Colored Gemstones Market Size, Pricing Analysis, Historical trends & Forecast

Since ancient times, humans have had a long-standing obsession with colored gemstones. Poised for a sparkling future, colored gemstones have been valued for their color, beauty, toughness, radiance, and high value-to-volume ratio.

A gemstone is a specific variety of mineral crystals that can be cut and polished to produce jewelry and other ornaments. While there are many different kinds of colored gemstones, topaz, amethyst, diamond, tourmaline, opal, agate, amber, and sapphire are some of the more well-known and noteworthy.

Industry Trends

The increasing popularity of colored gemstones among millennials globally is one of the major driving forces of the colored gemstone market. The popularity of numerous gemstones, particularly amethyst, sapphire, agate, topaz, and tourmaline, as well as the increased use of colored gemstones in ornaments, jewelry, and other accessories, accelerate market trends.

The market is further influenced by the increasing demand for classic, colorful stones compared to traditional and standard gemstones in end-use industries and sectors. Additionally, the market for colored gemstones is further influenced by the extensive availability of products from well-known brands, a rise in disposable income, and increased consumer knowledge regarding the availability of colored gemstones.

Even while colored gemstones are becoming more and more popular, diamonds are incomparably timeless. A pure, glittering diamond may be every woman’s dream, but it is no longer the universally recognized representation of love.

For many years, diamonds have dominated the market. However, gemstones are once again in the foreground to bask in their vibrant splendor. Gemstone jewelry has always been a source of interest and adoration.

Demand

Due to their magnificent and opulent appearance and Vedic and astrological characteristics, colored gemstones are highly sought-after valuables.

After incurring a severe downtrend during the pandemic in 2020, the market for gemstones is again experiencing a resurgence. Colored gemstones are always in demand for a number of different reasons. There are a variety of theories for this, which differ from person to person and region to region, ranging from their magnificent and opulent beauty to their Vedic and mythological attributes.

The majority of medium-and low-income countries have seen an upsurge in the demand for colored gemstones during the past few decades. The shift in demand for colored gemstones is caused by a variety of factors.

• History & Culture: Historically, gemstones have been seen as a financial asset, especially by women. Most modern brides prefer colored gemstones with almost the same, if not better, value with fashionable looks over conventional gold and silver. In spite of this fact, the tradition of giving daughters gemstones in marriage is still practiced in many families today. Modern-day women are more aware of and involved in picking the correct gemstones.

• Cultural differences: Some of the prime reasons for considering gemstones include their significant monetary value and their opulent attractiveness. The vast majority of people continue to stand firm on the belief that colored gemstones possess a cryptic characteristic that helps synchronize their chakra and stars.

• Trends and fashion: However, not everyone is knowledgeable about the most recent trends in fashion, especially when it comes to expensive jewelry. Most people believe that gemstones are still regarded as precious adornments or as something to be worn at events as a symbol of wealth and prosperity. The world has shrunk as a result of the advancement of mass communication techniques and the emergence of digital photography, social media channels, and influencer trends. Because the web connects every corner of the globe, people become increasingly aware of all the newest styles and trends. As a result, although popular among Hollywood celebrities, colored gemstone jewelry is equally favored by the general public.

• Young Demography: New generations today choose gemstones for a myriad of purposes, ranging from following the latest fashion trends and aesthetic considerations to being aware of the extraction, processing, and other difficulties associated with them.

• Brides preferences: The global demand for gemstones is significantly influenced by weddings. A white gown with a delicate and lovely diamond necklace that looks wonderful is the customary bridal outfit for an international wedding.

How to Choose a Colored Gemstone

It relies on a variety of factors.

1. Color:

When choosing a gemstone, color is the first thing that comes to mind. However, a lot of people are oblivious to the wide range of colors that are accessible as well as the knowledge that almost all gem species exist in a wide range of natural environments. It is quite tough to match a specific color because of the difficulties posed by the diversity of the colors. It can be even harder to find matched pairs or sets.

2. Clarity/Inclusions

Since colored stones are simply too diverse to be graded using a “one size fits all” method, there is no market standard procedure for rating clarity in colored stones, unlike diamonds. The majority of colorful stones are accessible in greater sizes and with few to no inclusions. Others, such as emeralds, are rarely big or spotless. Typically, sapphires, especially untreated ones, have small rutile impurities that resemble needles.

3. Hardness or Durability

This is a crucial quality to consider when choosing a gemstone because it is one that is easy to overlook. Even though the Mohs scale of hardness is well-known to many people, few are aware that it is not linear.  One key market of gemstone durability is “hardness”. Nevertheless, it only measures how resistant the gemstone is to scratching. The other criterion is toughness. If a gem is bashed, it may chip or crack because of its well-defined cleavage planes.

Sapphire is regarded as an effective alternative to diamonds despite its lower hardness scale and lack of clearly defined cleavage planes. Sapphire is also one of the reasons why diamonds are popular.

Apart from sapphire, remember that these stones may chip or abrade with regular use, necessitating repolishing after a few years. If you’re not careful, even sapphire might require repolishing in ten or twenty years.

Softer and less resilient stones work best as pendants, earrings, or rings for special occasions. Some stones, like apatite or sphalerite, are so soft that I never advise using them in jewelry.