Gemstones Market Report 2024

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 during the historic period can be attributed to increased royal patronage, heightened cultural symbolism, expanded trade routes, a surge in gemstone discoveries, advancements in jewelry craftsmanship, 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 during the forecast period can be attributed to the rising demand for sustainable and ethically sourced gems, increased popularity of personalized and custom-designed jewelry, growing use of gemstones in technological applications such as electronics, 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 gemstone cutting and polishing techniques, innovations in gemstone setting methods, and new developments in jewelry products.

The growing use of ornaments is anticipated to drive the expansion of the gemstone market in the future. Ornaments, which enhance personal appearance, hold cultural significance, and symbolize social status, are becoming more popular due to rising disposable incomes, shifting fashion trends, and a growing desire for personal expression and cultural meaning in accessories. Gemstones are used in ornaments to add beauty and value to various decorative items. Their unique colors, brilliance, and rarity make them highly coveted for personal adornment and cultural representation. For example, according to the Ministry of Commerce & Industry, an Indian government agency, India's gem and jewelry exports rose by 14.07% in December 2023, reaching $2.9 billion compared to $2.54 billion in December 2022. Thus, the increasing use of ornaments is fueling the growth of the gemstone market.

Key companies in the gemstone industry are increasingly adopting artificial intelligence (AI) technology to transform various facets of the sector. AI-powered tools are improving mining, grading, cutting, and sales processes, offering significant advantages in efficiency, accuracy, and customer satisfaction. For instance, in March 2024, Star Gems, a design and manufacturing company based in Georgia, introduced three advanced AI assistants - GemArt, JewelBot, and VoiceGem - to help jewelers streamline operations and improve customer engagement. GemArt is an advanced AI tool designed to create and refine jewelry designs based on user inputs and criteria. JewelBot is an AI assistant that generates various types of jewelry-related content quickly, including sales training materials, product information, and store manuals, ensuring jewelers have access to consistent and informative content. VoiceGem addresses language barriers in the global market by providing real-time speech translation, enabling jewelers to communicate effectively with international customers, thereby enhancing customer service and expanding market reach.

In August 2021, Okwa Diamonds Pty Ltd, a joint venture based in Romania, acquired Gem Diamonds Botswana Pty Ltd (GDB) and its Ghaghoo diamond mine in central Botswana for $4 million. This acquisition also supports Botswana Diamonds' operational role, establishing a strong partnership to maximize the value and competitive position of the Ghaghoo mine in the industry. Gem Diamonds Botswana Pty Ltd (GDB) is a South Africa-based company focused on diamond mining and exploration.

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.

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 countries covered in the gemstones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Gemstones are minerals or organic materials that occur naturally and are prized for their beauty, rarity, and durability. They form through a range of geological processes over millions of years, involving high pressure, temperature, and specific chemical elements. Primarily, gemstones are used in jewelry to enhance the beauty and elegance of rings, necklaces, bracelets, and other adornments.

The gemstone market includes products such as diamonds, emeralds, rubies, sapphires, alexandrites, and topazes, among others. Diamonds are especially valued for their unmatched brilliance, durability, and timeless appeal. The products can be categorized as natural or synthetic, and they are distributed through both store-based and non-store-based channels. Gemstones are utilized by various end users, including those in astrology, jewelry and ornaments, luxury arts, and more.

The gemstones market research report is one of a series of new reports that provides gemstones market statistics, including the gemstones industry global market size, regional shares, competitors with gemstones market share, detailed gemstones market segments, market trends, and opportunities, and any further data you may need to thrive in the gemstones industry. These gemstones market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The gemstone market consists of sales of gemstone cabinet handles, gemstone clock faces, and gemstone door knobs. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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