Southeast Asia's oldest english-language trade journal on the international gems and jewellery community
2 Feb 2024
India's colored gemstone market is expected to reach USD 707 million this year, with 10.5% CAGR projected between 2023 and 2024.
GEMXX Corporation, a leading provider of exquisite gemstone jewelry, is excited to announce its insights into the burgeoning jewelry market in India, showcasing remarkable growth projections between 2023 and 2033.
According to recent industry forecasts, the jewelry market in India is poised for exceptional expansion, with an estimated increase of USD 21.54 billion anticipated between 2023 and 2027. This surge is supported by an impressive compound annual growth rate (CAGR) of 5.54%, positioning India as a key player in the global jewelry arena.
In specific focus, the colored gemstones market in India is expected to reach US$ 707.8 million in 2024, with a robust 10.5% CAGR projected between 2023 and 2033. This acceleration is anticipated to culminate in a staggering US$ 1.9 billion for the market by 2033.
“This industry forecast pinpointing the increase in demand for colored gemstones and gold allows investors a safe haven for investing in a company backed by gemstones and gold rather than a sometimes-volatile technology stock,” stated Jay Maull, CEO of GEMXX Corp.
"The growth rate of the colored gemstone market in India is surpassing the overall growth rate of the jewelry market in India by 2.1%. Ammolite, a relatively recent addition to the Indian colored gemstone market, has the potential to attract a significant portion of buyers seeking something innovative or distinct from conventional colored gemstones," further commented Jay Maull, CEO of GEMXX Corp.
Beyond mere aesthetics, gemstones and gold in India hold a distinct significance for a substantial portion of the population, believed to possess divine powers. The demand for colored gemstones is also on the rise, driven by their perceived Vedic properties, making them more than just precious stones but also carriers of sentimental and astrological value.
GEMXX Corporation is strategically positioned to capitalize on this growing trend, offering an extensive range of ammolite products to cater to the evolving preferences of the Indian market. As a global leader in the industry, GEMXX Corp continues to innovate and provide unique gemstone options that resonate with the cultural and spiritual sentiments of consumers.