Upcoming Trade Shows in for Gems

The gemstone market is on a trajectory of robust expansion with forecasts indicating a Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2033, a notable uptick from previous years’ growth rates. From 2018 to 2022, the market witnessed a CAGR of 4.1%, followed by a 5.2% CAGR recorded between 2022 and 2023. So what ignites this sudden market growth? Several key factors come into play. While diamonds continue to hold sway in the market, customers have developed interest in lesser-known gemstones such as opals, topaz, alexandrite and tanzanite. This diversification of consumer preferences is expected to fuel the overall consumption of gemstones. The gems and jewelry industry is still the biggest contributor to gemstone consumption, buoyed by rising individual incomes and the increased use of ornaments in various ceremonies. In a bid to safeguard themselves against counterfeit products, consumers in developing economies, notably in the Asia Pacific, are gravitating towards organized branded jewelry, which indicates a broader trend towards enhanced consumer awareness and preference for quality-assured products. For the millennial market, it’s not diamonds, but colored gems that are big sellers in jewelry, ornaments, and accessories. Colored gemstones, in particular, are projected to witness substantial demand from key markets such as China and the USA, fueled by a growing consumer base seeking luxury products that serve as status symbols. However, it’s worth noting that the prices of colored gemstones have spiked by 100% over the past decade, prompting consumers to seek out alternative luxury options beyond diamonds. Young buyers, in particular, are gravitating towards colored gemstones, because they want to prioritize uniqueness and affordability. Here, the US makes waves as a leading market. The establishment of trade associations and non-profit institutes, such as the American Gem Society and the Gemological Institute of America, has played a pivotal role in organizing the market.