The synthetic gemstone market is steadily growing, with its size rising from $22.44 billion in 2023 to $23.36 billion in 2024, reflecting a CAGR of 4.1%. This growth is attributed to the expanding use of synthetic gemstones in jewelry and supportive government policies. The market is projected to reach $27.96 billion by 2028, with a CAGR of 4.6%. Key drivers include increasing demand for affordable luxury and the expansion of e-commerce platforms. Trends include advancements in gemstone synthesis and the popularity of lab-grown diamonds.
Synthetic Gemstone Market
The growth of the jewelry industry is anticipated to drive the expansion of the synthetic gemstone market. This industry, which involves the creation and retail of adornments made from precious metals and gemstones, is witnessing increased adoption of synthetic gemstones due to their ethical sourcing and cost-effectiveness. As consumers seek sustainable and affordable luxury, the synthetic gemstone market is thriving. According to World Gold Council data from August 2023, jewelry sales reached 439.85 metric tons in 2021, projected to grow to 475.92 metric tons by 2023. Consequently, the rising jewelry industry is boosting the growth of the synthetic gemstone market.
Synthetic Gemstone Market Report
Synthetic Gemstone Market Competitive Landscape
Kyocera Corporation, Swarovski AG, Gemfields Group Limited, Gilson Inc., The Asha Company, RusGems, Charles & Colvard Ltd., R C Gems, Diamond Nexus Labs, Astro Gallery of Gems, Chatham Inc., BetterThanDiamond Inc., Biron Gems, Scio Diamond Technology Corporation, Karat Patch Inc., Gem World, KP Gems, Djeva, Vala Brothers, Aini Gems
Key Synthetic Gemstone Market Trend
Companies in the synthetic gemstone sector are prioritizing the development of advanced products like polycrystalline diamond (PCD), which enhances the durability and performance of gemstones. PCD is composed of numerous small diamond-bonded grains, prized for its hardness and wear resistance. In November 2023, Hyperion Materials & Technologies introduced the P-Series and U-Series PCD, which deliver high reliability and performance. These products provide substantial cost savings and consistent results across a variety of materials, including aluminum and carbon-fiber composites, making them a go-to choice for toolmakers seeking precise machining solutions.
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Synthetic Gemstone Market Segmentation
The synthetic gemstone market covered in this report is segmented –
1) By Type: Ruby, Emerald, Spinel, Other Types
2) By Distribution: Online, Offline
3) By Application: Jewelry, Instrument, Other Applications
By Geography:The regions covered in the synthetic gemstone 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 synthetic gemstone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
