The gemstone market is projected to be worth US$ 32.38 billion in 2023 and is anticipated to grow to US$ 55.96 billion by 2033, according to recently released research from Future Industry Insights (FMI). Through 2033, the market is projected to grow at a compound annual growth rate of 5.6%. 50% of the whole gem and jewelry market is made up of the gemstone segment.
Growth in the gemstone market is glittering, because of a continuous need for jewelry crystals and shimmer accessories. This growth is not a typical case of vanity; it goes deeper with heightened disposable incomes and new lifestyles where adornment becomes an act of self-statement. Secondly, there are increasingly popular fake gems that dazzle with bright colors available at affordable prices for a broader group of people.
For the millennials and Gen Z, both considered ‘the leaders of today’, colored gemstones are making a statement with vibrant colours And diamonds? They remain the classic choices, competing with in vitro alternatives that provide a more economical and moral solution. In conclusion, the gemstone trade is doing well due to underlying demand for beauty and self-identity that may require some magic.
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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.
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.
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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.
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.
Gemstone Market by Category
By Product Type :
- Diamond
- Emerald
- Ruby
- Sapphire
- Alexandrite
- Topaz
- Others
By End User :
- Jewellery & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Art
By Product Format :
- Natural
- Synthetic
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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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