The India colored gemstones market should attain a US$ 707.8 million in 2023. Between 2023 and 2033, a robust 10.5% CAGR should facilitate market acceleration. This should culminate in a US$ 1,916.9 million for the market in 2033.
Gemstones are mineral crystal pieces that are cut and polished for creating jewelry along with other types of adornments. Occasionally, rocks without mineral content are also used, such as obsidian and opal. Pearl, jet, and amber, which are organic materials, are also fit for use as gemstones.
Diamond, sapphire, ruby, and emerald are regarded as precious gemstones. These gemstones offer distinct qualities such as
The value of a gemstone depends on the following factors
Treatment of gemstones is a common practice for enhancing their clarities and colors. For instance, the application of heat is prevalent for enhancing the appearances of gemstones. However, excessive application may result in gemstone spoilage. Other treatment methods include fracture filling, oiling/waxing, and radiation.
In India, gemstones are popular not only for aesthetic concerns. A significant chunk of the country’s populations believes that gemstones possess divine power. For instance, the ruby colored gemstone market is likely to accelerate in the coming years. This is due to the belief that ruby is representative of the Sun.
| Attribute | Key Insights |
|---|---|
| Estimated India Colored Gemstones Market Value (2023) | US$ 707.8 million |
| Projected Market Value (2033) | US$ 1,916.9 million |
| Value-based CAGR (2023 to 2033) | 10.5% |
| Top Players Share in 2022 | ~20 to 25% |
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The gemstone industry is witnessing a recovery in demand, after suffering huge losses during the pandemic in 2020. Various reasons have led to a shift in the demand for colored gemstones in developing countries such as India.
These reasons include the growing influence of social media, middle class aspirations for a luxurious lifestyle and rising living standards.
Demand for colored gemstone is also increasing as gemstones hold a sentimental value due to their Vedic properties. As a result, a prominent portion of the Indian population predominantly perceive them as stones with astrological powers rather than precious stones.
Further, other factors such as polishing, processing, lower labor, and distribution costs have subsequently boosted the product inflow from India to the regional market.
According to leading market intelligence firm Future Market Insights, the India market for colored gemstones accelerated at a positive 8.0% CAGR from 2018 to 2022. At the end of 2022, the market’s valuation settled at around US$ 644.1 million.
Rising Demand for Customization and Digital Transformation to Influence India Market for Colored Gemstones
Consumer demand for customized colored gems is encouraging manufacturers to focus on developing new and innovative designs to fulfil the changing needs and demands of consumers.
They are using advanced technologies such as computer-aided design (CAD) and rapid prototyping (RP). There has been an increase in the demand for colored gemstone jewelry in the Indian market due to the latest trends followed by female consumers.
According to a document presented by Natural Resource Governance Institute (NRGI), the popularity of colored gemstone has increased in the recent years. However, the prices of colored gemstone have increased by 100% over the past decade.
As a result, consumers are interested in buying colored gemstone other than diamonds as they are luxury products that act as status symbols.
Colored gemstones in different price ranges are available in the market, and consumers can choose from them as per their spending ability. The two tiers of pricing that are likely to flourish are the under US$ 499 retail segment and the above US$ 7,500 segment.
Meanwhile, the US$ 1,500 to US$ 2,000 market and the middle tier of about $2,000 to $6,500 remains weak due to the slow economic recovery that is impacting the country’s middle class.
Digital transformation is about efficiency, saving time and money, and staying ahead of the competition. It also involves multifaceted efforts to improve the consumer experience and engage customers with fancy apps and high-tech products.
The presence of several online stores, along with review sites, allows consumers to easily compare products, designs, prices, and service levels.
With rapidly enhancing digital ecosystems, several players in the market are now focused on enhancing their presence on prominent social media platforms like Facebook, Twitter, and Instagram. Enhancing their presence on social media platforms has helped the brands to connect with their prospective millennial consumers.
Principal Consultant
Raw Material Scarcities are Likely to Restrict Colored Gemstones Sales in India from 2023 to 2033
With gold output accounting for less than 0.5% of total yearly consumption, India is forced to import gold to satisfy its needs. After crude oil, gold is India’s second-largest import commodity.
With the acceleration in the local market, less gold is exported, affecting the external sector's balance. In 2022, India imported gems and jewelry worth more than US$ 1.4 billion. Due to limited supplies, domestic colored gemstone vendors are demanding an additional 10% premium for delivery, increasing the cost for the end user.
To avoid the twofold rise, producers are increasingly importing gemstones in the form of finished items from Dubai and Singapore, either for direct sale or for melting down to build customized products. With such a significant rise in pricing passed on to consumers, the sales of colored gemstones have suffered.
On the Basis of Type, Ruby Segment to Dominate Colored Gemstones Demand in India
Substantial demand for ruby gemstones is set to make it the dominant segment in the market based on type. The common belief that ruby can protect against illnesses and misfortune has been long rooted in the India’s cultural values.
Early cultures treasured the ruby gem, believing that it held the power of life due to its color association with blood. This is set to remain a prominent factor in the increasing demand for rubies in India.
The significant demand for ruby stones in the making of jewelry such as bangles, necklaces, and pendants has increased significantly in recent years. The increasing prominence of ruby stones in jewelry across high earning rural and urban areas has boosted the sales of ruby gemstone in India. Ruby gemstone contributed a share of more than 47.2% in 2022.
Jewelry and Ornaments Segment to Continue Holding Prominent Share in Terms of Revenue
The jewelry and ornaments segment is expected to account for around 47.7% of market share in India. This is owing to the expansion of the country’s middle class and innovative jewelry designs offered by manufacturers.
Jewelry and ornaments segment is sub-divided into bangles, necklaces, pendants, earrings, rings, anklets, and brooches. An important share of the market is contributed by rings, which accounted for a 29% share in the market in 2022.
Changing lifestyles and perceptions towards jewelry as a status symbol are expected to drive the acceleration of this segment. The escalating popularity of manufacturers that combine technology with ornaments is also helping in boosting the consumption of target products.
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India colored gemstone market is characterized by presence of numerous small to medium-scale players and prominent players including Rio Tinto. While the small to medium-scale companies mostly cater to local demand, prominent players’ products are aimed at international audiences.
Colored gemstones companies are offering various advantages such as stone origin, differentiation, and values. This is boosting the consumer loyalty towards the brands. Players are also forming different groups to make the colored gemstone sourcing and their supply chains more transparent and sustainable.
The Government of India is also trying its best to be supportive of the market. In recent years, the government has announced various measures to reduce prices and promote purchases.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | US$ 707.8 million |
| Projected Market Size (2033) | US$ 1,916.9 million |
| Anticipated Growth Rate (2023 to 2033) | 10.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ million for Value |
| Key Countries Covered | India |
| Key Segments Covered | Stone Type, Product Type, Application, Product Format, Cut Type, Shape, Clarity, Region |
| Key Companies Profiled | Anglo American PLC; Gemfields Group Ltd.; Petra Diamonds Limited; Rockwell Diamonds Inc.; Gem Diamonds Limited; PJSC ALROSA; Swarovski Group; Rio Tinto Diamonds; Botswana Diamonds P.L.C; Fura Gems Inc.; Dominion Diamond Corporation; Mountain Province Diamonds Inc.; Trans Hex Group Ltd.; Merlin Diamonds Limited; KGK Group; Pala International Inc.; MIF Gems Co Ltd.; Greenland Ruby |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is pegged at a value of US$ 707.8 million in 2023.
The market is estimated to reach US$ 1,916.9 million by 2033.
The market is anticipated to surge at a CAGR of 10.5% through 2033.
Ruby segment maintains its supremacy, capturing 47.2% of market share in 2022.
Surge in online platforms for gemstone purchasing is elevating the market.
1. Executive Summary | India Colored Gemstones Market
1.1. Market Overview
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.1.1. Growing Demand for Lab-Grown Diamonds Due to their Affordability
3.1.2. Digital Transformation Trends are Reshaping the Buying Behavior of Consumers
3.1.3. Changing Retail Experience is Changing Customer Behavior & Creating Brand Loyalty
3.1.4. Demand for Colored Gemstones to Rise Among Young Consumers
3.1.5. Technological Advancements Reshaping the Manufacturing Process
3.2. Product Innovation Trends
4. Colored Gemstones Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Volume (‘000 Carats) Analysis, 2018 to 2022
4.2. Current and Future Market Volume (‘000 Carats) Projections, 2023 to 2033
4.3. Y-o-Y Growth Trend Analysis
5. Colored Gemstones Market - Pricing Analysis
5.1. Pricing Analysis By Stone Type
5.2. Average Pricing Analysis Benchmark
6. Colored Gemstones Market Demand (in Value or Size in US$ million) Analysis 2018 to 2022 and Forecast, 2023 to 2033
6.1. Historical Market Value (US$ million) Analysis, 2018 to 2022
6.2. Current and Future Market Value (US$ million) Projections, 2023 to 2033
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
7. Market Background
7.1. Macro-Economic Factors
7.1.1. GDP Growth Outlook
7.1.2. Consumer Spending Outlook
7.1.3. Retail Sector GVA and Growth
7.1.4. Consumer Buying Behavior Analysis
7.1.5. Consumer Spending Outlook
7.1.6. Per Capita Disposable Income
7.2. Forecast Factors - Relevance & Impact
7.2.1. Top Companies Historical Growth
7.2.2. Per Capita Disposable on Jewelry
7.2.3. Diamond Production Outlook
7.2.4. Expanding Gems & Jewelry Industry
7.2.5. Urbanization Growth Outlook
7.2.6. Internet User Statistics
7.2.7. Others
7.3. PESTLE Analysis of Colored Gemstones Market
7.4. Porter’s Five Forces Analysis of Colored Gemstones Market
7.5. Market Dynamics
7.5.1. Drivers
7.5.2. Restraints
7.5.3. Opportunity Analysis
8. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Stone Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ million) Analysis By Stone Type, 2018 to 2022
8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Stone Type, 2023 to 2033
8.3.1.1. Emerald
8.3.1.2. Ruby
8.3.1.3. Sapphire
8.4. Market Attractiveness Analysis By Stone Type
9. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Product Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ million) and Volume Analysis By Product Type, 2018 to 2022
9.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Product Type, 2023 to 2033
9.3.1. Precious
9.3.2. Semi- Precious
9.3.3. Synthetic Stone
9.4. Market Attractiveness Analysis By Product Type
10. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ million) and Volume Analysis By Application, 2018 to 2022
10.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Application, 2023 to 2033
10.3.1. Jewelry & Ornaments (Fashion Jewelry)
10.3.1.1. Bangles
10.3.1.2. Necklaces
10.3.1.3. Pendants
10.3.1.4. Earrings
10.3.1.5. Rings
10.3.1.6. Anklets
10.3.1.7. Brooches
10.3.2. Luxury Art
10.3.3. Astro
10.4. Market Attractiveness Analysis By Application
11. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Product Format
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ million) and Volume Analysis By Product Format, 2018 to 2022
11.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Product Format, 2023 to 2033
11.3.1. Natural
11.3.2. Synthetic (Lab Created)
11.4. Market Attractiveness Analysis By Product Format
12. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Shape (% of Demand)
12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ million) and Volume Analysis By Shape, 2018 to 2022
12.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Shape, 2023 to 2033
12.3.1. Round
12.3.2. Oval
12.3.3. Pear
12.3.4. Cushion
12.3.5. Square Cushion
12.3.6. Square
12.3.7. Rectangle
12.3.8. Triangle
12.3.9. Freeform
13. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Cut Type (% of Demand)
13.1. Introduction / Key Findings
13.2. Historical Market Size (US$ million) and Volume Analysis By Cut Type, 2018 to 2022
13.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Cut Type, 2023 to 2033
13.3.1. Faceted Style
13.3.2. Non Faceted
14. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Clarity
14.1. Introduction / Key Findings
14.2. Historical Market Size (US$ million) and Volume Analysis By Clarity, 2018 to 2022
14.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Clarity, 2023 to 2033
14.3.1. Type - I
14.3.2. Type - II
14.3.3. Type - III
14.4. Market Attractiveness Analysis By Clarity
15. Colored Gemstones Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
15.1. Introduction
15.2. Historical Market Size (US$ million) and Volume (‘000 Carats) Analysis by Region, 2018 to 2022
15.3. Current Market Size (US$ million) and Volume (‘000 Carats) Analysis and Forecast by Region, 2023 to 2033
15.3.1. North
15.3.2. South
15.3.3. West
15.3.4. East
15.4. Market Attractiveness Analysis by Region
16. Market Structure Analysis
16.1. Market Analysis by Tier of Companies (Colored Gemstone)
16.2. Market Concentration
16.3. Market Share Analysis of Top Players
16.4. Market Presence Analysis
16.4.1. By Region Footprint of Players
16.4.2. Product Footprint by Players
16.4.3. Channel Footprint by Players
17. Competition Analysis
17.1. Competition Dashboard
17.2. Pricing Analysis by Competition
17.3. Competition Benchmarking
17.4. Competition Deep Dive
17.4.1. Anglo American PLC
17.4.1.1. Overview
17.4.1.2. Product Portfolio
17.4.1.3. Profitability by Market Segments (Product/Channel/Region)
17.4.1.4. Sales Footprint
17.4.1.5. Strategy Overview
17.4.1.5.1. Marketing Strategy
17.4.1.5.2. Service Strategy
17.4.2. Gemfields Group Ltd.
17.4.2.1. Overview
17.4.2.2. Product Portfolio
17.4.2.3. Profitability by Market Segments (Product/Channel/Region)
17.4.2.4. Sales Footprint
17.4.2.5. Strategy Overview
17.4.2.5.1. Marketing Strategy
17.4.2.5.2. Service Strategy
17.4.3. Petra Diamonds Limited
17.4.3.1. Overview
17.4.3.2. Product Portfolio
17.4.3.3. Profitability by Market Segments (Product/Channel/Region)
17.4.3.4. Sales Footprint
17.4.3.5. Strategy Overview
17.4.3.5.1. Marketing Strategy
17.4.3.5.2. Service Strategy
17.4.4. Rockwell Diamonds Inc.
17.4.4.1. Overview
17.4.4.2. Product Portfolio
17.4.4.3. Profitability by Market Segments (Product/Channel/Region)
17.4.4.4. Sales Footprint
17.4.4.5. Strategy Overview
17.4.4.5.1. Marketing Strategy
17.4.4.5.2. Service Strategy
17.4.5. Gem Diamonds Limited
17.4.5.1. Overview
17.4.5.2. Product Portfolio
17.4.5.3. Profitability by Market Segments (Product/Channel/Region)
17.4.5.4. Sales Footprint
17.4.5.5. Strategy Overview
17.4.5.5.1. Marketing Strategy
17.4.5.5.2. Service Strategy
17.4.6. PJSC ALROSA
17.4.6.1. Overview
17.4.6.2. Product Portfolio
17.4.6.3. Profitability by Market Segments (Product/Channel/Region)
17.4.6.4. Sales Footprint
17.4.6.5. Strategy Overview
17.4.6.5.1. Marketing Strategy
17.4.6.5.2. Service Strategy
17.4.7. Swarovski Group
17.4.7.1. Overview
17.4.7.2. Product Portfolio
17.4.7.3. Profitability by Market Segments (Product/Channel/Region)
17.4.7.4. Sales Footprint
17.4.7.5. Strategy Overview
17.4.7.5.1. Marketing Strategy
17.4.7.5.2. Service Strategy
17.4.8. Rio Tinto Diamonds
17.4.8.1. Overview
17.4.8.2. Product Portfolio
17.4.8.3. Profitability by Market Segments (Product/Channel/Region)
17.4.8.4. Sales Footprint
17.4.8.5. Strategy Overview
17.4.8.5.1. Marketing Strategy
17.4.8.5.2. Service Strategy
17.4.9. Botswana Diamonds P.L.C
17.4.9.1. Overview
17.4.9.2. Product Portfolio
17.4.9.3. Profitability by Market Segments (Product/Channel/Region)
17.4.9.4. Sales Footprint
17.4.9.5. Strategy Overview
17.4.9.5.1. Marketing Strategy
17.4.9.5.2. Service Strategy
17.4.10. Fura Gems Inc.
17.4.10.1. Overview
17.4.10.2. Product Portfolio
17.4.10.3. Profitability by Market Segments (Product/Channel/Region)
17.4.10.4. Sales Footprint
17.4.10.5. Strategy Overview
17.4.10.5.1. Marketing Strategy
17.4.10.5.2. Service Strategy
17.4.11. Dominion Diamond Corporation
17.4.11.1. Overview
17.4.11.2. Product Portfolio
17.4.11.3. Profitability by Market Segments (Product/Channel/Region)
17.4.11.4. Sales Footprint
17.4.11.5. Strategy Overview
17.4.11.5.1. Marketing Strategy
17.4.11.5.2. Service Strategy
17.4.12. Mountain Province Diamonds Inc.
17.4.12.1. Overview
17.4.12.2. Product Portfolio
17.4.12.3. Profitability by Market Segments (Product/Channel/Region)
17.4.12.4. Sales Footprint
17.4.12.5. Strategy Overview
17.4.12.5.1. Marketing Strategy
17.4.12.5.2. Service Strategy
17.4.13. Trans Hex Group Ltd.
17.4.13.1. Overview
17.4.13.2. Product Portfolio
17.4.13.3. Profitability by Market Segments (Product/Channel/Region)
17.4.13.4. Sales Footprint
17.4.13.5. Strategy Overview
17.4.13.5.1. Marketing Strategy
17.4.13.5.2. Service Strategy
17.4.14. Merlin Diamonds Limited
17.4.14.1. Overview
17.4.14.2. Product Portfolio
17.4.14.3. Profitability by Market Segments (Product/Channel/Region)
17.4.14.4. Sales Footprint
17.4.14.5. Strategy Overview
17.4.14.5.1. Marketing Strategy
17.4.14.5.2. Service Strategy
17.4.15. KGK Group
17.4.15.1. Overview
17.4.15.2. Product Portfolio
17.4.15.3. Profitability by Market Segments (Product/Channel/Region)
17.4.15.4. Sales Footprint
17.4.15.5. Strategy Overview
17.4.15.5.1. Marketing Strategy
17.4.15.5.2. Service Strategy
17.4.16. Pala International Inc.
17.4.16.1. Overview
17.4.16.2. Product Portfolio
17.4.16.3. Profitability by Market Segments (Product/Channel/Region)
17.4.16.4. Sales Footprint
17.4.16.5. Strategy Overview
17.4.16.5.1. Marketing Strategy
17.4.16.5.2. Service Strategy
17.4.17. MIF Gems Co Ltd.
17.4.17.1. Overview
17.4.17.2. Product Portfolio
17.4.17.3. Profitability by Market Segments (Product/Channel/Region)
17.4.17.4. Sales Footprint
17.4.17.5. Strategy Overview
17.4.17.5.1. Marketing Strategy
17.4.17.5.2. Service Strategy
17.4.18. Greenland Ruby
17.4.18.1. Overview
17.4.18.2. Product Portfolio
17.4.18.3. Profitability by Market Segments (Product/Channel/Region)
17.4.18.4. Sales Footprint
17.4.18.5. Strategy Overview
17.4.18.5.1. Marketing Strategy
17.4.18.5.2. Service Strategy
17.4.19. Others (As Per Request)
17.4.19.1. Overview
17.4.19.2. Product Portfolio
17.4.19.3. Profitability by Market Segments (Product/Channel/Region)
17.4.19.4. Sales Footprint
17.4.19.5. Strategy Overview
17.4.19.5.1. Marketing Strategy
17.4.19.5.2. Service Strategy
18. Assumptions and Acronyms Used
19. Research Methodology
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India Colored Gemstones Market
