Gemstones Market (2025 - 2033) Size, Share & Trends Analysis Report By Type (Ruby, Sapphire), By Sales Channel, By Region, And Segment Forecasts

Gemstones Market Summary

The global gemstones market size was estimated at USD 101.73 billion in 2024 and is projected to reach USD 183.17 billion by 2033, growing at a CAGR of 7.0% from 2025 to 2033. The gemstones industry is experiencing growth driven by rising consumer demand for luxury goods and personal adornment.

Increasing disposable incomes in developing countries have expanded the customer base for premium jewelry. As more consumers view gemstones as symbols of wealth, elegance, and individuality, retailers invest in innovative designs and marketing campaigns to capture demand. The growing middle-class population in regions such as the Asia Pacific has also created strong momentum in sales. For instance, in India and China, sales of high-value jewelry collections during festive seasons and weddings have surged, boosting demand for diamonds and other precious stones. Global jewelry brands such as Tiffany & Co. and Chow Tai Fook are expanding their retail presence in Asia Pacific to tap into this rising demand, reflecting the growing appeal of gemstones as symbols of wealth, elegance, and individuality.

Gemstones are no longer confined to high-end jewellery but are also used in watches, accessories, and clothing lines. For example, luxury watchmakers like Rolex and Cartier use sapphires and rubies in limited-edition models, while fashion brands such as Gucci and Louis Vuitton incorporate gemstone embellishments into handbags and couture lines. These applications broaden the consumer base and allow gemstones to reach new lifestyle-driven markets, fuelling overall growth.

The rising popularity of colored gemstones is also a major growth factor. While diamonds have traditionally dominated the market, colored stones such as emeralds, sapphires, and rubies are gaining traction due to their rarity and unique visual appeal. For example, Gemfields Group has promoted ethically sourced emeralds from Zambia and rubies from Mozambique, which younger consumers increasingly seek after. Millennials and Gen Z are particularly drawn to colored gemstones that express individuality, as seen in the growing demand for alternative engagement rings featuring sapphires or morganites instead of traditional diamonds.

Technological advancements in gemstone mining and processing are supporting market expansion. Improved extraction methods and authenticity verification tools are helping ensure better quality and transparency. Companies such as ALROSA and Rio Tinto have introduced blockchain-based certification systems to guarantee the authenticity of diamonds. At the same time, online platforms like Blue Nile provide digital certificates and purchase options. This technology adoption builds consumer trust and enhances accessibility, with e-commerce driving significant gemstone sales in regions such as North America and Europe.

Sustainability and ethical sourcing are becoming significant growth drivers in the gemstones industry. Consumers are increasingly conscious of environmental and social issues related to gemstone mining. For instance, De Beers launched its Tracr blockchain platform to improve transparency and ethical sourcing practices. Similarly, initiatives by companies like Kiran Gems to adopt fair trade standards have gained recognition in global markets. These practices align with consumer expectations and help brands differentiate themselves, ensuring long-term demand and growth opportunities for ethically sourced gemstones.

Drivers, Opportunities & Restraints

The gemstones industry is driven by rising consumer demand for luxury goods and increasing cultural significance attached to precious stones in various regions. Growing disposable incomes in emerging economies have fueled higher spending on jewelry and accessories. Furthermore, the popularity of gemstones in engagement rings, wedding ornaments, and fashion statements has strengthened their market position. Technological advancements in cutting and polishing techniques have also enhanced the appeal of gemstones by improving clarity and brilliance, creating stronger demand across both developed and developing markets.

Opportunities in the gemstones industry are expanding due to the rise of online jewelry retail platforms and the increasing popularity of sustainable and ethically sourced stones. Growing interest in personalized jewelry designs, including customized gemstone rings and pendants, opens new revenue channels for producers and retailers. Moreover, the global tourism industry contributes to gemstone demand, as many travelers purchase gemstones as souvenirs or investment pieces. The growing application of colored gemstones in luxury watches and fashion products further creates promising avenues for market expansion.

Despite these growth prospects, the market faces certain restraints. High dependency on mining activities exposes the sector to fluctuations in supply, leading to price volatility. Concerns about unethical mining practices, such as child labor and environmental degradation, have also raised scrutiny, pushing companies to invest more in traceability and responsible sourcing.

Type Insights

The diamonds segment led the market with the largest revenue share of 84.8% in 2024, due to their enduring appeal in luxury jewellery and their symbolic association with wealth, prestige, and commitment. Rising disposable incomes across emerging economies such as China and India have significantly boosted demand for diamond jewellery, particularly for weddings and festive occasions. Global players also invest in advanced cutting and polishing technologies to enhance brilliance and design, further increasing consumer interest. Marketing campaigns by leading brands continue to shape consumer perceptions, reinforcing diamonds as a status symbol and a preferred choice for high-value purchases.

The ruby segment is anticipated to register at the fastest CAGR over the forecast period, as consumers increasingly associate the stone with passion, prosperity, and protection. Its vibrant red color and rarity make it a sought-after choice in high-end jewellery, particularly in engagement rings, luxury ornaments, and heirloom pieces. Growing demand in Asian countries, where rubies hold cultural and astrological importance, is adding to the segment’s expansion. Rising disposable incomes and a preference for colored gemstones as a unique alternative to traditional diamonds are further supporting market growth.

Sales Channel Insights

The online segment led the market with the largest revenue share of 29.5% in 2024. Consumers are increasingly turning to e-commerce to purchase gemstones and jewelry due to wider product choices, transparent pricing, and the ability to compare across brands. Integrating advanced technologies such as augmented reality try-on tools and 360-degree product views enhances consumer confidence in online purchases. Attractive discounts, secure payment options, and doorstep delivery further fuel the shift toward digital platforms for gemstone sales.

The offline segment is anticipated to grow at the fastest CAGR during the forecast period, due to consumers’ preference for physically examining gemstones before purchase. Traditional jewelry stores, specialty gemstone outlets, and luxury boutiques offer tactile experiences, expert guidance, and personalized services that enhance buyer confidence. High-value purchases, particularly of diamonds, rubies, and emeralds, often favor offline channels where consumers can assess gemstone quality, color, and cut in person. Cultural factors and the trust associated with established local jewelers also play a significant role in sustaining offline sales.

Regional Insights

The gemstones market in North America is experiencing robust growth, driven by several key factors. As consumers become more conscious of environmental and social issues, there is a growing preference for responsibly mined or lab-grown gemstones. This shift is particularly evident in the U.S. and Canada, with rising interest in sustainable and transparent sourcing practices. Additionally, advancements in e-commerce platforms have made gemstone jewelry more accessible, allowing consumers to explore various options and make informed purchasing decisions from the comfort of their homes.

U.S. Gemstones Market Trends

The gemstones market in the U.S. is experiencing significant growth, driven by several key factors. Notably, colored gemstones have gained substantial popularity, with imports increasing by 136% from 2020 to 2024. This surge reflects a shift in consumer preferences towards vibrant, unique stones over traditional diamonds. In addition, the rising demand for sustainable and ethically sourced gemstones aligns with broader consumer trends favoring transparency and environmental responsibility. Technological advancements have also played a role, with innovations in gemstone cutting and polishing techniques enhancing the appeal and accessibility of these stones.

Asia Pacific Gemstones Market Trends

Asia Pacific dominated the gemstones market with the largest revenue share of 46.3% in 2024, driven by several key factors. Rising disposable incomes and urbanization in countries like India and China have significantly increased consumer purchasing power, leading to higher demand for luxury and ornamental items, including gemstones. This surge in affluence is further complemented by a deep-rooted cultural affinity for gemstones, where they hold significant astrological and ceremonial value. In addition, the region's rich heritage in jewellery craftsmanship and the expansion of organized retail sectors have enhanced accessibility and consumer awareness, further propelling market growth.

Europe Gemstones Market Trends

The gemstones market in Europe is witnessing strong growth due to several key factors. Consumer demand for colored gemstones has risen, driven by a shift toward vibrant and unique stones over traditional diamonds. Countries such as the UK, Germany, and France are at the forefront of this trend, reflecting a widespread appreciation for colored gemstones in fine jewelry. The region’s long-standing tradition in jewelry craftsmanship continues to enhance consumer confidence and sustain demand for high-quality gemstones.

Latin America Gemstones Market Trends

The gemstones market in Latin America is experiencing notable growth, driven by several key factors. The region's rich natural resources, particularly in countries like Brazil and Colombia, contribute significantly to the global supply of gemstones such as emeralds and tourmalines. Brazil, for instance, is renowned for its diverse range of gemstones, including the highly prized Paraíba tourmaline, which has garnered international attention for its vibrant colors and rarity. Conversely, Colombia is a leading emerald producer, with the Muzo region being particularly famous for its high-quality stones. These abundant natural resources support local economies and position Latin America as a key player in the global market.

Middle East & Africa Gemstones Market Trends

The gemstones market in the Middle East and Africa is experiencing strong growth, driven by several key factors. Rising disposable incomes and a young, affluent population are boosting demand for luxury jewelry, which remains an important symbol of status and tradition in the region. Countries such as Saudi Arabia, South Africa, and the UAE are at the forefront of this trend, reflecting a cultural affinity for gemstone jewelry and a preference for high-quality, visually striking stones.

Key Gemstones Company Insights

Some of the key players operating in the market include Blue Nile, Inc., Anglo American plc, and others

• Anglo American plc is a global mining company headquartered in the United Kingdom, with a diverse portfolio that spans various commodities, including diamonds. The company owns an 85% stake in De Beers Group, a leading entity in the diamond industry. De Beers operates diamond mines in Botswana, Canada, Namibia, and South Africa, and is renowned for producing approximately one-third of the world's rough diamonds by value.

• Blue Nile, Inc. offers a wide selection of certified loose diamonds, engagement rings, and gemstone jewelry, allowing customers to customize their pieces to suit personal preferences. Blue Nile's offerings include various gemstone types in different shapes and sizes, such as sapphires, emeralds, and rubies. The company emphasizes quality and value, offering GIA-graded natural diamonds and its exclusive Astor by Blue Nile diamonds, known for their exceptional brilliance.

Recent Development

• In September 2025, Malabar Gold & Diamonds unveiled the ‘Vyana’ Gemstone Collection at a major launch event in Mysore, featuring prominent guests and company executives. The new line, crafted in both 18kt and 22kt gold, blends diamond-like brilliance with a spectrum of vibrant gemstones, offering lightweight, fluid designs for modern Indian women who balance tradition and contemporary lifestyles.

• In August 2025, Columbia Gem House launched a new collection of untreated, traceable rubies and sapphires sourced from the Winza region and surrounding mining areas in central Tanzania. This launch introduced an array of vibrant gemstones, including vivid pinks, saturated purples, fuchsia, padparadscha, and authentic rubies, with many stones featuring distinctive two-tone zoning and bicolor effects. 

Gemstones Market Report Scope

Global Gemstones Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global gemstones market report based on the type, sales channel, and region:

• Type Outlook (Revenue, USD Billion, 2021 - 2033)

  • Diamond

  • Ruby

  • Sapphire

  • Emerald

  • Others

• Sales Channel Outlook (Revenue, USD Billion, 2021 - 2033)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Billion, 2021 - 2033)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE