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)