As per newly released data by Future Market Insights (FMI), the gemstone market is estimated at US$ 32.38 billion in 2023 and is likely to reach US$ 55.96 billion by 2033. The market is expected to exhibit a CAR of 5.6% from 2023
to 2033. The gemstone market holds 50% of the share in the overall gems and jewelry market.
The gemstone market has experienced steady growth in recent years. One of the primary drivers of the market is the
increasing demand for luxury goods among consumers across the world. As more people seek out high-end products, the demand for high-quality gemstones has risen. The market provides consumers with a variety of options, from traditional diamond jewelry to colorful birthstone pieces.
A growing interest in colored gemstones and crystals has also contributed to market growth. In particular, emeralds, rubies, and sapphires have seen increased demand lately as consumers seek out unique and eye-catching pieces of jewelry. This trend has opened up new opportunities for gemstone producers and retailers. Diamonds are expensive and sought-after gemstones in the world, making diamond jewelry a mainstay of the market.
Technological advancements have also played a role in the gemstone market growth. New technologies have made it easier and more cost-effective for producers to develop high-quality gemstones that meet the demands of
consumers. Technologies like advanced imaging techniques as well as precision cutting and polishing methods have also helped the efficiency of the supply chain. This made it possible for manufacturers to advertise their products
more easily and reasonably.
The growing popularity of lab-grown diamonds and other synthetic gemstones presents opportunities for producers to tap into new markets and offer consumers more affordable options. Additionally, as consumers become more environmentally conscious, there is a growing demand for ethically sourced gemstones.