"Sparkle and Shine: As the germs and jewelry market is on the rise!

Gems are pieces of jewelry created from rock, mineral, or petrified material that are polished and carved to create stunning visual effects. These jewels come in the form of rings, earrings, necklaces, bracelets, and pendants. Gems and jewelry enhance attractiveness and stand for power, riches, and position. In addition, diamonds are employed in spiritual rituals and practices to balance energy fields, achieve calm, and foster love, security, and physical healing. On the other hand, jewelry can also be a form of tradition and culture for some people as well as a means of self- and creative expression. The market is being boosted by the growing fashion consciousness among young people and the trend of wearing jewelry that complements the clothing. Gems and Jewelry are ornamental pieces that are made of precious materials. The expanding middle-income level of customers in developing nations, their growing purchasing power, as well as a globalizing design trend have all significantly contributed to the rise in demand for gems and jewelry worldwide. The diamond business anticipates increasing demand for diamonds in the same manner that the gold sector does. This is mostly because a growing middle class is developing in the nation. Major players are investing and growing their retail locations as a result. International firms are starting to enter the region in order to take advantage of the growing market demand in these nations as emerging markets like India, China, Brazil, and other developing markets show optimistic potential. Additionally, one of the most recent trends that are becoming increasingly popular in the gem and jewelry sector is the rise of cross-cultural designs. Over the projected period, it is anticipated that demand for jewelry with Italian, European, and Egyptian cultural influences would dominate the market under consideration. The increase in urbanization has caused consumer behavior to change with regard to accessories, moving away from wearing more jewelry to keeping it simple and elegant while preserving the fashion statement. The demand for single-stone stud earrings, pendants, and rings has increased significantly as a result of these changing dynamics.

According to the research report, “Global Gems & Jewelry Market Outlook, 2028” published by Bonafide Research, the market is expected to cross USD 460 Billion market size, increasing from USD 316.51 Billion in 2022. The global market is forecasted to grow with 6.67% CAGR by 2023-28. Consumption of jewels is on the rise as more individuals are drawn to high-end goods. The product's benefits include helping to draw attention to certain physical aspects of the body, showcasing current fashion trends and styles, enhancing appearances, and more. The product's rising ubiquity as a status symbol among high-earners is assisting in the acceleration of consumption. The market is continuing to rise as a result of rising demand for modern jewelry and an increase in the number of designers entering the industry. Today's jewelry is made with contemporary jewelry styles and materials like platinum, white gold rose gold, etc. They thus swiftly gain commercial acceptance, mostly from working women wanting for lighter, more comfortable jewelry. Including western countries, both North America and Asia-Pacific account for the majority of the demand for gems and jewelry worldwide. Despite rising global prices, there is a considerable demand for jewelry with diamonds set in gold, platinum, gold, gemstones, and pearls. Expanding urbanization, shifting lifestyles, rising e-commerce sales, increased presence of organized retail channels, growing number of premium product launches, synchronized distribution networks, etc. are the main drivers of the increase in demand. In addition to that, the wedding and bridal market has been a major driver of the gems and jewelry industry. Engagement rings, wedding bands, and other jewelry pieces are essential components of wedding ceremonies in many cultures.

Recent Developments:

? In January 2023, TANISHQ JEWLLERYS , a Titan Ltd-owned jewelry brand, entered the U.S. market by opening its first store in New Jersey. The store houses over 6,500 jewels designs in 18 and 22-karat gold and diamond.

? In June 2022, The AIGS - Asian Institute of Gemological Sciences (AIGS) has launched what it accepts is the primary normalized color code for sea blue. It plans to present outsider objectivity in a gemstone market where the exceedingly significant variety is frequently portrayed with vague terms like greenish blue or blue.

? In May 2022, GIA India Laboratory Pvt. Ltd declared the launch of its new pearl distinguishing proof research facility in Mumbai.

? In August 2022, Pandora , a jewel maker, announced that the company would move ahead with its lab-made diamonds and stop selling mined diamonds. Lab-created diamonds are available to more people and also reduce carbon emissions. It launched a collection using unmined gems in North America to attract young consumers with cheaper and sustainable stones.

? In January 2022, Malabar Gold & Diamonds Diamonds, an India-based jewelry retailer, inaugurated six showrooms across the UAE - three in the new Dubai Gold Souq extension and one in City Centre Al Zahia, Lulu Muweilah, Sharjah, and Crown Mall, Jebel Ali.

? In September 2022, Chaulaz Heritage Jewellery, an Indian designer ornament brand, strengthened its bridal portfolio by launching the ‘Basra’ collection — the hand-crafted heritage range includes nose pins, earrings, necklaces, and pendants. The brand also customizes and sells antique ornaments online through its website and social media platforms.

Link to full report: https://www.bonafideresearch.com/product/230818701/global-gems-and-jewelry-market