India Colored Gemstones Market to Surge to USD 2.3 Billion by 2035 - APAC Region Leads Growth with Rising Luxury

The India colored gemstones market, valued at approximately USD 0.9 billion in 2025, is on track for remarkable growth over the next decade. Forecasts project the market to reach USD 2.3 billion by 2035, registering a strong compound annual growth rate (CAGR) of 10.5% from 2025 to 2035, according to recent industry insights.

This growth is driven by a convergence of cultural, technological, and economic factors that are reshaping demand and supply in India's vibrant colored gemstones industry. The evolving consumer mindset, coupled with India's position as a global hub for gemstone cutting, polishing, and trading, sets the stage for significant opportunities ahead.

Key Growth Drivers Behind India's Colored Gemstones Market

1. Rising Demand for Luxury and Personalized Jewelry
Growing consumer preference for unique, natural, and certified colored gemstones is fueling demand. Luxury jewelry buyers and investors are increasingly gravitating towards gemstones that symbolize prestige, cultural heritage, and long-term value.

2. Cultural Significance and Traditions
Colored gemstones are deeply embedded in Indian cultural practices, especially in wedding and festive jewelry. The astrological and Vedic properties associated with stones like ruby and emerald sustain high demand across rural and urban populations.

3. Export and Trade Hub
India serves as a global center for gemstone processing and trade, leveraging cost-effective labor and sophisticated craftsmanship. This export potential strengthens the market outlook and international market integration.

4. Technological Advances
Precision cutting technologies and computer-aided design (CAD) tools allow manufacturers to offer highly customized products that meet modern consumer tastes while maintaining superior quality and brilliance.

5. E-commerce and Digital Marketing
The rapid growth of online retail platforms and social media presence has broadened accessibility for domestic and international buyers. Brands leverage platforms like Instagram and Facebook to connect with millennial and Gen Z consumers seeking exclusive and trendy gemstone jewelry.

Segment Insights: Which Stones and Styles Lead the Market

• Emeralds Dominate Stone Type Segment (41.7%)
Emeralds remain the most sought-after gemstone in India, prized for their cultural symbolism and luxury status. Both traditional and contemporary designs prominently feature emeralds, making India a key center for emerald craftsmanship.

• Round Shape Gems Command 36.9% Market Share
The round shape continues to be the preferred cut due to its symmetry and ability to maximize brilliance, making it popular for engagement rings and everyday wear.

• Precious Gemstones Hold 54.3% of Market Demand
Emeralds, rubies, and sapphires dominate the precious gemstones segment, supported by their durability and status as long-term assets.

Sales Trends and Market Recovery

• Recovery Post-Pandemic
After a significant downturn in 2024, the market rebounded strongly with an 8.0% CAGR from 2020 to 2025, driven by middle-class aspirations, social media influence, and rising awareness about the investment potential of gemstones.

• Cultural and Sentimental Value Boosting Demand
The belief in gemstones' astrological powers continues to fuel demand, particularly for rubies which represent protection and vitality, accounting for 47.2% market share in 2025.

Challenges Facing the Market

• Raw Material Scarcity and Import Dependence
India imports over USD 1.4 billion worth of gems and jewelry, including polished stones, due to limited domestic supply. Rising costs have increased consumer prices, restricting sales growth.

• Middle-Tier Pricing Segment Under Pressure
The segment priced between USD 1,500 and USD 6,500 remains sluggish due to slow economic recovery impacting India's middle class.

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• Customization Trends
Demand for bespoke colored gemstone jewelry is increasing, with manufacturers adopting CAD and rapid prototyping to offer tailor-made designs.

• Digital Transformation
Enhanced online presence and digital marketing enable brands to engage new consumers, with product reviews and e-commerce facilitating informed purchases.

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