In 2023, the Indian market for coloured gemstones is projected to reach US$ 707.8 million. A strong 10.5% CAGR between 2023 and 2033 should help the market accelerate. This is expected to result in a market value of US$ 1,916.9 million in 2033.
Gemstones are popular in India for reasons other than aesthetics. A sizable portion of the country’s populace thinks that diamonds have heavenly power. For example, the ruby colored gemstone industry is expected to grow rapidly in the next years. This is because rubies are said to symbolize the Sun.
Gemstone treatment is a typical and inexpensive method for improving the clarity and color of gemstones. For example, the use of heat to enhance the look of diamonds is common. Excessive application, on the other hand, may cause gemstone deterioration. Fracture filling, oiling/waxing, and radiotherapy are among more expensive treatment options.
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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
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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 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.
“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.
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 Gemfields Group Ltd., Anglo American PLC, Rockwell Diamonds Inc., Petra Diamonds Limited, PJSC ALROSA, Gem Diamonds Limited, Rio Tinto Diamonds, Swarovski Group, Fura Gems Inc., Botswana Diamonds P.L.C, Mountain Province Diamonds Inc., Dominion Diamon Corporation, Merlin Diamonds Limited, Trans Hex Group Ltd., Pala International Inc., KGK Group, Greenland Ruby, and MIF Gems Co Ltd.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the India colored gemstones market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the India colored gemstones market by stone type (emerald, ruby, and sapphire), product type (precious, semi- precious, synthetic stone), application (jewelry & ornaments, bangles, luxury art, astro), product format (natural, synthetic), by clarity (Type – I, Type – II, and Type – III), shape (round, oval, pear, cushion, square cushion, square, rectangle, triangle, freeform), and cut type (faceted style, non-faceted style) across four regions.
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