The global colored gemstones market is expected to grow at a healthy CAGR of over 5.7% during the study forecast period 2021-2031, exhibiting a positive recovery from a period of muted growth in 2020, according to the latest study by Future Market Insights. The research study tracks the colored gemstones market in 20+ countries, offering a lucid analysis of how the growth trends will unfold.
For the past many years mining operations have caused numerous environmental problems. Government efforts toward environmental conservation have encouraged many companies to operate more responsibly within the sector. In response to changing priorities of nations around the world, some of the players are increasingly undertaking efforts to maintain utmost operational transparency and offer the most responsibly sourced colored gemstones.
Gemfields is one such company that is adopting numerous efforts to change mining culture in light of growing sustainability. The company is committed to undertaking sustainable mining operations. Before starting any operations, it works with relevant authorities to carry out an assessment of the impact on the environment. Besides this, there are few other prominent players operating in the market who are introducing initiatives and programs to minimize the negative impact on the environment and also promote social welfare. These developments are expected to have considerable influence on the market.
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Key Takeaways from the colored gemstones Market Study
- FMI has forecast the market to rise at a CAGR of 5.7% between 2021 and 2031
- The U.S. will remain dominant market within North America, accounting for nearly 85% of market in the region
- Incessantly rising demand for gemstones will enable the U.K. market exhibit above 8% y-o-y growth in 2021
- Increasing spending power of consumers will support expansion in Germany and France
- China will continue dominating East Asia market, trailed closely by Japan
Impact of COVID-19 on the Market
The colored gemstone is a global market with expansive supply chain. Stones travel across numerous borders and many hands before they are embedded in a beautiful jewelry. The outbreak of novel coronavirus resulted in stopping travel, border closures, holding of shipping and cancellation of numerous trade shows that further hampered the market growth. The outbreak has impacted the industry mining and cutting operations and end use wholesale and retail thus affecting the market. But as the economies enter the reviving phase the market is slowly reflecting growth opportunities.
Who is winning?
Some of the key players present in the colored gemstones market are Anglo American Plc, Gemfields group Ltd., Petra Diamonds Ltd., Rockwell Diamonds Inc., Gem Diamonds, Ltd., PJSC ALROSA, Swarovski Group, Botswana diamond Plc., Dominion Diamonds Corporation, Mountain Province Diamonds, Inc., Trans Hex Group, Ltd., MIF Gems Co. Ltd., Greenland Ruby, Merlin Diamonds, Ltd., Fura Gems, Inc. and among others. Extensive organization of trade shows, exhibitions and other such events has driven a desire among end consumers to adopt products embedded with colored gemstones.
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Colored Gemstones Market by Category
Product Type
- Colored Diamond
- Emerald
- Ruby
- Sapphire
- Others
End-Use
- Jewelry & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Arts
Product Format
- Natural
- Synthetic
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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Get Valuable Insights into colored gemstones Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global colored gemstones market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the colored gemstones market based on the product type (colored diamond, emerald, ruby, sapphire and others), end use (jewellery & ornaments and luxury arts), and product format (natural and synthetic), across seven major regions.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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