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The gemstones market has experienced substantial growth, increasing from $29.46 billion in 2023 to $31.32 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. This growth is attributed to factors such as increased royal patronage, cultural symbolism, expanded trade routes, a surge in gemstone discoveries, advancements in jewelry craftsmanship, and changing fashion trends. The market is projected to continue its strong growth, reaching $40.22 billion by 2028, with a CAGR of 6.4%. This anticipated growth is driven by increasing demand for sustainable and ethically sourced gems, rising popularity of personalized and custom-designed jewelry, growing use of gemstones in technological applications, an expanding affluent consumer base in emerging markets, and evolving fashion trends. Major trends in the forecast period include the adoption of lab-grown gemstones, advancements in cutting and polishing techniques, innovations in gemstone setting, and new developments in jewelry products.

The rise in the use of ornaments is expected to propel the growth of the gemstone market going forward. Ornaments are decorative items that enhance personal appearance, convey cultural symbolism, and signify social status. The use of ornaments is on the rise due to increasing disposable incomes, shifting fashion trends, and a growing desire for personal expression and cultural significance in accessories. Gemstones are employed in ornaments to enhance the beauty and value of various decorative items, with their unique colors, brilliance, and rarity making them highly sought after for personal adornment and cultural expression. For instance, according to the Ministry of Commerce & Industry, an India-based government agency, India’s gems and jewelry exports improved by 14.07% to $2.90 billion in December 2023 from $2.54 billion in December 2022. Therefore, the rise in the use of ornaments is driving the growth of the gemstone market.

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What Are The Key Trends That Influence Gemstones Market Share Analysis?
Major companies operating in the gemstone market are increasingly turning to artificial intelligence (AI) technology to revolutionize various aspects of the industry. AI-powered tools in the gemstone market enhance mining, grading, cutting, and sales processes, bringing significant benefits in terms of efficiency, accuracy, and customer satisfaction. For instance, in March 2024, Star Gems, a Georgia-based design and manufacturing company, launched three cutting-edge AI assistants – GemArt, JewelBot, and VoiceGem, to help jewelers streamline operations and enhance customer engagement. GemArt is a cutting-edge AI tool designed to generate and refine jewelry designs based on user prompts and criteria. JewelBot is an AI assistant that facilitates the rapid generation of various jewelry-related content. It can create sales training materials, product information, and store manuals, ensuring that jewelers can access consistent and informative content. VoiceGem addresses the challenge of language barriers in the global market by providing real-time speech translation. This AI-powered language translation tool enables jewelers to communicate seamlessly with international customers, enhancing customer service and expanding market reach.

Which Market Players Are Driving Growth In The Gemstones Market?
Major companies operating in the gemstones market are Rio Tinto Group, Anglo American plc, Alrosa, Tiffany & Co., Debswana Diamond Company Limited, Swarovski AG, Petra Diamonds Limited, Gemfields Group Limited, Stornoway Diamond Corporation, Blue Nile Inc., Lucara Diamond Corp., Gem Diamonds Ltd., KGK Group, Rockwell Diamonds Inc., Trans Hex Group (Pty) Ltd, Fura Gems Inc., Arctic Star Exploration Corp., Jindal Gems Jaipur, Pala International Inc., Botswana Diamonds PLC, Bric Jewels Co. Ltd., Burgundy Diamond Mines Limited, Mountain Province Diamonds Inc., Pangolin Diamonds Corporation, Merlin Diamonds Limited

How Is The Global Gemstones Market Segmented?
1) By Product Type: Diamond; Emerald; Ruby; Sapphire; Alexandrite; Topaz; Other Product Types
2) By Product Format: Natural; Synthetic
3) By Distribution: Store-Based; Non-Store-Based
4) By End User: Astrology; Jewelry and Ornaments; Luxury Arts; Other End Users

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The Gemstones Global Market Report 2024 provides an overview of the gemstonesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The gemstones market forecast analyzes gemstones market size, gemstones market share, leading competitor and their market positions.

The Table Of Content For The Gemstones Market Include
1. Gemstones Market Executive Summary
2. Gemstones Market Segments
3. Gemstones Market Size And Template Market Growth Rate
4.  Key Gemstones Market Trends
5. Major Gemstones Market Drivers
……
25. Key Mergers And Acquisitions In The Gemstones Market
26. Top Gemstones Companies
27. Gemstones Market Opportunities And Strategies
28. Gemstones Market, Conclusions And Recommendations
29. Appendix

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