Gemstone Market

Gemstone Market Overview

[300 pages Report] As per newly released data by Future Market Insights (FMI), the gemstone market is estimated at US$ 30,779.1Mn in 2022 and is projected to reach US$ 53,146.2Mn by 2032. The market grew at a CAGR of 5.6% from 2017 to 2021. The gemstone market holds 50% of share in the overall gems and jewellery market.

Key Points Covered in the Gemstone Market Report

• Market estimates and forecast 2017-2032
• Key drivers and restraints impacting market growth
• Segment-wise, country-wise, and region-wise analysis
• Competition mapping and benchmarking
• Brand share and market share analysis
• Key product innovations and regulatory climate
• COVID-19 impact on gemstone market and how to navigate
• Recommendation on key winning strategies

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2022-2032 Gemstone Market Outlook in Comparison to Sales Registered in 2017-2021

The market for gemstones is currently experiencing rapid expansion. The growing popularity of lesser-known gemstones is driving the market. While diamonds are still high in demand, other gemstones such as opals, topaz, alexandrite, and tanzanite are gaining popularity in the market, which is expected to contribute towards the growing consumption of gemstones.

In addition, the gems and jewellery market has seen a significant increase due to rise in the income of individuals, as well as increase use of ornaments in ceremonies. Further, in order to protect themselves from counterfeit products, consumers in developing economies such as Asia Pacific are gradually moving away from traditional unorganized jewellery towards organized branded products.

Apart from this, factors such as increasing millennial interest in gemstones and expanding use of coloured gemstones in jewellery, ornaments, and other accessories are expected to positively impact the market growth over the forecast period.

How is the Demand for coloured Gemstones to Rise among Young Consumers?

Coloured gemstones are going to witness substantial demand from China and the U.S. in the near future which is expected to grow during the forecast period. According to the Natural Resource Governance Institute, the popularity of coloured gemstones has increased in recent years.

However, the prices of coloured gemstones have increased by 100% in the past decade, and consumers are interested in buying coloured gemstones other than diamonds as they are luxury products that act as status symbols

Coloured gemstones are gaining popularity among young buyers across the world, as the right price and uniqueness are among the most important factors taken into account by young buyers.

What is the Impact of the COVID-19 Crisis on the Gemstone Market?

The COVID-19 pandemic has disrupted the supply chain across countries, having a significant impact on gem and jewellery trade. Gemstone industry comes with costly supply chain. Before being embedded in jewellery, stones travel across many borders and through many hands. Further, shipping, travel, borders and numerous trade shows were cancelled or halted, as a result of coronavirus outbreak, further impeding market growth.

The outbreak has had an impact on industrial mining and cutting operations, as well as end-use, which has impacted sales. However, as the economies begin to recover, the market is gradually gaining growth opportunities.

Country-wise Insights

How is Development of Trade Associations in USA Leading to Market Growth?

North America is expected to remain one of the key markets. Accounting for a majority of market share, the U.S. held the largest market share in 2021 in North America.

Growing establishment of trade associations and other non-profit institutes in the US has played a key role in organizing the market. Associations and institutions like the American Gem Society, Gemological Institute of America, Inc. are an example. For instance, The American Gem Society has undertaken numerous efforts with an aim to set up and maintain high standards of professional conduct and ethical behavior through accreditation and education of its members.

The trade association has also laid down certain stringent standards. The association also undertakes necessary efforts to educate and provide its members with necessary business solutions. Such efforts on the part of establishments and associations are likely to facilitate regional growth in the USA.

Why is the Demand for Gemstones High in the France?

Europe is predicted to be one of the most attractive markets during the forecast period, according to Future Market Insights. France is expected to account for over 20.2% of market share in France through 2021.

Women are increasingly venturing into new employment opportunities. Increasing standard of living and education has opened up new income opportunities for women in France. Besides this, when considering the gemstone industry or end-use in the jewellery industry, women are considered as a prominent consumer segment. Thus, the rapidly growing spending power among women is expected to fuel growth in the demand for gemstones in the near future and provide opportunities for the global players to bring new and innovative, attractive gems into the France market.

How are prevalent social beliefs in India Regarding the Use of Specific Coloured Gemstones Contributing to the Global Market's Growth?

The Indian market is expected to rise at an impressive growth rate. The market is driven by the prevailing social beliefs regarding the use of specific Coloured gemstone.

In the Indian market, existing social beliefs about the use of specific coloured stones have a significant impact on consumer buying perceptions. Apart from this, gemstones are still regarded as a symbol of royalty and luxury, which explains why they are still widely used today. Such social beliefs and perceptions about gemstones may pave the way for increased demand in India.

Category-wise Insights

Why is the Demand for Diamond Greater than Other Segments?

In terms of revenue share by product type, diamond holds a notable share of 81.9% in the market in the year 2021.  The demand for diamonds is driven by growing preferences for jewellery like diamond rings along with the unique properties of diamond such as sparkling fire, durability, and rarity, makes them the most valuable gemstones among millennial. Millennial consumers are highly fascinated by high-end diamond jewellery.

Why is the Demand for Synthetic Gemstones Key to Revenue Generation?

In terms of product format, Synthetic gemstones hold a notable share of 87.8% in the year 2021. Synthetic gemstones are comparatively more economical than the natural gemstones which is why their demand is more as compared to natural gemstones in the market.

How is Jewellery & Ornaments Segment the Most Prominent Segment in End Use?

In terms of end use, jewellery & ornaments segment accounts for a massive share in the industry in terms of revenue due to the availability of vivid shades of gemstones such as sapphire, ruby, emerald and others have become popular choices for wedding rings. Further, increasing demand for gemstones jewellery such as pendants, bangles and necklace in retail front is expected to contribute to the market growth.

Competitive Landscape

Companies operating in the market are aiming at unique and focused differentiating strategies to expand their business landscape and to address the demand of an expanding pool of consumers.

• In 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.

Scope of Report

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)