The gemstones market has grown significantly, from $29.46 billion in 2023 to $31.32 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. This growth is driven by increased royal patronage, cultural symbolism, expanded trade routes, and advancements in jewelry craftsmanship. The market is projected to reach $40.22 billion by 2028, growing at a CAGR of 6.4%. Future growth is supported by rising demand for sustainably sourced and ethically produced gems, the popularity of personalized and custom-designed jewelry, increased use of gemstones in technology, and a growing affluent consumer base in emerging markets. Major trends include the adoption of lab-grown gemstones, advancements in cutting and polishing techniques, and innovations in gemstone setting and jewelry products.
Major Driver In The Gemstones Market
The increasing use of ornaments is expected to fuel the growth of the gemstone market. Ornaments, which enhance personal appearance and convey cultural symbolism and social status, are becoming more popular due to rising disposable incomes, evolving fashion trends, and a greater emphasis on personal and cultural expression through accessories. Gemstones, known for their unique colors and rarity, are a significant part of these ornaments. According to the Ministry of Commerce & Industry, India’s gems and jewelry exports improved by 14.07% to $2.90 billion in December 2023, up from $2.54 billion in December 2022. This rise in ornament usage is driving the gemstone market forward.
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Gemstones Market Competitive Landscape
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
Key Gemstones Market Trend
The gemstone market is increasingly adopting artificial intelligence (AI) to transform various operational aspects, including mining and sales processes. Star Gems, a Georgia-based company, launched AI assistants—GemArt, JewelBot, and VoiceGem—in March 2024. These tools streamline design creation, facilitate content generation, and provide real-time language translation, enabling jewelers to enhance customer engagement and expand their market reach effectively.
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Gemstones Market Segmentation
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
By Geography:The regions covered in the gemstones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the gemstones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Gemstones Global Market Report 2024 furnishes information about the global gemstones market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
