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Gemstones Market Growth Forecast 2024-2033: What’s the Expected Rate?

The gemstones market size has experienced strong growth in recent years. It is expected to rise from $29.46 billion in 2023 to $31.32 billion in 2024, achieving a compound annual growth rate (CAGR) of 6.3%. This growth can be attributed to an increase in royal patronage, the significance of cultural symbolism, expansion of trade routes, a rise in gemstone discoveries, advancements in jewelry craftsmanship, and evolving fashion trends.

The gemstones market size is anticipated to see significant growth in the next few years, projected to reach $40.22 billion by 2028 at a CAGR of 6.4%. The growth in this sector is driven by rising demand for sustainable and ethically sourced gems, the increasing popularity of personalized and custom-designed jewelry, growing adoption of gemstones in technological applications like electronics, an expanding affluent consumer base in emerging markets, and evolving fashion trends. Major trends include the adoption of lab-grown gemstones, advancements in cutting and polishing techniques, innovations in gemstone setting techniques, and new developments in jewelry products.

What Factors Are Impacting the Growth of the Gemstones Market?

The increasing use of ornaments is set to propel the growth of the gemstone market in the future. Ornaments are decorative items that enhance personal appearance, convey cultural significance, and signify social status. The rising use of ornaments is influenced by increased disposable incomes, changing fashion trends, and a growing desire for personal expression and cultural meaning in accessories. Gemstones are integral to ornaments, enhancing the beauty and value of decorative items. Their unique colors, brilliance, and rarity make them highly desirable for personal adornment. The Ministry of Commerce & Industry reported in December 2023 that India’s gems and jewelry exports increased by 14.07% to $2.90 billion from $2.54 billion in December 2022. Consequently, the rising use of ornaments is driving the growth of the gemstone market.

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What Are the Fundamental Segments in the Gemstones Market?

The gemstones market covered in this report is 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

What Trends Are Shaping the New Direction of the Gemstones Market?

Major companies in the gemstone market are increasingly utilizing artificial intelligence (AI) technology to transform various industry aspects. AI-driven tools in the gemstone sector enhance mining, grading, cutting, and sales processes, offering significant improvements in efficiency, accuracy, and customer satisfaction. For instance, in March 2024, Star Gems, a design and manufacturing company based in Georgia, launched three state-of-the-art AI assistants—GemArt, JewelBot, and VoiceGem—to help jewelers streamline operations and improve customer engagement. GemArt is an advanced AI tool crafted to generate and refine jewelry designs based on user inputs and specifications. JewelBot serves as an AI assistant that expedites the generation of various jewelry-related content, including sales training materials, product information, and store manuals, ensuring jewelers have access to consistent and informative resources. VoiceGem tackles language barrier challenges in the global market by offering real-time speech translation, enabling jewelers to communicate effectively with international clients, thereby enhancing customer service and expanding market reach.

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Which Regions Are Making a Mark in the Gemstones Market Growth?

North America was the largest region in the gemstones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gemstones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Gemstones Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the gemstones market, its market share, and analyzes key competitors along with 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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