The United States Gemstone Market is poised to retain its prominent position as a key market in North America, accounting for a significant bulk of the market share in 2022.
The establishment of trade associations and non-profit institutes in the US has played a vital role in organizing the gemstone market. Noteworthy examples include the American Gem Society and the Gemological Institute of America, Inc. These associations have been instrumental in setting and upholding high standards of professional conduct and ethical behavior through accreditation and education of their members. As a result, consumers are becoming increasingly discerning and well-informed about gemstone certification.
A major driving force behind the growth of the gemstone market in the United States is the surging popularity of colored gemstones. Consumers are displaying a growing interest in unique, rare, and colorful gemstones such as emeralds, rubies, and sapphires, as well as lesser-known stones like tanzanite and tourmaline. This trend is contributing to the overall expansion and diversification of the US gemstone market.
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According to Future Market Insights’ (FMI) recently released research, the gemstone market is expected to reach US$ 55.96 billion by 2033 from an estimated 32.38 billion in 2023. From 2023 to 2033, the market is projected to expand at a CAGR of 5.6%.
The market is expanding as a result of the rising demand for jewelry, crystals, and accessories. The growing disposable incomes of consumers and rising standards of life provide additional assistance in this scenario. Furthermore, the increasing acceptability of synthetic gemstones due to their affordability and the increase in demand for colored gemstones both influence market expansion.
The Gen Z and Gen Y populations are among the top target sections for the gemstone industry. Diamond is predicted to have the most growth potential of all the gemstones in the global gemstones market due to the growing demand for diamond jewelry among millennial consumers. As the cost of the processes needed to treat and create artificial diamonds is considerably less than that of real diamonds, artificial or lab-grown diamonds also demonstrate cost-effectiveness.
The increasing consumer demand for synthetic and lab-grown diamonds is likely to contribute to the steady expansion of the global gemstones market throughout the forecast period. The integration of gems in jewelry goods is also among the key factors anticipated to propel the expansion of the gemstones market during the forecast period.
Given the enormous sales of diamond jewelry in the United States, North America is the leading region in the gemstone market. The industry is expanding dramatically as a result of the rise in demand for premium gemstones and other rare and distinctive stones. This expansion is related to an increase in consumer expenditure per person on premium ornamental products.
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KEY TAKEAWAYS
- The market in the United States accounted for 84.1% share in North America.
- In 2022, Japan held a 35.3% market share in Asia Pacific.
- India seized 31.6% of the Asia Pacific gemstone market.
- China held 28.4% of the market in Asia Pacific
- Germany accounted for 15.2% of the Europe gemstone market in 2022.
COMPETITIVE LANDSCAPE
Key players in the gemstone market are Gemfields Group Ltd., Petra Diamonds Limited, Rockwell Diamonds Inc., Gem Diamonds Limited, Swarovski Group, DebswanaDiamond Company (Pty) Limited, Fura Gems Inc., Dominion Diamond Corporation, Mountain Province Diamonds Inc., Stornoway Diamond Corporation, Arctic Star Exploration Corp., Merlin Diamonds Limited, Pala International Inc., Greenland Ruby, and Others.
These players are involved in various activities, such as exploration, extraction, processing, cutting, and polishing of gemstones. They also engage in designing and marketing jewelry products to consumers as well as investing in research and development to improve the quality and efficiency of gemstone production. They also participate in industry organizations to collaborate on sustainability, transparency, and ethical practices.
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RECENT DEVELOPMENTS
In November 2022, The House of Meraki x Gemfields J’aime collection was published soon after Gemfields confirmed their partnership with the House of Meraki. Exquisite items from the J’aime line are built exclusively of emeralds from the Kagem mine in Zambia.
In October 2022, through a new partnership with Tracemark and FACET, Greenland Ruby advanced the cause of a sustainable and accountable industry. By introducing a special selection of jewelry items that are only available from the top upscale jewelers in Europe, they teamed up on the path to sustainability.
Gemstone Market by Category
By Product Type :
- Diamond
- Emerald
- Ruby
- Sapphire
- Alexandrite
- Topaz
- Others
By End User :
- Jewellery & Ornaments
- Bangles
- Necklaces
- Pendants
- Earrings
- Rings
- Anklets
- Brooches
- Luxury Art
By Product Format :
- Natural
- Synthetic
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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