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Gemstones Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033
Gemstones Market
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According to The Business Research Company's, The gemstones market size has grown strongly in recent years. It will grow from $29.46 billion in 2023 to $31.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rise in royal patronage, rise in cultural symbolism, increase in trade routes, surge in gemstone discoveries, rise in jewelry craftsmanship evolution, and shifts in fashion trends.
The gemstones market size is expected to see strong growth in the next few years. It will grow to $40.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing demand for sustainable and ethically sourced gems, rising popularity of personalized and custom-designed jewelry, growing adoption of gemstones in technological applications such as electronics, expanding affluent consumer base in emerging markets, and evolving fashion trends. Major trends in the forecast period include adoption of lab-grown gemstone, advancements in gemstone cutting and polishing techniques, innovation in gemstone setting techniques, and innovations in jewelry products.
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Market Drivers and Trends:
The rise in the use of ornaments is expected to propel the growth of the gemstone market going forward. Ornaments are decorative ornaments that improve personal appearance, impart cultural symbolism, and represent social standing. The use of ornaments is increasing with disposable incomes, changing fashion trends, and a growing desire for personal expression and cultural significance in accessories. Gemstones are used in ornaments to enhance the beauty and value of various decorative items. Its unique colors, brilliance, and rarity make them highly sought after for personal adornment and cultural expression. 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 rise in the use of ornaments is driving the growth of the gemstone market.
Major companies operating in the gemstone market are increasingly turning to artificial intelligence (AI) technology to revolutionize various aspects of the industry. AI-powered tools in the gemstone market enhance mining, grading, cutting, and sales processes, bringing significant benefits in terms of efficiency, accuracy, and customer satisfaction. For instance, in March 2024, Star Gems, a Georgia-based design and manufacturing company, launched three cutting-edge AI assistants - GemArt, JewelBot, and VoiceGem, to help jewelers streamline operations and enhance customer engagement. GemArt is a cutting-edge AI tool designed to generate and refine jewelry designs based on user prompts and criteria. JewelBot is an AI assistant that facilitates the rapid generation of various jewelry-related content. It can create sales training materials, product information, and store manuals, ensuring that jewelers can access consistent and informative content. VoiceGem addresses the challenge of language barriers in the global market by providing real-time speech translation. This AI-powered language translation tool enables jewelers to communicate seamlessly with international customers, enhancing customer service and expanding market reach.
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Major Key Players of the Market:
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
Gemstones Market 2024 Key Insights:
• The gemstones market size is expected to see strong growth in the next few years. It will grow to $40.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Emerging Demand In Ornamental Use Driving Growth in the Gemstone Market
• Integration of AI Technology in Gemstone Market Innovations
• North America was the largest region in the gemstones market in 2023
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