Gemstones Market Growth Trajectory Through 2024-2033

The Gemstones Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Gemstones Global Market Report 2024, 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.

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.

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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

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.

The gemstones market report table of contents includes:

1. Executive Summary
2. Gemstones Market Characteristics
3. Gemstones Market Trends And Strategies
4. Gemstones Market – Macro Economic Scenario
5. Global Gemstones Market Size and Growth
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32. Global Gemstones Market Competitive Benchmarking
33. Global Gemstones Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gemstones Market
35. Gemstones Market Future Outlook and Potential Analysis
36. Appendix

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