Gemstones are elements of minerals which when polished and cut are used for making jewelry and other ornaments, as well as for decoration purposes. Certain rocks or organic materials that are not considered as minerals are also consumed in making jewelry products and are hence considered to gemstones as well. While most of the gemstones are hard in nature, certain soft minerals are used in making jewelry owing to their luster and other properties exhibiting aesthetic value. In addition to jewelry, hardstone carvings and antiquity gems have been major luxury art forms as well. They are usually treated in order to improve the clarity or color of the stone, and can affect the value of the stone depending upon the extent and type of treatment. Certain gemstones are produced to imitate other gemstones. Such gemstones include synthetic moissanite and cubic zirconia which is a synthetic diamond stimulant consisting of zirconium oxide. These gemstones replicate the color and look the original stone but don’t exhibit their physical and chemical properties. Moissanite has a higher refractive index as compared to diamond and has more “fire” when presented with an equivalent cut and sized diamond.
The global demand for gemstones has been significant owing to consumers opting for purchasing medium priced gem products via certain platforms such as home shopping through television marketing. While the mid-ranging consumers prefer towards purchasing discounted products, top consumers are opting towards investing in jewelry and gems. Moreover, certain factors such as fashion designers focusing towards developing innovative jewelry products as well as manufacturers becoming vertically integrated involved in developing gemstones as well as jewelry are contributing towards the growth of the gemstones market.
Gemstones share a wide application scope in making jewelry. The market for jewelry and gems has been noticing a significant increase disposable income of the individuals coupled with growing usage of ornaments in ceremonies in Asian economies. Consumers in emerging economies such as Asia Pacific are slowly drifting away from the conventional unorganized jewelry and inclining towards organized branded products in order to protect themselves from counterfeit products. Moreover, rising awareness regarding the benefits of shopping from organized retail by implementing various promotional strategies and advertisements has also led to increasing consumption of jewelry which has further contributed towards the demand for gemstones in Asia Pacific and other regions.
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Increasing demand for jewelry as well as inclusion of gems in jewelry products owing to increasing spending of the consumers as well as changing lifestyle is expected to drive the demand for jewelry products over the forecast period thereby increasing the demand for gemstones. In addition, increasing use of gems as an individual feature for decoration purposes is also expected to contribute towards the growing consumption of gemstones. However, factors such as rising labor charges as well as inflation impacting the prices of jewelries are thereby expected to negatively affect the growth of its raw materials such as gemstones. Focus on research and development activities towards developing innovative products as well as focus on market expansion in emerging region such as Latin America and Asia Pacific is expected to provide new opportunities for the growth of the market.
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Blue Nile, Gitanjali Gems Ltd., Tiffany & Co., Titan Gems, and Zales Corporation are some of key player in the gemstone industry.