Based on the latest findings from Future Market Insights (FMI), the gemstone market is valued at USD 32.38 billion in 2023, with forecasts indicating a potential increase to USD 55.96 billion by 2033. Projections suggest a Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2033, reflecting steady market expansion.
This growth trajectory underscores the enduring appeal and demand for gemstones across various industries, including jewelry, fashion, and décor. As consumer preferences continue to evolve, the gemstone market presents opportunities for innovation and strategic market positioning to meet changing demands and capitalize on emerging trends.
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The global gemstone market is experiencing a period of exceptional expansion, driven by a surge in consumer demand for jewelry, crystals, and other glistening accessories. This growth transcends mere aesthetics, reflecting a confluence of evolving lifestyles, increased disposable income, and the burgeoning role of jewelry as a powerful tool for self-expression.
Jewelry as a Statement: Beyond Traditional Adornment
Jewelry has shed its purely ornamental role, transforming into a canvas for personal narratives. Consumers, particularly millennials and Gen Z, are embracing this shift, utilizing vibrant colored gemstones to imbue their wardrobes with a touch of individuality and express their unique style and values.
Diamonds: A Timeless Favorite with a Modern Evolution
Diamonds retain their enduring popularity, albeit with a contemporary twist. Lab-grown diamonds, boasting the same brilliance and fire as their mined counterparts, are gaining significant traction. This ethically sourced and budget-conscious alternative caters to a growing segment of environmentally and socially conscious consumers.
Market Expansion: Artificial Gems Illuminate Accessibility
The rising popularity of artificial gemstones has further fueled market expansion. These stunning stones boast eye-catching colors at accessible price points, making gemstone-adorned jewelry a more attainable luxury for a wider demographic.
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.
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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.
Country-wise Insights
| Country | Market Share in Region, 2022 |
|---|---|
| United States | 84.1% |
| China | 28.4% |
| India | 31.6% |
| Japan | 35.3% |
| Germany | 15.2% |
Other Key Players Operating in the Gemstone Market
- Anglo American PLC
- Petra Diamonds Limited
- Rockwell Diamonds Inc.
- Gem Diamonds Limited
- PJSC ALROSA
- Swarovski Group
- Rio Tinto Diamonds
- DebswanaDiamond Company (Pty) Limited
- LucaraDiamond Corp.
- Botswana Diamonds P.L.C
- Fura Gems Inc.
- Dominion Diamond Corporation
- Mountain Province Diamonds Inc.
- Pangolin Diamonds Corporation
- Stornoway Diamond Corporation
- Arctic Star Exploration Corp.
- Trans Hex Group Ltd.
- Merlin Diamonds Limited
- KGK Group
- Pala International Inc.
- MIF Gems Co Ltd.
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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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.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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