Global Gemstones Market Report and Forecast 2024-2032

Global Gemstones Market Outlook

The global gemstones market size is projected to grow at a CAGR of 6.1% in the forecast period of 2024-2032.

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Gemstones Market Share by Product

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.

Market Share by Region

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.

Gemstones: Market Segmentation

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:

• Natural

• Synthetic

By type, the gemstones market segmentation includes:

• Precious

• Semi-Precious

On the basis of product, the market is categorised into:

• Diamond

• Jade

• Sapphire

• Ruby

• Emerald

• Others

Based on application, the market can be segmented into:

• Astrology

• Jewellery and Ornaments

• Luxury Arts

• Others

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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Market Share By Application

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.

Key Players in the Global Gemstones Market

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:

• 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

• Rio Tinto Group

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.

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