A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global gemstones market. Presenting exclusive insights into the market from 2018 to 2026, the report projects that the market will witness notable growth during the forecast period. Gemstones are elements obtained from minerals, and are used in the production of jewelry, ornaments, and for decoration purposes. The growth of the market is primarily driven by increasing adoption in diamond mining and exploration and surging demand from organized retail. Moreover, rising awareness among consumers regarding the benefits of shopping from organized retail has increased the consumption of jewelry, thereby complementing the growth of the gemstones market through the forecast period.
Penetration of Organized Retail Fosters Market Growth
The high demand for gemstones in the production of jewelry will remain the major growth driver, on the back of their luster and other properties with aesthetic value. In addition to jewelry, gemstones also find adoption in the making of decorative products, such as hardstone carvings and antiquity gems, where gemstones are used to improve the clarity or color of the stone. Moreover, increasing demand for gemstones in the diamond mining & exploration sector, and the high demand for lab-grown diamonds will continue to drive the gemstones market on a positive growth trajectory. Likewise, penetration of organized retail and specialty stores is also contributing to the market growth. Specialty stores that stock and sell a wide variety of gems and jewelry, are ensuring wide-scale availability of these products, thereby increasing the popularity and propelling the demand for gemstones. Furthermore, consumers in developing economies, such as the Asia Pacific are exhibiting preference towards organized, branded jewelry products over conventional unorganized jewelry, thus pushing the market growth. Besides, increasing usage of gems for decoration purposes will also continue to fuel the growth of the market in the forthcoming years. On the other hand, rising labor charges and fluctuating prices of jewelry are acting as restraining factors to the healthy market growth.
Developed Economies Remain at Forefront of Regional Landscape
Developed economies, North America and Europe, which cumulatively hold the lion's share in the global value, are anticipated to lead the gemstones market through the forecast period, with the former staying on the top of the regional landscape. The dominance of these regions is attributed to increasing investments by market players, and the strong presence of major market players. Likewise, the Asia Pacific region, backed by the availability of raw materials will register significant growth and procure a respectable share by the end of the forecast period.