Global colored gemstones sales are expected to grow at a healthy CAGR of over 5.7% during the study forecast period 2021-2031, exhibiting a positive recovery from a period of muted growth in 2020, according to the latest study by Future Market Insights. The research study tracks colored gemstones sales in 20+ countries, offering a lucid analysis of how the growth trend will unfold.
For the past many years mining operations have caused numerous environmental problems. Government efforts towards environmental conservations have encouraged many companies to operate more responsibly within the sector. In response to changing priorities of nations around the world, some of the players are increasingly undertaking efforts to maintain utmost operational transparency and offer the most responsibly sourced colored gemstones.
Gemfields is one such company that is adopting numerous efforts to change mining culture in light of growing sustainability. The company is committed to undertaking sustainable mining operations. Before starting any operations, it works with relevant authorities to carry out an assessment of the impact on the environment.
Besides this, there are few other prominent players operating in the market who are introducing initiatives and programs to minimize the negative impact on the environment and also promote social welfare. These developments are expected to have considerable influence on the market.
According to the report, increasing usage of colored gemstones in jewelry and ornaments is expected to drive the sales of colored gemstones. The jewelry and ornaments segment is forecast to account for above 85% of sales in the market through 2031.
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Role of Artisanal Small-Scale Miners in the Industry
As per the statistics of the International Institute of Sustainable Development (IISD), small-scale and artisanal mining have experienced explosive growth in the past few years. Factors such as the increasing difficulty of earning a livelihood from agriculture in rural sectors and consequently rising mineral prices have facilitated growth in small-scale and artisanal mining. Millions of individuals are directly engaged in small-scale and artisanal mining and the number is poised to increase further. Such expanding penetration of artisanal and small-scale manufacturers is one of the factors that point out growth in the industry. Even today, the supply of colored gemstones by small-scale and artisanal miners is significant.
Key Takeaways from the colored gemstones Market Study
FMI has forecast the market to rise at a CAGR of 5.7% between 2021 and 2031
The U.S. will remain the dominant market within North America, accounting for nearly 85% of sales in the region
Incessantly rising demand for gemstones will enable the U.K. market to exhibit above 8% y-o-y growth in 2021
Increasing spending power of consumers will support expansion in Germany and France
China will continue dominating the East Asia market, trailed closely by Japan
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Impact of COVID-19 on the Market
The colored gemstone is a global market with an expansive supply chain. Stones travel across numerous borders and many hands before they are embedded in beautiful jewelry. The outbreak of novel coronavirus resulted in stopping travel, border closures, holding of shipping, and cancellation of numerous trade shows that further hampered the market growth. The outbreak has impacted the industry of mining and cutting operations and end-use wholesale and retail thus affecting the sales. But as the economies enter the reviving phase the market is slowly reflecting growth opportunities.
Who is winning?
Some of the key players present in the colored gemstones market are Anglo American Plc, Gemfields group Ltd., Petra Diamonds Ltd., Rockwell Diamonds Inc., Gem Diamonds, Ltd., PJSC ALROSA, Swarovski Group, Botswana diamond Plc., Dominion Diamonds Corporation, Mountain Province Diamonds, Inc., Trans Hex Group, Ltd., MIF Gems Co. Ltd., Greenland Ruby, Merlin Diamonds, Ltd., Fura Gems, Inc. and among others. Extensive organization of trade shows, exhibitions, and other such events has driven a desire among end consumers to adopt products embedded with colored gemstones.
Get Valuable Insights into colored gemstones Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global colored gemstones market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the colored gemstones market based on the product type (colored diamond, emerald, ruby, sapphire, and others), end-use (jewelry & ornaments and luxury arts), and product format (natural and synthetic), across seven major regions.
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Colored Gemstones Market by Category
Jewelry & Ornaments
Middle East and Africa (MEA)