The colored gemstones market is predicted to be valued at US$ 1.55 Billion in 2023 and US$ 4.64 Billion by 2033. Over the projection period, sales of colored gemstones are expected to increase at a CAGR of 11.6%.
Colored gemstones create a magical world of beauty, rarity and value in all shapes sizes colors. Since rubies can go from royal red to sapphire blue that one sees in the ocean, coloured gemstones have managed to fascinate people down through history and hence they represent as a symbol of opulence, classiness, elegance
While today, the colored gemstones market is a vibrant and cosmopolitan industry that takes one from mines in Africa to workshops of Europe and Asia. It includes numerous gems from the classic ‘big three’ of rubies, emeralds and sapphire to plenty more such as tourmaline, garnet topaz etc.
One of the major factors is increasing consumer demand for rare, distinctive and high grade gemstones which are a reflection on ones personality. Colored gemstones are also gaining popularity among jewelry designers and manufactures who add these stone to their products in innovative ways.
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Key Takeaways:
· By product type, colored diamonds account for around 35% of all colored gemstones demand
· About 40% of all colored gemstones are expected to be used to craft jewellery and ornaments
· The United States to be a promising market for colored gemstones, generating over 1/3rd of global demand
· Manufacturers are looking to widen their investments in China, expected to generate 15% of the total revenue
· From 2023 to 2033, the colored gemstones market is expected to grow by nearly 3x
"With interest in aesthetics rising, consumers are looking to invest in colored gemstones, mostly preferring to purchase colored jewellery and ornaments. Among all gemstones, sales of colored diamonds are registering maximum sales, opening up wide revenue prospects," says an analyst at FMI.
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How Key Players are revolutionizing the Manufacturing of Colored Gemstones?
The colored gemstones industry has a very competitive environment due to the large number of companies that operate globally. Some of the top players in the market are:
· Anglo American Plc
· Gemfields Group Ltd
· Petra Diamonds Ltd.
· Rockwell Diamonds Inc.
· Gem diamonds Ltd.
· PJSC ALROSA
· Swarovski Group
· Botswana Diamonds Plc
· Dominion Diamond Corporation
· Mountain Province diamonds, Inc.
· Trans Hex Group Ltd.
· MIF Gems Co. Ltd.
· Greenland Ruby
· Merlin Diamonds Ltd.
· Fura Gems, Inc.
The manufacturing of colored gemstones has been revolutionized in recent years with the introduction of new technologies and innovative techniques by key players in the industry. These players are constantly pushing the boundaries of traditional manufacturing methods to produce high-quality gemstones with greater efficiency and accuracy.
· The Swarovski Group has invested heavily in research and development to create new technologies such as the Advanced Crystal System, which allows for the production of crystal in a wider range of colors and cuts. Swarovski has also developed precision cutting machines that can produce highly intricate and precise cuts, resulting in gemstones that are more brilliant and reflective.
· Gemfields has pioneered a new approach to mining and processing colored gemstones that is ethical and sustainable. Their approach includes responsible sourcing of gemstones, community development initiatives, and environmental conservation efforts. They have also introduced innovative processing techniques such as sorting and grading systems that ensure consistent quality and traceability of their gemstones.
· Dominion Diamond Corporation is also a prominent player that is revolutionizing the manufacturing of colored gemstones through their focus on diamond cutting and polishing. They have developed advanced cutting and polishing techniques that enhance the beauty and brilliance of diamonds, resulting in higher quality gemstones that are more valuable.
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