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Synthetic Gemstone Market 2024-2033 - Size, Trends, Growth & Forecast Analysis
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According to The Business Research Company's, The synthetic gemstone market size has grown steadily in recent years. It will grow from $22.44 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to expanding the use of synthetic gemstones in jewelry, increasing marketing and branding efforts, initiatives promoting sustainable gemstone production, diversification of synthetic gemstone products, and rising supportive government policies.
The synthetic gemstone market size is expected to see steady growth in the next few years. It will grow to $27.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for affordable luxury, rising environmental concerns, increasing preferences for customization and personalization, rising investment in research and development (R&D) activities, and rising e-commerce. Major trends in the forecast period include technological developments in gemstone synthesis, technological progress in gemstone cutting and polishing, the rising popularity of lab-grown diamonds, advanced production techniques, and innovations in hydrothermal synthesis.
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Market Drivers and Trends:
The rise in the jewelry industry is expected to propel the growth of the synthetic gemstone market going forward. The jewelry industry involves creating, producing, and retailing adornments such as rings, necklaces, and bracelets crafted from precious metals and gemstones. The rise in the jewelry industry is due to embracing synthetic gemstones due to their ethical sourcing, cost-effectiveness, and consistent quality, catering to the growing consumer demand for sustainable and affordable luxury options. Synthetic gemstones contribute to the jewelry industry by providing cost-effective, ethical, and high-quality alternatives to natural gemstones, fostering innovation, and enabling jewelers to meet diverse consumer demands while minimizing environmental impact. For instance, in August 2023, according to World Gold Council 2021 Highlights, a US-based intergovernmental organization, sales in jewelry reached 439.85 metric tons in 2021 and are projected to grow to 475.92 metric tons by 2023. Therefore, the rise in the jewelry industry is driving the growth of the synthetic gemstone market.
Major companies operating in the synthetic gemstone market are focused on developing innovative products, such as polycrystalline diamond (PCD), to enhance the performance and durability of their gemstones. Polycrystalline diamond (PCD) is a synthetic diamond product of numerous small diamond-bonded grains. This material is valued for its hardness, wear resistance, and thermal conductivity. For instance, in November 2023, Hyperion Materials & Technologies, a US-based manufacturing company, launched the P-Series PCD and U-Series PCD, which have high quality and reliability. It offers superior performance and cost savings by delivering consistent results across nonferrous and non-metallic materials, including aluminum, metal matrix composites, copper, and carbon-fiber-reinforced polymers (CFRP). The P-Series PCD is known for its high quality and reliability, making it a preferred choice for toolmakers requiring precise and efficient machining solutions.
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Major Key Players of the Market:
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
Synthetic Gemstone Market 2024 Key Insights:
• The synthetic gemstone market size is expected to see steady growth in the next few years. It will grow to $27.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Jewelry Industry Boom Fuels Synthetic Gemstone Market Growth
• Innovative P-Series And U-Series PCD Developments Propel Synthetic Gemstone Market Forward
• North America was the largest region in the synthetic gemstone market in 2023
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