Gemstones market to grow at 6.3% CAGR: Credence Research
The Morning: The gemstones market is expected to expand at a compound annual growth rate (CAGR) of 6.30% to reach $ 101.01 billion by 2032, the forecast period, according to new market intelligence by Credence Research.
The industry has witnessed transformative changes in recent years, with sustainability concerns, transparency initiatives, and the emergence of lab-grown alternatives reshaping traditional market dynamics.
North America currently holds the dominant position in the global gemstones market, capturing 36.59% of total revenue share in 2024, driven by high consumer purchasing power and preference for certified, ethically sourced gemstones.
However, the Asia-Pacific region is emerging as the fastest-growing market, propelled by rapid urbanisation, rising disposable incomes, and the cultural significance of gemstones in countries such as China, India, and Japan.
The industry landscape features a mix of established mining giants like De Beers Group, PJSC ALROSA, and Rio Tinto Diamonds, alongside emerging synthetic gemstone producers and specialised retailers who are leveraging vertical integration and technological innovation to maintain competitive advantages.
Growing awareness of environmental and social issues has fundamentally transformed consumer purchasing behaviour in the gemstones market, with buyers increasingly prioritising transparency and ethical sourcing practices.
This shift is particularly pronounced among millennial and Gen Z consumers who seek luxury products that align with their values regarding sustainability and social responsibility.
Companies are responding by implementing rigorous traceability systems and obtaining certifications such as the Kimberley Process to verify ethical origins.
Gemfields’ expansion of ethical sourcing initiatives in March 2024 exemplifies this trend, as the company enhanced supply chain transparency to build consumer trust and differentiate its coloured gemstones offering.
Retailers and brands that can demonstrate authentic provenance through blockchain technology and third-party certification are gaining significant market share, particularly in developed markets where consumers are willing to pay premium prices for responsibly sourced gemstones.
OSL take:
The latest findings regarding the gemstone market is indicative of the increasing business potential of Sri Lanka’s gem industry. Known for its high quality and standards, Sri Lanka’s gems, better known as Gems of Ceylon, have made their way to many Royal households in Europe. Sri Lanka’s gem industry is currently on a steady growth path with Sri Lankan gems attracting much attention and interest in many foreign markets. Sri Lanka’s strong trade ties with many foreign countries have also supported the growth of Sri Lanka’s gem industry. The increasing interest in Sri Lanka’s gem industry, both locally and internationally, has also become an attraction in the country’s tourism industry. All these factors have resulted in the expansion of business/investment opportunities in Sri Lanka’s gem industry and related sectors. Realizing the increasing business potential of the local gem industry, Sri Lankan authorities have also set ambitious revenue targets for the country from the industry. Given the growth and profits recorded by businesses in Sri Lanka gem industry and related sectors, foreign businesses/investors could confidently explore the expanding opportunities in the industry while also looking at possibilities of further expanding operations through local collaborations.
| Article Code : | VBS/AT/20251021/Z_3 |