones offer distinct qualities such as:
- Translucent appearance along with fine colors (colorless diamond is a notable exception)
- 8 to 10 Mohs scale hardness
Key Takeaways from the India Colored Gemstones Market Study
- A US$ 707.8 million valuation looks likely for the India market for colored gemstones.
- Between 2023 and 2033, a positive 5% CAGR is set to accelerate the market.
- In 2033, the market should attain a value surpassing US$ 1,916.9
- From 2018 to 2022, the market registered expansion at a healthy 8.0% CAGR.
- In 2022, the market was valued at US$ 644.1 million.
- The ruby segment had a 2% share of the market in 2022.
- The jewelry and ornaments segment had a 29% share in the market in 2022, and it is predicted to establish a 7% share in the coming years.
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“International players operating in the India market for colored gemstones are making the most of social media to make target audiences aware. Local players should follow in their footsteps and leverage the power of social media to make themselves more visible.” -Says an FMI analyst.
Jewelry and Ornaments Segment to Continue Holding Prominent Share in Terms of Revenue
The jewelry and ornaments segment is anticipated to hold approximately 47.7% of the market share in India, driven by the growing middle class and the introduction of innovative jewelry designs by manufacturers.
Within the jewelry and ornaments segment, various categories such as bangles, necklaces, pendants, earrings, rings, anklets, and brooches are identified. Rings, in particular, played a significant role, constituting a 29% share of the market in 2022.
Who is Winning?
Prominent colored gemstones market companies in India are focusing on formulating and executing branding strategies. These companies are also being helped by the Government of India, which is trying to revitalize the country’s jewelry sector by reducing taxes and duties.
Leading players operating in the India market for colored gemstones are
- Anglo American PLC
- Gemfields Group Ltd.
- Petra Diamonds Limited
- Rockwell Diamonds Inc.
- Gem Diamonds Limited
- PJSC ALROSA
- Swarovski Group
- Rio Tinto Diamonds
- Botswana Diamonds P.L.C
- Fura Gems Inc.
- Dominion Diamond Corporation
- Mountain Province Diamonds Inc.
- Trans Hex Group Ltd.
- Merlin Diamonds Limited
- KGK Group
- Pala International Inc.
- MIF Gems Co Ltd.
- Greenland Ruby
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India Colored Gemstones Market by Category
By Stone Type:
- Emerald
- Ruby
- Sapphire
By Shape (% of Demand):
- Round
- Oval
- Pear
- Cushion
- Square Cushion
- Square
- Rectangle
- Triangle
- Freeform
By Product Type
- Precious
- Semi- Precious
- Synthetic Stone
By Application
- Jewelry & Ornaments (Fashion Jewelry)
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Art
- Astro
By Product Format:
- Natural
- Synthetic (Lab Created)
By Cut Type (% of Demand):
- Faceted Style
- Non Faceted
By Clarity:
- Type – I
- Type – II
- Type – III
By Region:
- North
- South
- West
- East
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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