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.
In India, gemstones are treasured not only for their beauty but also for their believed mystical properties. For example, the market for ruby-colored gemstones is projected to grow rapidly due to the association of rubies with the Sun.
Enhancing the clarity and color of colored stones through gemstone treatments is both common and easily implemented. Heat treatment is a popular method for improving gemstone appearance. However, improper use of these treatments can damage the stones. More costly treatment options include fracture filling, applying oil or wax, and radiation therapy.
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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.
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
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.
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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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