Global Gemstones Market to Grow at a CAGR of 6.1% During 2024-2032, Aided by the Growing Demand for Jewellery and Ornaments

The gemstones market is being driven by the rising demand for jewellery and ornaments, particularly gemstone-studded rings. The growing investments by leading jewellery brands and companies in product advertising to create brand awareness are significantly contributing to the market growth. This is resulting in the increased popularity of jewellery as a lavish gift item and the expansion of the organised retail jewellery sector.

Further, several companies are providing feasible finance schemes to consumers, which is expected to enhance the sales of 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 diamonds in the coming years. Moreover, the growing popularity of ruby, emerald, and sapphire among millennials is likely further propel the market 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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Market Breakup by Nature, Type, Product, Application, and Region:

• By nature, the market can be bifurcated into natural and synthetic.
• Based on type, the market is divided into precious and semi-precious gemstones.
• The various products available in the market include diamond, jade, sapphire, ruby, and emerald, among others.
• On the basis of application, the market is categorised into astrology, jewellery and ornaments, and luxury arts, among others.
• Region-wise, the global market for gemstones can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for gemstones is being driven by the increasing demand for jewellery and ornaments and the rising disposable incomes.
• The market growth can be attributed to the growing investments by the manufacturers in product marketing.
• The growing demand for high-quality precious stones and the rising standards of living are also boosting the market growth.
• The adoption of cutting-edge technologies by manufacturers and the growing trend of customising jewellery designs are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for gemstones for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the nature, types, products, applications, and major regions of gemstones.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global gemstones market are Gem Diamonds Limited, Kiran Gems Private Limited, Bric Jewels Co. Ltd., Gemfields Group Limited, The Rare Gemstone Company, PJSC ALROSA, Fura Gems INC, Debswana Diamond Company (Pty) Limited, KGK Group, Botswana Diamonds PLC, Anglo American plc, Lucara Diamond, Pangolin Diamonds Corp., Pala International, and Rio Tinto Group. 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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