Editor’s Note
This analysis highlights the sustained expansion of the global gemstones market, projected to grow from $58.3 billion in 2023 to over $101 billion by 2032. Key drivers include shifting consumer tastes, technological innovation, and rising wealth in emerging economies.
The global gemstones market continues to demonstrate robust growth momentum, driven by evolving consumer preferences, technological advancements, and increasing affluence in emerging economies. According to new market intelligence, the gemstones market size was valued at USD 58,291.02 million in 2023 and is anticipated to reach USD 101.01 billion by 2032, expanding at a compound annual growth rate (CAGR) of 6.30% during the forecast period.
The gemstones market encompasses a diverse range of precious and semi-precious stones, including diamonds, rubies, sapphires, emeralds, and other colored gemstones used primarily in jewelry, investment, and industrial applications. 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. The market’s expansion from USD 58,291.02 million in 2023 to an anticipated USD 101,018.53 million by 2032 reflects a sustained CAGR of 6.30%, underscoring strong consumer confidence and growing demand across multiple segments and geographic regions.
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 urbanization, 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 specialized retailers who are leveraging vertical integration and technological innovation to maintain competitive advantages.
The gemstones industry faces significant supply chain obstacles stemming from the fragmented nature of sourcing, particularly in the colored gemstone segment where approximately 80% of the USD 3.2 billion market originates from small-scale artisanal mining communities. Poor record-keeping practices, excessive intermediaries inflating prices, and hidden treatments that alter stone qualities create substantial transparency challenges throughout the value chain. Geopolitical instability in resource-rich regions including Africa and Russia further complicates material sourcing, with trade restrictions and sanctions impacting availability and causing cost increases. Transportation bottlenecks, port congestion, and natural disasters add additional layers of complexity and unpredictability to global supply networks. The absence of standardized certification protocols across different gemstone hubs such as Antwerp for diamonds and Bangkok for colored stones enables synthetic stones to infiltrate markets, undermining consumer confidence. Despite promising technological solutions like blockchain-based tracking systems, only 12% of colored gemstone traders have adopted such platforms due to technical barriers and implementation costs.
Advanced technologies are creating operational efficiencies and value-creation opportunities across the gemstones value chain, from extraction through retail distribution. AI-driven sorting technologies improve yield quality and reduce waste in mining and processing operations, though capital requirements exceeding $500,000 currently limit adoption to larger enterprises.
Rising Consumer Demand for Ethical and Sustainable Gemstones
Growing awareness of environmental and social issues has fundamentally transformed consumer purchasing behavior in the gemstones market, with buyers increasingly prioritizing 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 colored 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.
Expansion of Lab-Grown and Synthetic Gemstone Segment