Premium natural stones pull value upward while mass-market synthetics compress margins-pushing capital toward players that can prove chain-of-custody, performance, and origin
NEWARK, Del., Feb. 26, 2026 /PRNewswire/ -- Future Market Insights (FMI) projects the global gemstone market to expand from USD 38.4 billion in 2026 to USD 72.8 billion by 2036, reflecting a 6.6% CAGR over the forecast period. FMI analysis indicates growth will not be evenly distributed: the next decade is expected to be defined by a widening split between premiumized natural assets and increasingly commoditized mass-market synthetics, with value concentrating among suppliers that can demonstrate provenance, verification, and consistent performance.
FMI notes that the United States remains a core demand anchor, supported by resilient import value signals-U.S. imports for consumption of gemstones were valued at about USD 25 billion in 2023, according to U.S. Geological Survey referenced in the market assessment. This dynamic reinforces a clear market mechanism: in high-value hubs, quality and origin verification increasingly determine value retention, shifting investment priorities from capacity expansion to transparency infrastructure.
Executive Quick Stats: Gemstone Market
- Industry Size (2026): USD 38.4 billion
- Industry Value (2036): USD 72.8 billion
- CAGR (2026-2036): 6.6%
- Emerald share (product type): 32.0%
- Jewelry & Ornaments share (application): 78.0%
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What Decision Makers Need to Watch: "Proof" Becomes the Price of Entry
FMI's outlook suggests the gemstone industry is moving away from a fragmented, inventory-heavy structure toward a data-driven ecosystem where traceability is treated as a compliance gate, not a marketing add-on. The practical implication for procurement leaders and luxury houses is direct: stones without verified origin face discounting or exclusion from premium channels, while verified supply earns access and pricing power.
FMI highlights how detection and provenance tools are becoming gatekeepers, including reference points such as De Beers' DiamondProof and Gübelin's traceability approaches, which raise the baseline expectations for proof of origin and chain-of-custody within premium retail.
Market Reality Check: Inventory Pressure Is Forcing Supply Discipline
Procurement and sourcing teams are already changing how they contract, buffer inventory, and manage supply risk-especially where midstream inventory overhang and uneven end-demand create pricing friction.
In February 2025, Al Cook, CEO of De Beers Group, described the strain created by inventory and demand weakness: "Rough diamond trading conditions in 2024 continued to be very challenging…"-pointing to persistent inventory levels and depressed demand in China.
FMI's interpretation for operators is that production guidance and working capital will be increasingly tied to real-time demand signals from major retail hubs, tightening supply behavior and reducing the kind of overhang that historically diluted pricing power.
"Fewer but Better": High-Value Stone Recovery Is Becoming a Margin Strategy
FMI analysis emphasizes that recovery of exceptional stones continues to serve as a margin buffer for mining operators facing inflation in standard categories. The example highlighted is Lucara's recovery of 807 "Specials" in 2024 (rough diamonds larger than 10.8 carats), representing 7.6% by weight of total recovered carats, reinforcing how large-stone economics can insulate profitability when smaller goods soften.
This is driving a strategic pivot: exploration and project capital are expected to tilt toward assets with higher probability of yielding exceptional stones-supporting an industry structure where, by 2036, only mines capable of producing investment-grade output remain consistently viable.
Market Definition Used in This Outlook
FMI defines the gemstone market as encompassing the extraction, processing, and sale of natural and synthetic precious and semi-precious stones, including diamonds, emeralds, rubies, and sapphires-plus colored gemstones and pearls used in jewelry and industrial applications-while excluding raw mining output not destined for commercial or industrial finishing.
Segmentation Signals: Emeralds Lead Value; Jewelry Remains the Main Demand Engine
Emeralds hold the leading product position (32.0%)
FMI identifies emeralds as a dominant product-type segment with a 32.0% share, reflecting sustained preference for colored stones that provide visual distinctiveness and perceived rarity. Limited geographic supply-primarily from Colombia and Zambia-acts as a structural support for pricing and margin resilience.
Jewelry & Ornaments dominate applications (78.0%)
The Jewelry & Ornaments segment accounts for 78.0% of total market value, underscoring gemstones' enduring role in bridal purchasing and status-signaling consumption. Even as materials mix evolves, finished jewelry remains the main commercial engine.
The Lab-Grown Shift: "Fashion vs. Investment" Becomes a Clearer Divide
FMI expects that by 2036, CVD lab-grown diamonds will dominate mass-market jewelry, creating a sharper separation between fashion purchases and investment-grade buying. In this environment, natural stone players are increasingly pushed toward hyper-luxury positioning, leaning on origin strategies and verified ethics to justify premiums over functionally similar synthetics.
Regional Demand Outlook: U.S. Anchors Value, While Specific Growth Pockets Outrun Mature Benchmarks
FMI's country-level CAGR outlook (2026 to 2036):
Country | CAGR (2026-2036) |
South Korea | 7.20 % |
United Kingdom | 6.90 % |
Germany | 6.7 % |
United States | 6.3 % |
Japan | 5.0 % |
United States: Remains the dominant demand center, supported by strong import values and a robust bridal jewelry culture.
Japan: Displays a "trust premium" dynamic-high selectivity, strong role of legacy jewelers, and low tolerance for ambiguous provenance. (FMI regional weighting references import statistics and retail footprint analysis.)
South Korea & UK: FMI points to faster adoption cycles, omnichannel luxury retail strength, and the mix of high-end natural stones alongside branded lab-grown alternatives as key growth accelerants.
Sustainability as a Supplier Filter: Environmental Scorecards Rise in Importance
FMI notes that manufacturing planners increasingly treat carbon footprint and verified environmental claims as decisive inputs in supplier selection, adding another layer to the verification economy already shaping provenance. This dynamic raises the bar for miners, refiners, and midstream processors-where proof, documentation, and credible reporting increasingly influence who wins long-term supply agreements.
Competitive Landscape: Control the Constraint, Control the Margin
FMI's competitive view is that advantage is shifting from brand breadth to control over the gating constraint-evidence, compliance, detection, or access to primary supply. Incumbents with upstream leverage can enforce traceability norms, while challengers build parallel value chains through lab-grown disruption and direct-to-consumer digital models.
Key players referenced in the market landscape include:
Gem Diamonds Limited; Kiran Gems Private Limited; Gemfields Group Limited; PJSC ALROSA; Anglo American plc (De Beers Group); Pandora A/S; Brilliant Earth Group, Inc.; Lucara Diamond Corp; Sarine Technologies; Fenix Diamonds; Gübelin Gem Lab Ltd; Rio2 Limited.
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Related Reports:
- Colored Gemstones Market: https://www.futuremarketinsights.com/reports/colored-gemstones-market-share-analysis
- Demand for Gemstones in South Korea: https://www.futuremarketinsights.com/reports/south-korea-gemstones-market
- Demand for Gemstones in UK: https://www.futuremarketinsights.com/reports/united-kingdom-gemstones-market
- Demand for Gemstone in Japan: https://www.futuremarketinsights.com/reports/japan-gemstone-market
- India Colored Gemstones Market: https://www.futuremarketinsights.com/reports/india-colored-gemstones-market
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Headquartered in Delaware, USA, with a global delivery center in India and offices in the UK and UAE, FMI delivers actionable insights to businesses across industries including automotive, technology, consumer products, manufacturing, energy, and chemicals.
An ESOMAR-certified research organization, FMI provides custom and syndicated market reports and consulting services, supporting both Fortune 1,000 companies and SMEs. Its team of 300+ experienced analysts ensures credible, data-driven insights to help clients navigate global markets and identify growth opportunities.
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