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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:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

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:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

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?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Gemstones Market

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