Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Certified Gemstones Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The certified gemstones market is demonstrating a robust upward trend, with an anticipated leap from $9.44 billion in 2023 to a significant $10 billion by 2024, revealing a strong compound annual growth rate (CAGR) of 6%. This remarkable growth is largely due to the increasing adoption of online sales channels and innovative digital marketing strategies, the burgeoning presence of lab-grown diamonds, the surge in online retail, and rising consumer affluence with a consequent demand for luxury goods. In addition, market analysts foresee a continuation of this trend, projecting growth to reach $12.67 billion by 2028 at a CAGR of 6.1%.
Trends Shaping the Future of the Market
The forecasted expansion through the next few years will be shaped by several key trends such as the digital transformation of the market, the shift towards ethical and sustainable sourcing, state-of-the-art advances in gemstone certification technology, and a discernible rise in demand from emerging economies. Furthermore, consumer interest in distinctive accessories, increased investment in gemstones, and the rising popularity of colored gemstones in bridal and fashion jewelry will significantly influence market momentum.
Innovation in Certification Services
Dominant players in the market are innovating with artificial intelligence to disrupt traditional gemstone certification. AI-powered report platforms are being developed to enhance the accessibility and affordability of gemological certifications, with tools that analyze a gemstone's many attributes swiftly and accurately. One such innovation, the AI-powered Gem Passport, is streamlining the process for validating gemstones' origins and treatments, thereby reinforcing market confidence and boosting the investment appeal of certified gemstones.
Impact of Economic Activities on Market Growth
The market sees a positive impact from growth in economic activities such as the increase in gem and jewelry exports from countries like India, noting a notable 14.07% growth in December 2023. The burgeoning use of ornaments, powered by evolving fashion trends, cultural and social significance, and impactful marketing strategies, drives the demand for certified gemstones further upwards.
Strategic Acquisitions in the Industry
Quite significant in the industry's current landscape is Blackstone's strategic acquisition of the International Gemological Institute (IGI), which promises an expansion of IGI's global influence and operational capabilities. Such movements are emblematic of the energetic drive for growth and consolidation in the certified gemstone market.
Regional Market Insights
North America held the largest share in the certified gemstones market as of 2023, with comprehensive coverage and analysis offering insights into other key regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa. The market's reach spans across a diverse set of countries, attesting to its global footprint and the universal allure of certified gemstones.
About the Certified Gemstones Market
Certified gemstones undergo rigorous examination and authentication by authoritative gemological entities, ensuring their authenticity and quality. The certification process results in a detailed report that solidifies consumer trust and establishes the market's integrity. The certified gemstones market encompasses a vast array of precious stones and offers insights into future scenarios, elucidating opportunities for market participants and investors.
Conclusion
The certified gemstones market's current dynamism and future prospects indicate a vibrant industry that continues to evolve and grow, propelled by technological innovation, consumer trends, and strategic business movements. As the market for certified gemstones broadens its horizons, stakeholders are poised to witness and partake in its flourishing trajectory through the coming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $10 Billion |
| Forecasted Market Value (USD) by 2028 | $12.67 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
Companies Featured
- Rio Tinto International Holdings Ltd
- De Beers SA
- Debswana Diamond Company Limited
- Tiffany & Company
- Graff Diamonds International Limited
- Gemological Institute of America Inc.
- Petra Diamonds Limited
- Blue Nile Inc.
- Lucara Diamond Corporation
- Gem Diamonds
- Gemfields Group Limited
- Swarovski AG
- KGK Group
- ALROSA-Nyurba
- Muzo International Ltd.
- Fura Gems Inc.
- Arctic Star Exploration Corp.
- Jindal Gems
- Botswana Diamonds Plc
- Pala International Inc.
- Leibish & Co Ltd
- David Morris
- GemSelect Limited
For more information about this report visit https://www.researchandmarkets.com/r/z18npa
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