Gemstones Market to Cross $52.85 billion Revenue by 2030

Gemstones Market Overview

“The global Gemstones Market is expected to grow rapidly at a 5.26% CAGR consequently, it will grow from its existing size of from $31.78 billion in 2023 to $52.85 billion by 2030.”

Gemstones are natural materials chosen for their beauty, durability, and rarity, often used in jewelry or human adornments. Although most are hard, some are too soft or fragile for jewelry, making them popular in museums and sought after by collectors.

Gagnets, including tsavorite, are inexpensive but can be more valuable than emeralds. Hardstone, an old term for semi-precious gemstones, is used in art history and archaeology. However, using labels like 'precious' and'semi-precious' in business can be misleading, as it may not reflect the actual market value of the stones.

Gemologists identify gemstones in modern times, employing technical terms peculiar to the subject of gemology to describe jewels and their qualities. The chemical makeup of a gemstone is the first attribute used by a gemologist to identify it.

The color of gemstones varies greatly depending on the type of gemstone.

Gemstones are a diverse and beautiful material with a wide range of tints and colors. They may appear ordinary when rough, but after skillful cutting and polishing, they reveal their full color and brilliance. Generally, gemstones with clear, medium-toned, vivid, and saturated primary hues are chosen.

The clarity of gemstones is a crucial aspect of their beauty and purity

Gemstones, created beneath Earth's surface, may contain inclusions, which can reveal geological settings and origins. These inclusions, often appearing as small patches or flaws, can be used to identify gemstones and determine their authenticity. Inclusions are more common in emeralds, while aquamarine and topaz have minimal imperfections. Inclusions can also help determine gemstones' natural or fabricated origins.

The text provides a detailed guide on how to cut gemstones.

Gem cuts, including cabochon and faceted, enhance a stone's intrinsic brilliance. Cabochons have a smooth top and flat base, commonly used for opaque or translucent gemstones. Faceting, invented in the 14th century, increases light reflection and enhances the gemstone's attractiveness. Faceted cuts contain multiple flat surfaces, such as circular, oval, or square shapes, and are only successful for the most difficult gemstones. A cut and polished gemstone is a polished piece.

The carat weight of gemstones is a crucial metric used to measure the quality and weight of gemstones.

Gemstone weight is measured in carats, with one carat being 1 gram. Denser gems, like rubies and emeralds, have smaller sizes. The value of similar gem varieties can also vary significantly. Therefore, understanding the difference is crucial.

The process of forming gemstones involves the formation of various minerals and other materials

The Earth, formed 4.5 billion years ago, consists of three layers: the Earth's crust, mantle, and core. Gemstones are primarily formed in the crust, which is composed of igneous, metamorphic, and sedimentary rock. The mantle forms a few gemstones. The crust is where all gemstones are mined, typically sent to a lapidary for final cleaning.

Demand Outlook

The gemstone market has experienced steady growth in recent years, driven by the global demand for luxury products, particularly high-quality diamonds. This trend offers customers a variety of options, from classic diamond jewelry to colorful birthstone pieces.

The industry is expanding due to a surge in demand for colorful gemstones and crystals, particularly emeralds, rubies, and sapphires. This trend has created new opportunities for jewelers and retailers, while diamonds, the most expensive and sought-after gemstones, remain a market staple.

Technological advancements have significantly expanded the gemstone market, making it easier and cheaper for producers to produce high-quality gemstones. Advanced imaging techniques and precise cutting and polishing technologies have also improved supply chain efficiency, allowing for more accessible and affordable product advertising.

The increasing popularity of lab-grown diamonds offers manufacturers opportunities to enter new markets and offer affordable options, while the growing ecological consciousness drives a demand for ethically obtained diamonds.

New market developments, such as fashion designers focusing on innovative jewelry products and manufacturers vertically integrated into emerging gemstones and jewelry, contribute to the growth of the gemstones market.

The diamonds market is expected to increase by 60 units in H1, but it is predicted to rise by 66 basis points compared to H1-2021, according to the outlook.

The growth rate shift is attributed to rising consumer income and increased jewelry use in ceremonies, as well as millennial interest in gemstones and the use of colorful gemstone accessories, which are expected to boost market growth during the forecast period.

Gemfields presented Chipembele, the highest quality rhino emerald, in 2021, and plans to auction it off at an upcoming auction, with proceeds benefiting Zambia's North Luangwa Conservation Programme.

The sector, despite its potential, will face challenges such as unregulated marketplaces, criminal activities like raw gemstone smuggling, and environmental issues in the future.

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Market Dynamics

Growth Drivers

The gemstone market is rapidly expanding due to the growing popularity of lesser-known gemstones like opals, topaz, alexandrite, and tanzanite, which are expected to contribute to increased consumption of these gemstones.

The gems and jewelry sector has grown significantly due to increased individual affluence and use of ornaments in ceremonies. In developing economies like Asia Pacific, buyers are shifting away from traditional disorganized jewelry to organized branded products to avoid counterfeit products.

The market growth of gemstones is expected to be boosted by millennial interest and increased use of colored gemstones in jewelry, decorations, and accessories.

Market Segment Analysis

Why is the demand for diamond higher than for other commodities?

Diamond, associated with wealth, dignity, and love, has become a cultural and societal norm for significant occasions like engagements and weddings, resulting in stable demand for diamond jewelry, despite its association with love and dedication.

Diamond demand is fueled by millennials' preference for high-end jewelry, including diamond rings, and their unique features like brilliant fire, durability, and rarity, making them a valued gemstone, particularly in high-end jewelry.

The diamond jewelry market's marketing and advertising efforts have effectively promoted the perception of diamonds as precious and appealing, leading to increased value and demand due to their scarcity, which is primarily found in a few global locations, and the resulting cultural and marketing factors.

Why is demand for synthetic gemstones important for revenue generation?

Synthetic gemstones are more affordable than natural gemstones, leading to higher market demand. They can be offered at a lower cost, making them more accessible to a wider range of customers. They can also be manufactured with consistent color, clarity, and other properties, which is appreciated by customers seeking a specific look and style.

The extraction and manufacturing of natural gemstones raise ethical concerns due to environmental impact, while synthetic gemstones, created in controlled environments, do not. Despite these ethical concerns, synthetic gemstones are a significant revenue source for the gemstone industry.

How is the Jewellery & Ornaments Segment a Prominent End Use Segment?

The jewellery & ornaments segment dominates the business due to the popularity of gemstones like sapphire, ruby, and emerald for wedding bands. The increased retail demand for gemstone jewelry, including pendants, bangles, and necklaces, is expected to further expand the market.

Competitive Landscape of the Gemstones Market

• 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
• Gemfield
• KGK Group
• Pala International Inc.
• MIF Gems Co Ltd.
• Anglo American PLC
• Petra Diamonds Limited
• Rockwell Diamonds Inc.
• Gem Diamonds Limited
• PJSC ALROSA
• Swarovski Group
• Rio Tinto Diamonds

Recent Developments in Gemstones Market

In November 2022, The House of Meraki x Gemfields J'aime collection was released after Gemfields announced their cooperation. Beautiful jewelry from the J'aime line is made entirely of emeralds from Zambia's Kagem mine.

In July 2022, Margery Hirschey, a New York-based designer, once more collaborated with Gemfields on a seductive new collection focused on rubies and motivated by the historic city of Barcelona. Mozambique rubies from Gemfields' Montepuez mine are the ideal addition to this style of ornamentation.

In May 2022, an exceptional pair of Mozambique rubies were introduced by Gemfields. The Gemfields' ruby auction included this remarkable pair of Mozambique rubies, measuring 61.50 carats in the uncut.

In November 2021, Gemfields introduced its high quality emerald yet- Chipembele, the rhino emerald. The magnificent gem will be auctioned off at the next Gemfields emerald auction, with a portion of the proceeds going to the North Luangwa Conservation Programme in Zambia.

In October 2022, by forming a new partnership with Tracemark and FACET, Greenland Ruby moved the industry one step closer to being sustainable and ethical. They joined forces on the path to sustainability with the introduction of a distinctive assortment of jewelry items.

In January 2022, RubyCloud™, a real-time live inventory feed created by GemCloud™, was introduced by Greenland Ruby. RubyCloud™, a registered brand, gives jewelry producers, designers, and merchants initial access to a vast selection of cut and polished, ethically sourced gems from Greenland.

Regional Insights

The growth of trade associations in the United States is significantly influencing market growth

In 2022, the United States held the majority of the significant market share in North America.

The US is witnessing a rise in trade associations and non-profit institutes, such as the American Gem Society and the Gemological Institute of America, Inc. These organizations are promoting professional conduct and ethical behavior among their members through accreditation and education, while consumers are becoming more knowledgeable about gemstone certification.

The US gemstone market is thriving due to the increasing interest in colored gemstones, including rare and unusual ones like emeralds, rubies, sapphires, and lesser-known stones like tanzanite and tourmaline.

The US gemstone market is experiencing growth due to the rise of e-commerce sales channels, with customers preferring online purchases for cost comparison and variety. E-commerce sites like Etsy and Amazon offer a secure and convenient online shopping experience.

China's insatiable need for rare gemstones can be attributed to its rich history and cultural heritage

China's economic growth in the past two decades has led to a surge in the demand for luxury items like jewels, resulting in a significant expansion of the gemstone jewelry business and a surge in rare gemstones.

China's cultural significance of gemstones, such as jade, has led to a surge in demand for rare ones due to their healing abilities and spiritual significance, as well as their symbolic significance in good fortune, wealth, and longevity.

China's gemstone and crystal sector is rapidly expanding, with customers increasingly choosing these unique and valuable jewelry items. Engagement rings made of gemstones are becoming popular due to their low cost, leading to a rapid growth in the country's gemstone ring market.

The Chinese diamond jewelry market is a significant part of the gemstone business, driven by its prestige, increasing affluent buyers, and the growth of e-commerce platforms, despite the rise of other gemstones and crystals.

China, the world's largest producer and exporter of processed gemstones, accounts for over 80% of global output. With numerous trade places scattered across the country, it has become a vital hub for gemstone trading, expanding its influence beyond its domestic market.

How India's social attitudes towards specific colored gemstones influence the global market growth?

The Indian market is expected to experience rapid growth due to the prevalent social attitudes towards the use of specific colored gemstones.

Social attitudes towards colored stones significantly influence customer purchasing in the Indian market. Gemstones are seen as symbols of royalty and wealth, leading to their widespread use. These attitudes may lead to increased demand in the Indian gemstone market.

India's gemstone market, renowned for its diverse range of gemstones and skilled artisans, is renowned for its diamond, a highly valuable jewel.

India's gold and diamond trade accounted for 14% of total goods exports and 7.5% of GDP in 2021. The government has launched efforts to attract investment and enhance technology and skills to promote "Brand India" abroad. The government has authorized 100% FDI in the industry under the automatic route, eliminating the need for prior approval from the Reserve Bank or the Indian government.

Segments Covered in the Gemstones Market

Gemstones Market By Product Type

• Diamond
• Emerald
• Ruby
• Sapphire
• Alexandrite
• Topaz
• Others

Gemstones Market By End User

• Jewellery & Ornaments
• Bangles
• Necklaces
• Pendants
• Earrings
• Rings
• Anklets
• Brooches
• Luxury Art

Gemstones Market By Product Format

• Natural
• Synthetic

Gemstones Market By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions:

How Big is the Gemstone Market?

The market is valued at US$ 31.78 billion in 2023.

What is the Projected Growth Outlook of the Gemstone Market?

The market is expected to register a CAGR of 5.26% through 2033.

What Drives Sales of Gemstones?

Ritualistic use of ornaments during ceremonial proceedings.

Which Top Trend is Driving the Gemstone Market?

Growing interest in synthetic and lab-grown diamonds is setting the forecast trend.

Which Opportunities Enhance the Scope of Market Players?

Fashion jewelry sector is catalyzing demand for gemstones.