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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.
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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)
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