Gemstones Market: Outlook
Gemstones are precious mineral elements that are used in making jewelry and other types of ornaments once they are cut and polished. Most of the gemstones are hard in nature. Due to their aesthetics, gemstones are also utilized in the making of decoration products and luxury art products such as hard stone carvings as well as antiquity gems. Certain gemstones are also specially treated to imitate other precious gemstones. These type of imitation gemstones are used in jewelry making. A few examples of these imitation gemstones include cubic zirconia and synthetic moissanite, which is a synthetic diamond imitation. The major products in the gemstones market include diamond, ruby, sapphire, emerald, alexandrite, and topaz, among others.
Gemstones Market: Key Trends Driving the Industry
Gen Z and Gen Y population are found to be amongst the prime target consumers for the gemstones market. The global gemstones market is expected to witness a steady growth during the forecast period, majorly due to the elevated demand of the artificial, lab-grown diamonds from the consumers. Artificial or lab-grown diamonds also prove to be cost effective as the cost of process required to treat and produce artificial diamonds is much lower than that of the natural diamonds. Out of all the products in the global gemstones market, diamond is projected to have a steady increment opportunity due to the increasing demand for jewelry using diamond among the Gen Y and Gen Z consumers.
Organized sales, through ‘everything under one roof’ specialty stores for jewelry, are most likely to increase owing to the remarkable changes in the consumer buying behavior. This change is attributed to the introduction of certifications for the authenticity of the gemstones as well as hallmarking.
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Gemstones Market: Key Players and Notable Developments
Gemstones mining companies, which engage mostly in mining and exploration of the precious gemstones, are expected to have a monumental impact on the global gemstones market during the forecast period, due to the increased demand and the purchasing power of the consumers. Growth strategies used by players in the global gemstones market are joint ventures, mergers & acquisitions, expansion and the development of the old mines to increase their lifespans, entering new geographical territories, and expansion of the production capacity. On the business hand, key players are keen to expand the company business and are seen adapting strategies such as listing the companies on stock exchange. Some of the major incumbent players in the global gemstones market include Titan gems, Blue Nile, Tiffany & Co., Gitanjali gems Ltd., and Zales Corporation.
Gemstones Market: Leading Regions
North America is the leading region in the global gemstones market due to very high sales of diamond jewelry in the U.S. The gemstones market in the Asia Pacific region is expected to witness a rapid growth during the forecast period, largely due to the increase in the demand for high-quality gems or rare and unique stones. This growth in attributed to the rise in the per capita spending of customers on luxury ornamental product categories.
Focus on the research and development initiatives for mining and gemstones processing, along with creation innovative products is expected to create new opportunities for the growth of the global gemstones market. The concentrated effort on expansion of the gemstones market in the emerging regions such as Latin America is also projected to provide the players with new revenue opportunities.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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