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Base Year
Historical Year
Forecast Year
The global gemstones market size is projected to grow at a CAGR of 6.1% in the forecast period of 2024-2032.
Global Gemstones Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | XX% |
Market Size 2032 | USD Million | XX% |
CAGR 2018-2023 | USD Million | XX% |
CAGR 2024-2032 | USD Million | 6.1% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 7.9% |
CAGR 2024-2032 - Market by Country | India | 9.1% |
CAGR 2024-2032 - Market by Country | Canada | 7.6% |
CAGR 2024-2032 - Market by Product | Diamond | 7.0% |
CAGR 2024-2032 - Market by Application | Jewellery and Ornaments | 6.7% |
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Diamonds are one of the most popular, precious, and expensive gemstones in the world. The growth of the diamond market can be attributed to the association of the gemstone as a symbol of love, endurance, strength, resilience, and commitment. Diamonds are available in diverse colours like yellow, pink, white, and blue; white diamonds, however, enjoy substantial popularity.
The growing focus on ethical sourcing and sustainability and the increasing number of environmentally friendly customers are bolstering the shift towards lab-grown diamonds. Key jewellery market players are also launching lab-grown diamonds with lowered costs and improved aesthetic appeal.
In August 2023, Pandora announced the expansion of its lab-grown diamond assortment and launched three new collections of lab-grown diamonds with enhanced accessibility and reduced prices.
Technological advancements and innovations boosting the traceability and transparency of diamonds are likely to fuel the gemstones market growth in the region. The development of innovative diamond polishing, mining, and cutting methods with improved productivity and lowered prices is anticipated to aid the market in the forecast period.
The Asia Pacific to Create Lucrative Opportunities for the Gemstones Market Expansion
The Asia Pacific is expected to be a significant market for the product over the forecast period. The growing demand for gemstones from emerging countries like China and India owing to the rising disposable incomes and the increased usage of ornaments in ceremonies is supporting the market growth in the Asia Pacific. The expansion of the organised retail sector in the region owing to the growing consumer awareness and increased investments in marketing is also supporting the market growth.
Meanwhile, the Europe and North America gemstones market growth can be attributed to the high consumer purchasing power and the growing demand for precious gemstones.
In the Middle East and Africa, ornamental stones and gemstones are widely used in the manufacturing of jewellery. The surging trend of customisation and personalisation of jewellery is also propelling the market for gemstones. Besides, Africa has established its position as a prominent supplier of gemstones in the world.
CAGR 2024-2032 - Market by | Country |
India | 9.1% |
China | 7.6% |
Canada | 7.6% |
USA | 6.5% |
Australia | 5.4% |
Japan | 4.7% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
A gemstone refers to a precious or semi-precious stone, a piece of mineral crystal, which is widely used in cut and polished forms to prepare jewellery. Some rocks or organic materials, that do not fall under the category of minerals, are also used for jewellery and are often considered gemstones. Gemstones are known for their lustre and other properties, exhibiting an aesthetic value.
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Based on nature, the market is bifurcated into:
By type, the gemstones market segmentation includes:
On the basis of product, the market is categorised into:
Based on application, the market can be segmented into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Demand for Jewelleries and Ornaments to Bolster the Gemstones Market Growth
The growing demand for jewellery and ornaments is driving the growth of the market. The rising consumer disposable incomes and improving living standards, particularly in emerging nations, is also propelling the market.
Moreover, the rising demand for coloured gemstones and the growing acceptance of gemstones in synthetic format owing to their affordable nature are also contributing to the market growth.
Over the forecast period, the growing trend of customising gemstone jewellery designs is expected to aid the market growth. The market is also anticipated to be supported in the forecast period by innovations in new designs and advancements in cutting-edge technologies like rapid prototyping (RP) and computer-aided design (CAD).
Rising Interest in Astrology to Favour the Gemstones Market Demand
In the astrology sector, gemstones are widely used as they are associated with various healing and metaphysical properties in diverse belief systems and cultures. The correspondence of gemstones with planets and zodiac signs in ancient practices like Ayurveda and Vedic systems is further boosting their demand.
Various companies are also launching several programmes and campaigns to enhance customer awareness regarding the benefits of such stones.
The report gives a detailed analysis of the following key players in the market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Nature |
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Breakup by Type |
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Breakup by Product |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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The market is projected to grow at a CAGR of 6.1% between 2023 and 2032.
The major drivers of the market are escalating disposable incomes, rising living standards, increasing demand for gemstones from the developing regions, the rising demand for premium quality products, and the growing popularity of diamond and ruby.
The key trends guiding the growth of the market include the customisation of gemstone jewellery designs and the use of cutting-edge technology to deliver premium quality jewellery.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various segments based on nature of gemstones in the market are natural and synthetic.
The major types of gemstones in the market are precious and semi-precious.
The significant products considered in the market report are diamond, jade, sapphire, ruby, and emerald, among others.
The different applications of gemstones are astrology, jewellery and ornaments, and luxury arts, among others.
The major players in the 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.
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