Luton, Bedfordshire, United Kingdom, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Gemstone Market.
The global gemstone market is expected to grow at a 6.53% CAGR from 2022 to 2029. It is expected to reach above USD 53.2 million by 2029 from USD 30.1 million in 2021.
Gemstone Market Overview
Gemstones are precious mineral elements that, once cut and polished, are used to make jewelry and other types of ornaments. The majority of gemstones are naturally hard. Gemstones are also used in the creation of decoration and luxury art products such as hard stone carvings and antiquity gems due to their aesthetics.
Certain gemstones are also treated to look like other precious gemstones. Imitation gemstones of this type are used in jewelry making. Cubic zirconia and synthetic moissanite, which is a synthetic diamond imitation, are two examples of these imitation gemstones. Diamonds, rubies, sapphires, emeralds, alexandrite, and topaz are among the most important gemstones.
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Diamond accounts for approximately 80% of total gemstone sales and is expected to remain the most popular type of gemstone in the coming years. The ruby market is expected to grow rapidly in the coming years, according to the gemstones market forecast.
Increasing demand for jewelry as well as the inclusion of gems in jewelry products due to rising consumer spending and changing lifestyles is expected to drive demand for jewelry products over the forecast period, thereby increasing demand for gemstones. Furthermore, increasing the use of gems as an individual feature for decoration is expected to contribute to rising gemstone consumption.
Drivers
- Fashion designers who focus on developing novel jewelry products
- Manufacturers becoming vertically integrated in the development of gemstones and jewelry
- Promotional strategies and Advertisements
- A rise in the disposal Income of consumers
Restraints
- Rising labor charges
Competitive Landscape
Some of the key players in the gemstone industry include Anglo American PLC, Gemfields Group Ltd., Petra Diamonds Limited, Rockwell Diamonds Inc., Gem Diamonds Limited, PJSC ALROSA, Swarovski Group, Rio Tinto Diamonds, DebswanaDiamond Company (Pty) Limited, LucaraDiamond Corp., Botswana Diamonds P.L.C, Fura Gems Inc., Dominion Diamond Corporation, Mountain Province Diamonds Inc., Pangolin Diamonds Corporation, Stornoway Diamond Corporation, Arctic Star Exploration Corp., Trans Hex Group Ltd., Merlin Diamonds Limited, KGK Group, Pala International Inc., MIF Gems Co Ltd., Greenland Ruby, Blue Nile, Gitanjali Gems Ltd., Tiffany & Co., Titan Gems, and Zales Corporation and others
- On Aug. 9, 2022, Signet Jewelers Limited, the world's leading retailer of diamond jewelry, announced it has signed a definitive agreement to acquire Blue Nile, Inc.
- 12 July 2022: Zales® launched a 185-facet diamond
- In 2021, Gemfields introduced its high-quality emerald yet- Chipembele, the rhino emerald. The magnificent gem will be auctioned off at the next Gemfields emerald auction, with a portion of the proceeds going to the North Luangwa Conservation Programme in Zambia.
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Future of the Gemstone Industry
The gems and jewelry sector are important to the Indian economy, accounting for approximately 7% of the country's GDP and 15% of total merchandise exports. It also employs over 4.64 million people and will employ 8.23 million by 2022. It is one of the fastest growing industries, highly export-oriented, and labor-intensive.
- Gemstone industry during Marriage and Festive Season
Festivals and weddings in India are seasons when the gemstone industry recovers from any slowdown. We expect that the oncoming festivals and the consequent wedding season will rush the growth positively.
- Simplicity is the Key
The jewelry that is in demand is simple and chic pieces. People want to look sophisticated without heavy jewelry.
- Digital is Responsible for the Gemstone industry
Light jewelry has become popular over the past few years. It is because of the rise in digital shopping and social media. A maximum number of people shop for gemstones online, making jewelry shopping convenient.
- Customer Service in the Gemstone industry
Many commercial and local jewelers are training their staff members in sales and customer services. Staff members are taught to charm the consumers and sell jewelry pieces in a skilled manner. The consumers’ shopping experience is also now considered in the entire shopping process.
- Bounce Back in Exports
The export business of gemstones and jewelry in India brings in the most foreign exchange. There is a 100 percent Foreign Direct Investment (FDI) allowed by the Government. It is encouraging that the borders have gradually begun to open for business, and the export industry is also making a comeback firmly.
- Mintly
Mintly being the fastest-growing community-driven marketplace for Jewellery Professionals and Brands in the Gemstone Industry connects the right Jewellery talent with the right hiring manager.
Gemstone Market: Segmentation
Based On Type
- Diamond
- Emerald
- Ruby
- Sapphire
- Alexandrite
- Topaz
- Others
In terms of the revenue share by product type, diamond holds a notable share of 81.9% in the market in the year 2021. The demand for diamonds is driven by growing preferences for jewelry like diamond rings along with the unique properties of diamonds making them the most valuable gemstones among millennials.
Based On Product Format
- Natural
- Synthetic
In terms of product format, synthetic gemstones will account for 87.8% of the market in 2021. Because synthetic gemstones are less expensive than natural gemstones, their demand in the market exceeds that of natural gemstones.
Based On End-user
- Luxury Art
- Jewellery & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
In terms of end use, the jewelry & ornaments segment accounts for a massive share of the industry in terms of revenue due to the availability of vivid shades of gemstones such as sapphire, ruby, emerald, and others that have become popular choices for wedding rings.
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Regional Insights
In Asia-Pacific, the gems and jewellery market is witnessing changes in consumer preferences due to the adoption of the Western lifestyle. Consumers are demanding new designs and varieties in jewellery, and branded jewellers are able to fulfill their changing demands better than the local unorganized players. The strong performance of the real jewellery segment is expected to drive the Asian jewellery market.
Europe is predicted to be one of the most attractive markets during the forecast period. France is expected to account for over 20.2% of the market share during the forecasted period.
The Indian market is expected to rise at an impressive growth rate. The market is driven by the prevailing social beliefs regarding the use of specific Coloured gemstones. In the Indian market, existing social beliefs about the use of specific-colored stones have a significant impact on consumer buying perceptions.
FAQS
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