Press release
Certified Gemstones Market 2024: Industry Insights, Demand, and Growth Trends
Certified Gemstones Market 2024
According to The Business Research Company's, The certified gemstones market size has grown strongly in recent years. It will grow from $9.44 billion in 2023 to $10 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to shift towards online sales channels and digital marketing strategies, growth of lab-grown diamonds, expansion of online retail, rising consumer affluence, and rising demand for luxury goods.The certified gemstones market size is expected to see strong growth in the next few years. It will grow to $12.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing interest in unique accessories, growing disposable incomes drive purchases, rising in gemstone investment, expanding online gemstone sales platforms, and increasing popularity of colored gemstones in bridal and fashion jewelry. Major trends in the forecast period include digital transformation and e-commerce growth, shift towards sustainable and ethical sourcing, technological advancements in gemstone certification, expansion of online and digital sales channels, and increasing demand from emerging markets.
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Market Drivers and Trends:
The surge in the use of ornaments is expected to propel the certified gemstone market's growth going forward. Ornaments are decorative objects that are used to enhance the jewelry's appearance. They are typically non-functional accessories that add beauty, grace, or festivity. The surge in the use of ornaments can be attributed to evolving fashion trends, cultural and social significance, personal expression, improved economic conditions, advancement in manufacturing, and effective marketing strategies. Certified gemstones enhance jewelry by ensuring authenticity and quality assurance through detailed analysis and increased market confidence and investment value. For instance, according to the Ministry of Commerce & Industry, an India-based government agency, India's gems and jewelry exports in December 2023 improved by 14.07% to $2.90 Billion from $2.54 Billion in December 2022. Therefore, the surge in the use of ornaments is driving the certified gemstone market's growth.
Major companies operating in the certified gemstones market are developing artificial intelligence (AI)-powered gemstone report platforms to enhance the accessibility and affordability of gemological certifications. AI-powered gemstone reports are assessments of gemstones generated using artificial intelligence technology. These reports utilize AI algorithms to analyze various aspects of gemstones, such as their color, clarity, cut, carat weight, and overall quality. For instance, in July 2024, Gübelin Gem Lab, a Switzerland-based laboratory specializing in gemstone analysis and certification, launched an AI-powered gem report called the Gem Passport. Gübelin's new Gem Passport, powered by the AI-based Gemtelligence tool, provides key identification features for unmounted emeralds, rubies, and blue sapphires up to 3 carats. It includes species, variety, country of origin, and a simplified treatment report. Gemtelligence, launched last year, uses AI algorithms to identify these gemstones' origin and heat treatments, streamlining the testing process by reducing the time needed for microscopic assessment.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Rio Tinto International Holdings Ltd, De Beers SA, Debswana Diamond Company Limited, Tiffany & Company, Graff Diamonds International Limited, Gemological Institute of America Inc., Petra Diamonds Limited, Blue Nile Inc., Lucara Diamond Corporation, Gem Diamonds, Gemfields Group Limited, Swarovski AG, KGK Group, ALROSA-Nyurba, Muzo International Ltd., Fura Gems Inc., Arctic Star Exploration Corp., Jindal Gems, Botswana Diamonds Plc, Pala International Inc., Leibish & Co Ltd, David Morris, GemSelect Limited
Certified Gemstones Market 2024 Key Insights:
• The certified gemstones market size is expected to see strong growth in the next few years. It will grow to $12.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Driving Forces Behind the Growth of the Certified Gemstones Market in Ornamental Use
• Innovations In AI-Powered Gemstone Certification
• North America was the largest region in the certified gemstones market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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