Gems and Jewelry Global scenario in 2024

by AriyaBiz · Published March 26, 2023 · Updated May 1, 2024

Gems and Jewelry

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Welcome Reader and Entrepreneurs in the Blog Post of ‘Gems and Jewelry Global scenario in 2024’. In this Blog post we are going to explore Gems and Jewelry industry market of Precious, Semiprecious, World’s rarest gems, Artificial Gemstones, World’s Top Gem and Gemstone producers, Top Processed Gems and Jewelry producers of world, Market of Precious or Semi-Precious Stone Dust and Powder and Impact of AI on Gem and Jewelry Industry. It’s wonderful to be aware of gemstone and jewelry era of the glistening industry today. Stay with us and don’t miss any content form this blog series.

Why Gems and Jewelry so important

You all familiar that gems and jewelry are a part of many global cultures and traditions.

Gems and jewelry have long been prized for humankind aesthetic value as well as their potential as investments increase because people tend to hold themselves to higher living standards.

The market for gemstones and jewelry has been divided into gold, diamond in gold, gemstones, diamond, silver, and other categories. Gold has always been ingrained in culture and is often thought of as a financial asset.

Despite platinum and diamonds being the top fashion symbols in recent years, gold still controls this market and accounts for the highest demand. Stones have also gained popularity among a different group of spiritualists, though this area is still in the early stages of development. Mineral components known as gemstones are used to create jewelry, other ornaments, and home décor by cutting and polishing them. While most gemstones are hard in nature, some soft minerals are used in jewelry because of their beauty and other aesthetic qualities like luster.

Market of Gems and Jewelry

The gemstone industry may be about to boom. Due to the adoption of a western lifestyle, the gem and jewelry industry is experiencing drastic changes because customers are demanding new jewelry designs and varieties.

Gemstones can be used in a variety of jewelry-making applications. The market for jewelry and gems has been witnessing a sharp rise in consumer disposable income along with a rise in the use of ornaments in religious ceremonies in Asian nations. In order to safeguard themselves against fake goods, consumers in emerging economies like Asia Pacific are gradually moving away from the traditional unorganized jewelry and toward organized branded goods.

Additionally, increasing jewelry consumption has increased consumer awareness of the advantages of shopping at organized retail stores, which has increased the demand for gemstones in Asia Pacific and other regions. This demand has been boosted by the use of various promotional strategies and advertisements.

Due to rising consumer spending and changing lifestyles, there is expected to be an increase in demand for jewelry products over the upcoming forecast period, as well as an increase in the inclusion of gemstones in jewelry products. In addition, it is anticipated that increased use of gems as not only a stand-alone feature for decorative purposes but increase the consumption of gemstones also. However, it is anticipated that factors like rising labor costs and inflation that affect jewelry prices will have a negative impact on the growth of its raw materials, such as gemstones. It is anticipated that focusing on market expansion in developing regions like Latin America and Asia Pacific as well as R&D activities to create innovative products will open up new opportunities for market growth.

Due to consumers choosing to buy medium priced gemstone products, there has been a significant increase in the demand for gemstones globally. While top consumers choose to invest in jewelry and gemstones, middle-class consumers prefer to buy discounted goods. The market for gemstones is also expanding as a result of other factors like fashion designers concentrating on creating cutting-edge jewelry products and manufacturers becoming vertically integrated into the development of both gemstones and jewelry.

Only $2 billion of the $23 billion global gemstone market is made up of diamonds, emeralds, and sapphires. Non-diamond stones have become incredibly popular in recent years. Over the past ten years, prices have increased by 100%.

Diamonds, colored gems, and precious stones all present new opportunities. Diamonds account for more than half of all precious stone sales worldwide each year, outpacing sales of jewelry containing any other precious stone. However, it’s somewhat of a myth that diamonds are inherently worth more than colored gemstones. Some colored gems are actually much rarer than diamonds. For instance, a black opal can cost up to $20,000 per carat, which is more than twice as much as even the best-cut diamond, which sells for $9,300 per carat. Diamonds can be created, whereas colored gems must be mined.

Colored gemstone money has never surpassed “diamond money.” Diamonds account for $12–14 billion of the $23 billion global market, while jade accounts for $3–6 billion. A distant third place finisher with only $1.5-2.5 billion is colored gems. However, things might be about to change. Market-wide, consumers’ preferences are shifting away from diamonds and toward colored gems. The value that younger generations place on diamonds is lower than that of their parents’ and grandparents’ generation, and when they do purchase gemstones; they tend to favor colored stones like rubies, emeralds, and sapphires. Rubies sell at auction for significantly more per carat than other gemstones, excluding colored and other diamonds.

Precious stones

Some of the Precious stones are as follows these rates may vary

The conventionally regarded precious stones include:

$1.19 million per carat for pink diamonds

3.93 million dollars per carat for blue diamonds

$1.18 million per carat for rubies

$305,000 per carat

$1,200 per carat (Rare) for tanzanite

$9,500 per carat for black opal

At $10,000 per carat, red beryl

$35,00 per carat for musgravite

$70,000 per carat for Alexandrite

$3 million per carat for jadeite

Semiprecious stones

Other gemstones are all regarded as semi-precious stones that are Agate, Amber, Amethyst, Aquamarine, Aventurine, Chalcedony, Chrysocolla, Chrysoprase, Citrine, Garnet, Hematite, Jade, Jasper, Jet, Kunzite, Lapis Lazuli, Malachite, Moonstone, Obsidian, Onyx, Peridot, Rhodonite, Sunstone, Tiger’s eye, Tanzanite, Topaz, Turquoise and so on.

World’s rarest gems

World’s rarest gems that are Benitoite, Tanzanite, Jadeite, Red Beryl, Black Opal, Taaffeite, Poudretteite, Grandidierite, and Poudretteite. Some of the additional rare gems are Alexandrite, aAmmolite, Natural Pearl, Paraba Tourmaline and Kashmir Sapphire.

The physical, chemical, and optical characteristics of a gemstone determine its price.

Hardstone carvings and ancient gems have also been significant luxury art forms in addition to jewelry.

They are typically treated to enhance the stone’s clarity or color, and depending on the degree and type of treatment, this can change the stone’s value. A few gemstones are created to look like others.

Artificial Gemstones

Artificial Gemstones that are cubic Zirconia, a synthetic diamond stimulant made of Zirconium Oxide, and synthetic Moissanite. These gemstones mimic the original stone’s color and appearance, but they lack its physical and chemical characteristics. When placed next to an identical cut and size diamond, Moissanite has more “fire” due to its higher refractive index than diamond.

World’s Top Gem and Gemstone producers

Let’s review the world’s gem and gemstone centers.

South America Gems and Jewelry

Stones are abundant in South America. A wide range of exceptional specimens are produced on the continent. Brazil is the region’s top producer of exquisite stones. Argentina, Chile, Colombia, Guyana, Peru, and Venezuela are additional nations that produce high-quality gems. The continent is home to a variety of gem deposits, including citrine, emerald, lapis lazuli, aquamarine, topaz, amethyst, and others.

North America -US and Canada Gems and Jewelry

You might be surprised to learn that a variety of gemstones are mined in North America.

Gemstone mining has been practiced for a very long time in many states, including California, Arizona, Nevada, and Oregon.

One of the most frequently discovered gemstones in North America is turquoise, which is mined throughout Arizona and Nevada and produced in a stunning assortment of hues. Beryl, Coral, Ruby, Sapphire, Opal, Tourmaline, and even Diamonds can also be found in North America.

Europe Gems and Jewelry

Europe cannot be big producers of gemstones without Russia. Russia is well known throughout the world for its exquisite diamonds and garnets, and it actually supplies a significant portion of the world’s diamonds each year. Unique gemstones like Blue John Fluorite, Spectrolite, and Labradorite come from other nations like the United Kingdom, Spain, Finland, and Norway. Poland is still the world’s leading supplier of top-quality amber.

Asia Gems and Jewelry

From both professional and amateur mining operations, Asia offers an amazing variety of gemstones.

The world’s best gemstones can be found on the continent. Afghanistan is known for its incredible Lapis Lazuli specimens, topaz, rubies, and emeralds in particular.

The best and most sought-after rubies are produced in Myanmar (Burma), and Nepal is said to have some of the finest garnets ever discovered. Asia as a whole produces a lot of gems, including Jade, Garnet, Sapphire, Diamond, Spinel, Aquamarine, and Amethyst, which are all mined there.

India Gems and Jewelry

One of the largest in the world, India’s gem and jewelry industry contributes 29% of the world’s jewelry consumption. More than 300,000 players in the gems and jewelry industry call this sector home. Its market will expand over the next ten years.

Africa Gems and Jewelry

Although Africa is historically known for producing diamonds, their inventory of gems is constantly expanding as new deposits of gemstones are discovered and mined. A variety of gems, such as Paraiba tourmaline, ruby, apatite, andalusite, iolite, citrine, chrysoberyl, aquamarine, topaz, garnet, and kyanite, are produced in Madagascar, Mozambique, and Tanzania. Access to novel and fascinating gem specimens is being made possible by this new source of gemstones.

Mozambique- Rubies Gems

Zambia- Emerald Gems

The world’s largest emerald operation, Kagem mine, owned by Gemfields, is located in Zambia.

Madagascar – Sapphires Gems

About half of the world’s expensive sapphires are made in Madagascar, but traders smuggle as much as 70% of those stones to Sri Lanka. The gap has been filled in part by expansion of the jade mines in British Columbia, Canada, which now supply 8.3% of the world’s jade production. Tanzania’s Mount Kilimanjaro foothills are home to tanzanites.

Utah – Red Beryl Gems

Even though Opals and Diamonds may be Australia’s most well-known exports, the country also creates exceptional Chrysoprase and Sapphire specimens. The only significant source of pink diamonds in the world, Australia is at the forefront of pink and champagne colored diamond discoveries. Australia actually has the largest and most productive diamond mine in the entire world. It is still possible to find Opals of extraordinary quality on the continent, which are prized for their incredible variety of hues and fire. The demand for Australian blue sapphires is rising as other sources around the world start to run out. The focus of the gems and gemstones at Cooper Pedy is Australian opals.

Top Processed Gems and Jewelry producers of world

Israel and Belgium are home to diamond processors. Russia, Botswana, and South Africa are the world’s top producers of high-quality diamonds, with Australia being a significant producer of industrial diamonds. India, Italy, China, Thailand, and the United States are the top producers of jewelry worldwide. In particular, jewelry mounted with diamond in 14K and 18K gold is known for its craftsmanship and skillful labor from Hong Kong and India. By cost, quality, standards, and popularity, multi-faceted cut diamond rings set with a variety of colored precious stones are the most well-liked items worldwide. Regardless of where they were mined, 11 of the 12 diamonds sold on the international market are processed in India. China and Japan are the next two biggest consumers of gold worldwide, after India. The largest jewelry market in the world is shared by China and India, who together account for more than half of the market. The Middle East is the second largest consumer of gold in the world after India and China. Other major gold consumers in the Asia-Pacific region, including Vietnam and Thailand, are promoting market expansion in the region.

Market of Precious or Semi-Precious Stone Dust and Powder

According to the Product Complexity Index (PCI), dust and powder of precious or semi-precious stones is the 1025th most traded and the 263rd most complex product. China ($203M), the United States ($63.5M), Ireland ($57.3M), South Korea ($31.2M), and Hong Kong ($17.7M) are the top exporters of dust and powder made from precious or semi-precious stones. United States ($66.2M), Japan ($56.7M), South Korea ($41.3M), Ireland ($34.2M), and China ($33.6M) are the top five importers, respectively.

Economic slowdown places negative effects on Gems and Jewelry market. Economic slowdown in China and unrest in Hong Kong, gem and jewelry exporters are focusing on new markets like Russia, Brazil, Vietnam, Singapore, France, and Italy. The large Indian emigrant population in the Middle East, South-East Asian nations, the US and Canada, among other places, has created a huge demand for hand-made jewelry, especially in ethnic Indian designs.

Impact of AI on Gem and Jewelry Industry

Now Today is era of Creating Value to gems & gemstone through Technology means Impact of AI. The value of gems and gemstones is being created through technology in the modern era.

The methods for grading diamonds are being rapidly altered by machine learning, also referred to as ML or AI. The diamond industry cannot be left unaffected as AI permeates every aspect of contemporary business sectors. Direct metal printing will be possible with 3D printing, doing away with the need for molds and other equipment. Transparency and trust will no longer be problems thanks to technology like Block Chain. Technology and procedures created by innovators have freed design and storytelling to respond to market demands.