Press release
Gemstones Market Size Projected To Reach $42.76 Billion By 2034 With A Cagr Of 6.3%
Gemstones Market Size
What Is the Projected Growth of the Gemstones Market?
The gemstones market has experienced strong growth in recent years. It is projected to expand from $31.32 billion in 2024 to $33.43 billion in 2025, at a compound annual growth rate (CAGR) of 6.7%. This growth is attributed to factors such as increased royal patronage, cultural symbolism, the expansion of trade routes, new gemstone discoveries, advancements in jewelry craftsmanship, and evolving fashion trends.
The gemstones market is expected to grow significantly, reaching $42.76 billion by 2029 at a CAGR of 6.3%. Factors driving this growth include increased demand for sustainable and ethically sourced gems, popularity of personalized jewelry, growing use of gemstones in tech applications like electronics, expanding affluent consumer bases in emerging markets, and evolving fashion trends. Key trends include the rise of lab-grown gemstones, innovations in gemstone cutting, polishing, and setting techniques, and the development of new jewelry products.
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What Are the Different Gemstones Market Segments?
The gemstones market covered in this report is segmented -
1) By Product Type: Diamond, Emerald, Ruby, Sapphire, Alexandrite, Topaz, Other Product Types
2) By Product Format: Natural, Synthetic
3) By Distribution: Store-Based, Non-Store-Based
4) By End User: Astrology, Jewelry and Ornaments, Luxury Arts, Other End Users
Subsegments
1) By Diamond: Natural Diamond, Synthetic Diamond
2) By Emerald: Natural Emerald, Synthetic Emerald
3) By Ruby: Natural Ruby, Synthetic Ruby
4) By Sapphire: Blue Sapphire, Pink Sapphire, Yellow Sapphire, Synthetic Sapphire
5) By Alexandrite: Natural Alexandrite, Synthetic Alexandrite
6) By Topaz: Blue Topaz, Imperial Topaz, Other Varieties of Topaz
7) By Other Product Types: Amethyst, Aquamarine, Garnet, Opal, Peridot, Tourmaline
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What Are the Primary Drivers Shaping the Gemstones Market?
The increasing popularity of ornaments is projected to fuel the gemstone market's growth. Ornaments serve both decorative and cultural purposes, enhancing personal appearance and representing status or tradition. The rising interest in ornaments is driven by increased disposable income, changing fashion preferences, and a stronger emphasis on personal style and cultural expression. Gemstones are essential in ornamentation due to their visual appeal, rarity, and symbolic value. For instance, the Ministry of Commerce & Industry, an India-based government agency, reported that India's gem and jewelry exports rose by 14.07% to $2.90 billion in December 2023, up from $2.54 billion in December 2022. Therefore, the increased use of ornaments is propelling the gemstone market.
Which Companies Are Leading in the Gemstones Market?
Major companies operating in the gemstones market are 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
What Trends Are Driving Growth in The Gemstones Market?
Prominent entities in the gemstone industry are progressively adopting artificial intelligence (AI) innovations to transform diverse segments of the sector. AI-enabled tools optimize mining, grading, slicing, and selling procedures in the gemstone market, leading to considerable gains in efficiency, precision, and client satisfaction. For example, in March 2024, Star Gems, headquartered in Georgia, unveiled three advanced AI assistants: GemArt, JewelBot, and VoiceGem, all designed to assist jewelers in streamlining operations and augmenting customer interaction. GemArt is an innovative AI instrument that creates and fine-tunes jewelry designs based on customer specifications. JewelBot, an AI-powered assistant, expedites the creation of a variety of jewelry-centric content such as sales training materials, product details, and store guidelines, ensuring consistent and enlightening content for jewelers. VoiceGem, on the other hand, tackles the language barrier challenge in the international market by offering real-time speech translation. This advanced language translation tool empowers jewelers to freely communicate with clients globally, thereby improving customer service and extending their market influence.
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What Are the Top Revenue-Generating Geographies in the Gemstones Market?
North America was the largest region in the gemstones market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gemstones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Gemstones Market?
2. What is the CAGR expected in the Gemstones Market?
3. What Are the Key Innovations Transforming the Gemstones Industry?
4. Which Region Is Leading the Gemstones Market?
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