Gemstone Market Expanding in China and the U.S. in the Near Future which is Expected to Grow During the Forecast Period
The global gemstones market is anticipated to reach at a US$ 53,146.2Mn by 2032 from an estimated US$ 30,779.1Mn in 2022. From 2017 to 2021, the market expanded at a CAGR of 5.6%. In the whole market for gems and jewellery, the gemstone sector accounts for 50% of sales.
Coloured gemstones are going to witness substantial demand from China and the U.S. in the near future which is expected to grow during the forecast period. According to the Natural Resource Governance Institute, the popularity of coloured gemstones has increased in recent years.
However, the prices of coloured gemstones have increased by 100% in the past decade, and consumers are interested in buying coloured gemstones other than diamonds as they are luxury products that act as status symbols
Coloured gemstones are gaining popularity among young buyers across the world, as the right price and uniqueness are among the most important factors taken into account by young buyers.
However, research also unmistakably shows a consistent increase in the rate of gemstone purchases for expensive arts.
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Diamond is currently the most popular type of gemstone, accounting for over 80% of all gemstone sales in terms of revenue, and is expected to continue to be so for some time to come. According to the market prediction for gemstones for the upcoming few years, the research emphasizes a potential increase in the demand for rubies.
Currently, synthetic gemstones make up more than 85% of all gemstone sales. The study predicts that synthetic gemstones’ adaptable physical properties and relatively inexpensive price point will Maintain their position as the preferable alternative to gemstones found in nature.
The high-end gemstones market will continue to cultivate a premium consumer base, notwithstanding the recent sales success of low-end gemstones. Asian consumers in emerging markets will particularly favor fine jewels that are hard to accumulate and have distinctive designs.
While this trend has its roots in the rising per-capita expenditure on lifestyle goods, a sizeable consumer population also says that they will stick to their budgetary restrictions when choosing the kind of gemstone.
Developed Regions Spearhead Global Gemstones Space, Asian Markets to Emerge Lucrative
With more than one-third of the value of the worldwide gemstone market, North America will continue to be the top destination for investment for gemstone producers, creators, and marketers. Furthermore, the survey finds that Europe has a sizably high-value share in the gemstones market, largely because there is such a high demand for jewelry made of diamonds and precious stones.
Additionally, Asia Pacific is mentioned as a crucial regional market for both diamonds and colorful gemstones. The Asia Pacific is the source of some of the highest quality, finest gemstone discoveries. According to FMI’s data, China dominates the APAC gemstones market, followed by India and Japan.
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Competition Analysis: Gemstones Market Players
Given that colored gemstones have been classified as a small cottage industry, the supply of gemstones like ruby, sapphire, emerald, and others is likely to stay fragmented. There are many players, and the product selection is extensive. On the other hand, a small number of powerful players who possess concentrated mine pockets control the diamond market.
The majority of top businesses involved in the development of the mining, production, and processing capacity for gemstones are planning to do so. The mining, production, and processing of diamonds is a key component of the development strategies of several market participants in the gemstone industry.
A number of the well-known businesses operating in the global gemstones market have been profiled in the report, including Gem Diamonds Limited, Rockwell Diamonds Inc., Debswana Diamond Company (Pty) Limited, Swarovski Group, Petra Diamonds Limited, Botswana Diamonds P.L.C., Stornoway Diamond Corporation, Arctic Star Exploration Corp., KGK Group, and others