What Has Been the Growth of the Gemstones Market So Far?
The gemstones market has seen considerable growth due to a variety of factors.
• The gemstones market has seen significant growth in recent years. It will grow from $31.32 billion in 2024 to $33.43 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.7%.
The growth is driven by royal patronage, cultural symbolism, expanded trade routes, gemstone discoveries, evolving jewelry craftsmanship, and shifting fashion trends.
What Are the Future Growth Projections for the Gemstones Market?
The gemstones market is expected to maintain its strong growth trajectory in upcoming years.
• The gemstones market is projected to reach $42.76 billion by 2029, growing at a CAGR of 6.3%.
Growth will be driven by rising consumer demand for unique, ethically sourced gemstones, the popularity of fine jewelry, and increasing interest in investment-grade gemstones. Key trends will include the rise of lab-grown gemstones, sustainability initiatives in the jewelry industry, rising consumer awareness about gemstone sourcing, online marketplaces for gemstones, and the increasing role of gemstones in luxury fashion.
What Are The Core Factors Supporting Growth In The Gemstones Market?
The growing use of ornaments is expected to drive the gemstone market. Ornaments, which are worn for personal or cultural expression, are increasing in popularity as disposable incomes rise, fashion trends change, and people seek meaningful accessories. Gemstones are used in ornaments due to their beauty, rarity, and cultural significance. According to the Ministry of Commerce & Industry, India's gems and jewelry exports grew by 14.07% to $2.90 billion in December 2023. This rise in ornament use is fueling the gemstone market.
What Are The Major Segments Within The Global Gemstones Market?
The gemstones market covered in this report is segmented –
1) By Product Type: Diamond, Emerald, Ruby, Sapphire, Alexandrite, Topaz, Other Product Types
2) By Product Format: Natural, Synthetic
3) By Distribution: Store-Based, Non-Store-Based
4) By End User: Astrology, Jewelry and Ornaments, Luxury Arts, Other End Users
Subsegments
1) By Diamond: Natural Diamond, Synthetic Diamond
2) By Emerald: Natural Emerald, Synthetic Emerald
3) By Ruby: Natural Ruby, Synthetic Ruby
4) By Sapphire: Blue Sapphire, Pink Sapphire, Yellow Sapphire, Synthetic Sapphire
5) By Alexandrite: Natural Alexandrite, Synthetic Alexandrite
6) By Topaz: Blue Topaz, Imperial Topaz, Other Varieties of Topaz
7) By Other Product Types: Amethyst, Aquamarine, Garnet, Opal, Peridot, Tourmaline
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How Are Emerging Trends Reshaping The Dynamics Of The Gemstones Market?
Companies in the gemstone market are adopting artificial intelligence (AI) to streamline mining, grading, cutting, and sales processes. For instance, in March 2024, Star Gems introduced three AI-powered assistants—GemArt, JewelBot, and VoiceGem—to assist jewelers in design, content generation, and language translation. These AI tools aim to enhance customer engagement and operational efficiency.
Who Are the Key Players In The Gemstones Market?
Major companies operating in the gemstones market are:
• Rio Tinto Group
• Anglo American plc
• Alrosa
• Tiffany & Co.
• Debswana Diamond Company Limited
• Swarovski AG
• Petra Diamonds Limited
• Gemfields Group Limited
• Stornoway Diamond Corporation
• Blue Nile Inc.
• Lucara Diamond Corp.
• Gem Diamonds Ltd.
• KGK Group
• Rockwell Diamonds Inc.
• Trans Hex Group (Pty) Ltd
• Fura Gems Inc.
• Arctic Star Exploration Corp.
• Jindal Gems Jaipur
• Pala International Inc.
• Botswana Diamonds PLC
• Bric Jewels Co. Ltd.
• Burgundy Diamond Mines Limited
• Mountain Province Diamonds Inc.
• Pangolin Diamonds Corporation
• Merlin Diamonds Limited
What Is The Most Dominant Region In The Gemstones Market?
North America was the largest region in the gemstones market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gemstones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
