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The gemstones industry is being driven by the rising demand for jewellery and ornaments, particularly gemstone-studded rings. The growing investments by the leading jewellery brands and companies in product advertising to create brand awareness is significantly contributing to the growth of the industry. This is resulting in the increased popularity of jewellery as a lavish gift item and the expansion of the organised retail jewellery industry. Further, several companies are providing feasible finance schemes to consumers, which is expected to enhance the sales of the gemstone-studded jewels and ornaments. Moreover, in developing regions like India, gemstones play a vital role in Vedic astrology, which is aiding the market growth.
Further, there has been a rise in the use of gems for decoration purposes as hardstone carvings, and antiquity gems are becoming popular as luxury art forms. Even fashion designers are choosing coloured gemstone jewellery over the ones carved using gold or silver. Based on product, the growing demand for precious gemstones is expected to result in increased demand for diamond. Moreover, the growing popularity of ruby, emerald, and sapphire among millennials will further propel the industry growth. The growing focus of e-commerce platforms like Amazon.com, Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd (NYSE: BABA) to provide consumers with certified gemstones to win their trust is expected to further boost the market growth over the forecast period.
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The major players in the global gemstones market are Gem Diamonds Limited, Swarovski Group, Bric Jewels Co. Ltd., and Jindal Gems Jaipur, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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