The gemstones global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Gemstones Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The gemstones market size has grown strongly in recent years. It will grow from $29.46 billion in 2023 to $31.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rise in royal patronage, rise in cultural symbolism, increase in trade routes, surge in gemstone discoveries, rise in jewelry craftsmanship evolution, and shifts in fashion trends.
The gemstones market size is expected to see strong growth in the next few years. It will grow to $40.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing demand for sustainable and ethically sourced gems, rising popularity of personalized and custom-designed jewelry, growing adoption of gemstones in technological applications such as electronics, expanding affluent consumer base in emerging markets, and evolving fashion trends. Major trends in the forecast period include adoption of lab-grown gemstone, advancements in gemstone cutting and polishing techniques, innovation in gemstone setting techniques, and innovations in jewelry products.
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Scope Of Gemstones Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Gemstones Market Overview
Market Drivers –
The rise in the use of ornaments is expected to propel the growth of the gemstone market going forward. Ornaments are decorative ornaments that improve personal appearance, impart cultural symbolism, and represent social standing. The use of ornaments is increasing with disposable incomes, changing fashion trends, and a growing desire for personal expression and cultural significance in accessories. Gemstones are used in ornaments to enhance the beauty and value of various decorative items. Its unique colors, brilliance, and rarity make 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 in December 2023 improved by 14.07% to $2.90 Billion from $2.54 Billion in December 2022. Therefore, the rise in the use of ornaments is driving the growth of the gemstone market.
Market Trends –
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.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Gemstones Market Report Structure
3. Gemstones Market Trends And Strategies
4. Gemstones Market – Macro Economic Scenario
5. Gemstones Market Size And Growth
…..
27. Gemstones Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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