Over the next few years, there will likely be a steady increase in the demand for gemstones on a global scale. According to a recent research intelligence projection from Future Market Insights, gems were sold in 2022 for close to US$ 22 billion (FMI). Revenues from the global gemstones market are anticipated to rise at a moderate 4.4 percent Y-o-Y rate in 2022.
Customization of Gemstones Jewelry & Ornaments Trending Rapidly
According to the FMI research, jewelry and ornaments account for about 85% of all gemstone sales, with gemstone-studded rings accounting for the majority of these sales. The recent trend of customizing gems and jewelry is presenting participants in the gemstones market with highly promising growth prospects.
According to the study, several producers and designers are solely focused on creating distinctive, personalized gemstone jewelry designs using cutting-edge technologies like rapid prototyping (RP) and computer-aided design (CAD) (CAD). However, research also unmistakably shows a consistent increase in the rate of gemstone purchases for expensive arts.
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.
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.