According to recent research from Future Market Insights (FMI), the gemstone market is anticipated to grow from an estimated USD 32.38 billion in 2023 to USD 55.96 billion by 2033. The market is projected to expand at a CAGR of 5.6% from 2023 to 2033.
The market is expanding as a result of the rising demand for jewelry, crystals, and accessories. The growing disposable incomes of consumers and rising standards of life provide additional assistance in this scenario. Furthermore, the increasing acceptability of synthetic gemstones due to their affordability and the increase in demand for colored gemstones both influence the market expansion.
The Gen Z and Gen Y populations are among the top target sections for the gemstone industry. Diamond is predicted to have the most growth potential of all the gemstones in the global gemstones market due to the growing demand for diamond jewelry among millennial consumers. As the cost of the processes needed to treat and create artificial diamonds is considerably less than that of real diamonds, artificial or lab-grown diamonds also demonstrate cost-effectiveness.
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.
Competitive Landscape
Key players and startups in the gemstone market are actively pursuing growth and innovation. They are focusing on sustainable and ethical sourcing and mining practices while developing advanced technologies to enhance gemstone quality and value.
Businesses are prioritizing product innovation, introducing unique gemstone cuts, colors, and patterns to attract diverse audiences. Additionally, some companies are exploring unconventional materials to create eco-friendly gemstone alternatives.
Many firms are adopting blockchain technology to ensure a transparent supply chain, allowing customers to trace gemstones from their source to the market. This promotes responsible sourcing and ethical trading practices.
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
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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)
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 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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