According to a new analysis by Future Market Insights, the global market for colorful gemstones is predicted to expand at a strong CAGR of over 5.7 percent from 2021 to 2031, showing a favorable turnaround from a year of subdued growth. The research study provides a clear explanation of how the growth trend would develop while tracking the colored gemstone industry in more than 20 nations.
Mining operations have been harming the environment for a long time. Numerous businesses have been inspired to conduct themselves more responsibly within the industry by government measures to promote environmental protection. Some of the players are working harder to maintain the highest level of operational transparency and provide the most ethically sourced colored gemstones as a result of the shifting objectives of various countries across the world.
One such business, Gemfields, is making multiple steps to alter the mining industry’s culture in light of rising sustainability. The company is dedicated to conducting environmentally friendly mining activities. It collaborates with the appropriate authorities to evaluate the environmental impact before beginning any operations. In addition, a few other significant market players are launching projects and programs to lessen the harm done to the environment and advance social welfare. On the market, these changes are anticipated to have a significant impact.
Key Takeaways from the colored gemstones Market Study
- FMI has forecast the market to rise at a CAGR of 5.7% between 2021 and 2031
- The U.S. will remain the dominant market within North America, accounting for nearly 85% of the market in the region
- Incessantly rising demand for gemstones will enable the U.K. market to exhibit above 8% y-o-y growth in 2021
- Increasing the spending power of consumers will support expansion in Germany and France
- China will continue dominating the East Asia market, trailed closely by Japan
Impact of COVID-19 on the Market
The market for colored gemstones is international and has a broad supply chain. Before they are set into gorgeous jewelry, stones pass through countless boundaries and hands. The new coronavirus outbreak led to travel bans, border closures, shipping delays, and the cancellation of multiple trade exhibitions, all of which impeded market expansion. The market has been damaged by the outbreak, which has affected the industry’s mining, cutting, and end-use wholesale and retail operations. However, as the economies begin to recover, the market is gradually displaying new growth prospects.
Who is winning?
Anglo American Plc, Gemfields Group Ltd, Petra Diamonds Ltd, Rockwell Diamonds Inc., Gem Diamonds, Ltd., PJSC ALROSA, Swarovski Group, Botswana Diamond Plc, Dominion Diamonds Corporation, Mountain Province Diamonds, Inc., Trans Hex Group, Ltd., MIF Gems Co. Ltd., Greenland Ruby, Merlin Diamonds, Ltd., Fura Gems, Inc., and others are some of the major players in The extensive planning of trade displays, exhibits, and other such events have fueled end users’ desire to adopt goods adorned with colored gemstones.
Colored Gemstones Market by CategoryProduct Type
- Colored Diamond
- Jewelry & Ornaments
- Luxury Arts
- North America
- Latin America
- East Asia
- South Asia
- the Middle East and Africa (MEA)