The Indian market for colored gemstones is anticipated to achieve a value of US$707.8 million in 2023. With a robust compound annual growth rate (CAGR) of 10.5% expected between 2023 and 2033, the market is poised for acceleration. By 2033, this growth trajectory is projected to elevate the market value to US$1,916.9 million.
Gemstones in India are appreciated for other causes rather than just the aesthetic value. One fact is that an impressive number of the nation’s people believe in diamonds’ magical force. For example, the ruby colour gemstone industry is expected to go up in a rapid rate in the next years. This is because the rubies are symbolized as Sun.
Gemstone treatment is a common and easily applied way of improving the clarity and color of colored stones. As an example, the heat treatment to enhance the beauty of diamonds is prevalent. None the less, if these gems are used incorrectly it can result in damage to these gems. Filling the fractures, oiling/waxing and radiotherapy are among costlier treatment choices.
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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
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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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
- 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
India Colored Gemstones Market by Category
By Stone Type:
- Emerald
- Ruby
- Sapphire
By Shape (% of Demand):
- Round
- Oval
- Pear
- Cushion
- Square Cushion
- Square
- Rectangle
- Triangle
- Freeform
By Product Type
- Precious
- Semi- Precious
- Synthetic Stone
By Application
- Jewelry & Ornaments (Fashion Jewelry)
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Art
- Astro
By Product Format:
- Natural
- Synthetic (Lab Created)
By Cut Type (% of Demand):
- Faceted Style
- Non Faceted
By Clarity:
- Type – I
- Type – II
- Type – III
By Region:
- North
- South
- West
- East
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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