Synthetic Gemstone Market Report 2024

Where is the largest and fastest growing market for synthetic gemstone? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The synthetic gemstone market size has grown steadily in recent years. It will grow from $22.44 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The increase observed in the historic period can be ascribed to the broader adoption of synthetic gemstones in jewelry, enhanced marketing and branding efforts, initiatives supporting sustainable gemstone production, the diversification of synthetic gemstone offerings, and growing supportive government policies.

The synthetic gemstone market size is expected to see steady growth in the next few years. It will grow to $27.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth during the forecast period can be linked to a rising demand for affordable luxury, growing environmental concerns, heightened interest in customization and personalization, increased investment in research and development (R&D), and the expansion of e-commerce. Key trends expected in the forecast period include advancements in gemstone synthesis technology, improvements in gemstone cutting and polishing, the growing appeal of lab-grown diamonds, progress in production techniques, and innovations in hydrothermal synthesis.

The growth of the synthetic gemstone market is strongly tied to the expanding jewelry industry, driven by factors such as ethical sourcing, cost-effectiveness, and consistent quality. Synthetic gemstones have gained popularity as sustainable and affordable alternatives to natural gemstones, meeting the increasing consumer demand for environmentally conscious luxury options. The jewelry industry encompasses the creation, production, and retailing of adornments such as rings, necklaces, and bracelets made from precious metals and gemstones. According to data from the World Gold Council, jewelry sales reached 439.85 metric tons in 2021 and are projected to grow to 475.92 metric tons by 2023. This growth highlights the rising consumer interest in jewelry, where synthetic gemstones play a pivotal role in offering attractive, durable, and ethically sourced options.

Major companies in the synthetic gemstone market are investing in innovative products to enhance performance and durability. One notable advancement is the development of polycrystalline diamond (PCD) by Hyperion Materials & Technologies. PCD is a synthetic diamond material composed of numerous small diamond-bonded grains known for their hardness, wear resistance, and thermal conductivity. Hyperion launched the P-Series PCD and U-Series PCD in November 2023, designed to deliver superior performance across a range of materials such as aluminum, copper, and carbon-fiber-reinforced polymers (CFRP). These products cater to industries requiring precise machining solutions and highlight the versatility and reliability of synthetic gemstones in industrial applications.

In September 2021, Battery Ventures L.P., a technology-focused investment firm based in the U.S., acquired Goodfellow, a UK-based company specializing in supplying materials for research and industry, including synthetic gemstones. This strategic acquisition aims to strengthen Battery Ventures' presence in specialty materials and advisory sectors, leveraging Goodfellow's expertise in synthetic gemstones and other specialized products. Goodfellow's offerings in synthetic gemstones cater to various applications in research and industrial sectors, underscoring their role in advancing technological innovations and meeting specific market demands.

Major companies operating in the synthetic gemstone market are Kyocera Corporation, Swarovski AG, Gemfields Group Limited, Gilson Inc., The Asha Company, RusGems, Charles & Colvard Ltd., R C Gems, Diamond Nexus Labs, Astro Gallery of Gems, Chatham Inc., BetterThanDiamond Inc., Biron Gems, Scio Diamond Technology Corporation, Karat Patch Inc., Gem World, KP Gems, Djeva, Vala Brothers, Aini Gems.

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

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

Synthetic gemstones are artificially created versions of natural gems, having the same chemical compositions and optical characteristics. They are manufactured under controlled conditions to mimic natural processes, making them both affordable and ethically sourced. These gemstones are widely used in jewelry and industrial settings, offering a sustainable alternative to mined gems.

The primary types of synthetic gemstones include ruby, emerald, spinel, and others. Among them, synthetic ruby is particularly valued for its deep red hue, which is highly prized for its rarity and beauty. These gemstones are available through various distribution channels, both online and offline, and are utilized in a range of applications including jewelry and instruments.

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

The synthetic gemstones market consists of sales of synthetic diamond, synthetic spinel, synthetic alexandrite, synthetic quartz, synthetic opal, synthetic moissanite, synthetic garnet, and synthetic turquoise. 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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