Based on the latest findings from Future Market Insights (FMI), the gemstone market is valued at US$ 32.38 billion in 2023, with forecasts indicating a potential increase to US$ 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.
The market for gemstones is expanding spectacularly due to consumer demand for jewellery, crystals, and glistening accessories. This increase isn’t simply due to vanity; it’s also a result of changing lives and increased disposable money, since jewellery now serves as a means of self-expression. Furthermore, the popularity of artificial stones, which provide eye-catching colours at reasonable costs, has allowed for a larger market.
Millennials and Gen Z, the trendsetters of our time, are embracing colored gemstones, adding a splash of individuality to their wardrobes. And diamonds? They’re still the perennial favorites, with lab-grown alternatives offering a more ethical and budget-friendly option. In short, the gemstone market is thriving, reflecting a deeper desire for beauty, self-expression, and perhaps, a sprinkle of 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.
Growth Drivers:
- Economic Growth and Rising Disposable Income: Economic prosperity and increasing disposable income levels in emerging economies contribute to the growth of the gemstone market. As people have more disposable income, they are more likely to invest in luxury items such as gemstones.
- Fashion Trends and Consumer Preferences: Changing fashion trends and consumer preferences towards unique and personalized jewelry drive the demand for gemstones. Gemstones are often incorporated into jewelry pieces to add color, style, and symbolism, which appeals to fashion-conscious consumers.
- Celebrity Endorsements and Influencer Marketing: Endorsements by celebrities and influencers significantly impact consumer perception and drive demand for specific gemstones. Celebrity red-carpet appearances adorned with rare or exotic gemstones can spark trends and increase their desirability among consumers.
- Growing Online Retail Platforms: The proliferation of e-commerce platforms provides greater accessibility to gemstones, allowing consumers to browse and purchase from a wide variety of options. Online platforms also facilitate comparison shopping and offer convenience, driving overall market growth.
- Rising Demand for Ethically Sourced Gemstones: Increasing awareness about ethical and sustainable practices in the gemstone industry has led to a growing demand for ethically sourced gemstones. Consumers are more inclined to purchase gemstones that are certified as conflict-free and mined under fair labor conditions.
- Investment Opportunities: Some gemstones, particularly rare and high-quality ones, serve as investment assets. As traditional investment avenues become volatile, investors turn to alternative assets such as gemstones to diversify their portfolios, driving demand and prices upward.
Industry Restraints:
- Supply Chain Challenges: The gemstone industry faces various challenges in its supply chain, including sourcing, mining, processing, and distribution. Issues such as supply chain disruptions, regulatory complexities, and geopolitical tensions in mining regions can constrain the availability of gemstones and impact market growth.
- Price Volatility and Speculation: The prices of gemstones can be highly volatile, influenced by factors such as market speculation, fluctuations in demand, and changes in mining conditions. This volatility poses risks for both buyers and sellers in the gemstone market and can deter investment.
- Counterfeiting and Fraud: The gemstone market is susceptible to counterfeiting, fraud, and misrepresentation, where synthetic or treated gemstones are passed off as natural and untreated ones. This undermines consumer trust and confidence in the authenticity of gemstones, impacting market growth.
- Environmental Concerns: Gemstone mining and processing can have adverse environmental impacts, including habitat destruction, water pollution, and deforestation. Increasing awareness of these environmental concerns has led to greater scrutiny of mining practices and regulations, potentially limiting the supply of gemstones.
- Cultural and Geopolitical Factors: Political instability, conflicts, and cultural factors in major gemstone-producing regions can disrupt supply chains and impact market dynamics. Unforeseen events such as trade embargoes, civil unrest, or changes in government policies can create uncertainty in the gemstone market.
- Changing Consumer Preferences: Shifting consumer preferences, such as a preference for lab-grown gemstones over natural ones or a shift towards minimalist jewelry styles, can affect demand for traditional gemstones and challenge industry players to adapt their offerings.
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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.
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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)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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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