Gemstones Market Size was valued at USD 15,450.37 million in 2023. The Gemstones market industry is projected to grow from USD 16462.82 million in 2023 to USD 36,211.10 million by 2032, exhibiting a compound annual growth rate (CAGR) of 10.36% during the forecast period (2024 - 2032). Several important factors are propelling the gemstone market. Emerald, pearl, sapphire, and ruby are just a few of the famous gemstones that have stood the test of time and never fail to entice buyers, solidifying their place as emblems of refined taste and opulence. The demand for these gemstones in jewelry and luxury arts categories is sustained by their emotive and timeless significance. Diversification and customization are also fueling the growing demand for one-of-a-kind jewelry pieces, which in turn increases customer satisfaction by satisfying distinctive tastes.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones Market Trends
Statement jewellery, characterized by bold and distinctive designs, has gained immense popularity as consumers seek to express their individuality and make a memorable impact with their accessories. In this evolving trend, colour gemstones play a pivotal role in elevating the allure of statement pieces. Consumers are increasingly drawn to the vibrant and unique colours offered by gemstones such as emeralds, sapphires, rubies, and other exotic stones. The certification of these gemstones becomes paramount as consumers look for assurance regarding the authenticity, quality, and origin of the stones that contribute to the bold aesthetics of their statement jewellery. Statement jewellery serves as a powerful form of self-expression, allowing individuals to convey their personality, style, and confidence. In this context, colour gemstones provide a captivating palette for designers and wearers alike. The certification process becomes a crucial aspect of the statement jewellery market, offering transparency and credibility to the gemstones featured in these bold creations. As consumers gravitate towards unique and eye-catching pieces, the demand for colour gemstones with distinct colours and exceptional quality has witnessed a significant upswing.
Jewellery designers, recognizing the shift towards statement pieces, are increasingly incorporating colour gemstones into their collections to meet the evolving preferences of consumers. These designers leverage the diverse spectrum of colours offered by certified gemstones to create visually stunning and conversation-starting jewellery. The certification not only validates the authenticity of the gemstones but also assures consumers of the stones' quality attributes, including clarity, cut, and carat weight, enhancing the overall appeal of statement jewellery. The trend towards sustainability in fashion has further fuelled the growth of the Gemstone Market within the realm of statement jewellery. Consumers, increasingly conscious of ethical and environmental considerations, are drawn to gemstones that are responsibly sourced and certified for their authenticity. Certification ensures that gemstones meet specific standards, including ethical mining practices and transparent supply chains. As sustainability becomes a key factor in purchasing decisions, colour gemstones offer a compelling choice for those seeking bold, sustainable, and ethically produced statement pieces.
Gemstones Market Segment Insights
Gemstones Type Insights
Based on type, the Gemstones Market has been bifurcated into emerald, pearl, sapphire, ruby, and others. The sapphire segment accounted for the largest market share of 31.60 % in 2022 and is likely to register the highest CAGR of 10.43% during the projected period owing to increased demand as well as the production of emeralds. Sapphire is usually the gemstone form of the mineral corundum. They are usually produced for decoration, sapphires are mined. Based on a Mohs hardness rating of 9, these stones rank third in terms of hardness among gemstones, after moissanite and diamonds. Over millions of years, sapphires are produced beneath the surface of the planet. High pressure and heat are two of the factors that lead to them. These are the perfect circumstances for the metamorphic processes that give rise to sapphires. Minerals can crystallize as liquid magma from deep within the ground cools. These crystals, which have undergone millions of years of recrystallization, are the purest and best types of corundum, also known as sapphires.
Figure 1: Gemstones Market, by type, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones Category Insights
The Gemstones Market based on category has been segmented into natural and synthetic. The natural segment accounted for the largest market share of 71.74 % in 2022 and is likely to register a CAGR of 9.61% during the projected period owing to the growing demand of natural gemstones across the world. Natural gemstones are polished and cut minerals that are used to make jewelry or other ornamental items. These stones come from below the earth's surface because they are mined. There are several places where natural stones can originate, such as the earth's mantle, a tectonic plate subduction zone, the site of an asteroid collision, and even space. The stones are mined from all over the world, and then expert craftspeople cut and polish them before jewelers utilize them to create classic items like pendants, earrings, and rings.
Figure 2: Gemstones Market, by category, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones End Use Insights
The jewelry & ornaments segment accounted for a significant share of the Gemstones Market owing to the wide usage of gemstones in various jewelry and ornaments such as rings, necklaces, pendants, and many more. However, the luxury arts segment accounted for a considerable share and is likely to register a CAGR of 9.25% during the projected period. The growing popularity of wearing jewelry and ornaments such as rings, necklaces, bracelets, earrings, and many more among various consumer groups has increased the demand for gemstones which in turn would boost its market growth in the upcoming years. As a part of this, according to MRFR analysis, sales of bridal jewelry decreased by 9.7% in value and 5.6% in units sold over the previous year. The Midwest had a 0.5% regional increase in units. There were decreases in the Southeast (-14%), West (-17.4%), East (-3.6%), and Southwest (-5.7%). Engagement rings started to become more popular but at a significantly lower average cost.
Figure 3: Gemstones Market, by End Use, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones Distribution Channel Insights
The Gemstones Market based on distribution channels has been bifurcated into store-based and non-store based. The store-based segment held a significant share in the gemstones market owing to the increasing consumer inclination towards purchasing jewelry from stores. However, the non-store-based segment is also expected to share a considerable share of the market. Jewelry stores usually offer a range of gemstones embedded in jewelry as per the customer's choice. The presence of a range of jewelry chain stores across the region is likely to boost its market growth in the upcoming years. As a part of this, according to MRFR analysis, in the previous ten to fifteen years, chain stores have become increasingly prevalent, and they have been steadily stealing market share from independent merchants.
Figure 4: Gemstones Market, by Distribution Channel, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones Regional Insights
By Region, the study segments the market into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America Gemstones market accounts for the largest market share 39.84% in 2022 and is expected to exhibit a 10.41% CAGR. A period of dynamic development and growth is currently taking place in the North American gemstones market, which is strongly intertwined with the jewelry and luxury sectors' respective industries. It is important to note that this expansion has not been without difficulties. When the COVID-19 pandemic occurred, it caused considerable disruptions in the supply chain, which in turn influenced production and distribution. As a result, consumers reduced their expenditure on luxury products, which included jewelry that featured gemstone embellishments.
The European gemstone market, which is deeply rooted in a rich heritage and is reinforced by a high demand for luxury products, is witnessing a noticeable change towards personalization and distinctive design in Jewelry. The market is anticipated to grow at a compound annual growth rate (CAGR) of 9.30% until the year 2032, ultimately reaching a value of USD 8,075.07 by the year 2032. This transition is being brought about by consumer desire for luxury goods. There is a growing demand for uniqueness in luxury goods, which is reflected in the fact that consumers are increasingly drawn to distinctive pieces that feature precious stones such as emeralds, rubies, sapphires, and pearls.
The Asia Pacific gemstone market, which is well-known for its quick expansion and diverse consumer preferences, is currently undergoing a substantial shift. This transformation is characterized by a growing desire for colored gemstones such as emeralds, rubies, sapphires, and pearls. The market is anticipated to grow at a compound annual growth rate (CAGR) of 10.23% until the year 2032, ultimately reaching a value of USD 7,951.96 million by the year 2032. The region's increasing wealth and shifting lifestyles, in addition to a growing awareness and interest in the ethical sourcing and sustainability of gemstones, are all factors that have contributed to this trend. The rise of the market is being driven by several important forces, including the growing middle class, rising disposable incomes, and the profound cultural significance of gemstones in Asian countries.
A era of lively expansion is currently being experienced by the South American gemstone sector. This growth is primarily being driven by an increased demand for luxury items as well as the region's plentiful gemstone resources. The market is anticipated to grow at a compound annual growth rate (CAGR) of 8.19% until the year 2032, ultimately reaching a value of USD 1,694.68 million by the year 2032. This expansion is characterized by a substantial surge in interest in colored gemstones such as emeralds, sapphires, and rubies, which reflects a global shift towards making Jewelry options that are more unique and diverse. The booming tourism industry in South America is another factor that is contributing to this trend. This industry has considerably boosted the international exposure of local gemstones, which has resulted in an increase in market growth.
The market for gemstones in the Middle East and Africa is currently undergoing a dynamic shift, which is characterized by a growing tendency towards unusual and high-quality gemstones such as emeralds, rubies, sapphires, and pearls. The market is anticipated to grow at a compound annual growth rate (CAGR) of 9.58% until the year 2032, ultimately reaching a value of USD 3,411.09 million by the year 2032. This movement is strongly rooted in a cultural affinity for luxury and extravagance. In addition, this tendency is being matched by an increased thirst for rare and exotic jewels, which reflects a quest for originality and status symbols. However, even though the market is still in its early phases of adopting ethical and environmentally responsible sourcing techniques, this trend is gaining speed.
Further, the major countries studied are: The U.S, Canada, Mexico, Germany, UK, France, Spain, Italy, China, Japan, India, Australia & New Zealand, Thailand, Sri Lanka, Hong Kong, Brazil, Argentina, Turkey.
Figure 5: Gemstones Market, by region, 2022 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Gemstones Key Market Players & Competitive Insights
The Gemstones Market is likely to grow with a CAGR of 9.93% during the forthcoming years. Colored gemstones, with their vibrant hues and distinct characteristics, offer consumers an opportunity to express individuality and stand out in a sea of conventional designs. This shift in consumer sentiment away from traditional colorless stones like diamonds is reshaping the market landscape, opening up new avenues for colored gemstones. Additionally, the rising emphasis on ethical sourcing and sustainability in the gemstone industry aligns with the natural and diverse origins of colored gemstones, making them an attractive choice for socially conscious consumers. The industry's response to ethical concerns and efforts to establish transparent supply chains further enhance the appeal of colored gemstones. Technological advancements, particularly in online retail and digital marketing, are also expected to contribute to the growth of the gemstones market. The accessibility of e-commerce platforms enables consumers to explore and purchase gemstone jewelry from the comfort of their homes, expanding the market reach and catering to a broader audience. Virtual showrooms, augmented reality experiences, and online educational resources allow consumers to engage with and learn about gemstones, fostering a deeper connection and understanding. As the market adapts to changing demographics and consumer behavior, the appeal of gemstones extends beyond traditional markets to emerging economies and younger generations.
Key Companies in the Gemstones market include.
Gemstones Industry Developments
April 2023: The company introduced Greenland Ruby which is a new source of responsible rubies and pink sapphires.
February 2023: Andre Michael launches diamond jewelry collection featuring responsibly sourced gemstones from Greenland Ruby.
Gemstones Market Segmentation:
Gemstones Type Outlook
Gemstones Category Outlook
Gemstones End Use Outlook
Gemstones Distribution Channel Outlook
Gemstones Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2024 | USD 16462.82 million |
| Market Size 2032 | USD 36,211.10 million |
| Compound Annual Growth Rate (CAGR) | 10.36% (2024-2032) |
| Base Year | 2022 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018-2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Category, End Use, Distribution Channel, Region |
| Geographies Covered | North America, Europe, Asia Pacific, South America, and the Middle East & Africa. |
| Countries Covered | The U.S, Canada, Mexico, Germany, UK, France, Spain, Italy, China, Japan, India, Australia & New Zealand, Thailand, Sri Lanka, Hong Kong, Brazil, Argentina, Turkey. |
| Key Companies Profiled | Gemfields Group Limited (UK), Columbia Gem House, Inc (Canada), KGK Group (China), Pala International (USA), The Rare Gemstone Company (Kenya), Greenland Ruby (Greenland), Fura Gems Inc. (UAE), Mulla Group (UAE), MIF GEMS Co., LTD (Thailand), Blue Nile Inc. (US) among others. |
| Key Market Opportunities | ·      Diversification and personalization |
| Key Market Dynamics | ·      Rising trend towards statement jewelry ·      Luxury experience and craftsmanship ·      Sustainability and ethical sourcing ·      High cost and rarity ·      Lack of standardization |
Frequently Asked Questions (FAQ) :
The Gemstones market accounted for USD 16,877 million.
Rising trend towards statement jewelry, luxury experience and craftsmanship, sustainability and ethical sourcing, are the key driving factor for the Gemstones market.
The growth rate of the Gemstones market is 10.36% CAGR.
The North America region held the largest market share in the Gemstones market.
Gemfields Group Limited (UK), Columbia Gem House, Inc (Canada), KGK Group (China), Pala International (USA), The Rare Gemstone Company (Kenya), Greenland Ruby (Greenland), Fura Gems Inc. (UAE), Mulla Group (UAE), MIF GEMS Co., LTD (Thailand), Blue Nile Inc. (US) among others, are the key players in the Gemstones market.
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