The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 7 percent of the country’s GDP and 15 percent to India’s total merchandise exports. It also employs over 4.64 million workers and is expected to employ 8.23 million by 2022. One of the fastest growing sectors, it is extremely export-oriented and labor intensive. Gemstone meaning is a precious or semi-precious stone, especially one cut, polished, and used in a piece of jewellery.
Based on its potential for growth and value addition, the Government of India has declared the Jewellery and Gemstones sector as a focus area for export promotion.
The Government has recently undertaken various measures to promote investments and to upgrade technology and skills to promote ‘Brand India’ in the international market.
During the pandemic and after, the Government continued to support the gemstones type industry. Gold picked up momentum in the festive season and continued to show promise.
Experts have predicted that the gemstone industry will soon shine like a star and will sparkle like a precious diamond in the near future.
Best Gem for our Gemstone Industry
There is no doubt that the jewellery and gemstone industry will experience an e-commerce boom due to technology improvements in important areas such as design, materials (gems), and manufacturing.
The key brands are embarking on innovation and new product developments infused with the latest technology to provide the luxury feeling and perfect craftsmanship to their product offerings. Amazon, Rananjay Exports, and Alibaba are the best place to buy gemstone jewellery. Opal, Larimar, Moldavite, Libyan, and Moonstone are the best gems for your gemstone jewellery.
If we think about any piece of jewellery we are wearing, maybe our wedding band, or just visualize our favorite piece of jewellery. Our mind instinctively brings up memories, emotions, and relationships related to the jewellery, and we automatically begin to relive the important stories of our life.
- Like Amazon, Flipkart, and Snapdeal selling products, they will display jewels on your website.
- Authentic certification of gold, diamond, and silver will be shown live on Websites.
- Too much competition with competitors and lots of options for customers by just sitting at home.
- Option of Comparison of all types of jewellery with another jeweler, melting rate, re-sale value, etc!
The rising middle-income consumers in the developing country, coupled with the increased purchasing power and the rising fashion trends, are boosting the demand for fine costume jewellery across the region. Similar to the gold industry, the diamond industry has high expectations for the demand for diamonds, primarily due to the huge emerging middle class in Latin American countries.
In March 2021, exports of gemstones & jewellery stood at USD 3.42 billion. In the Final Year of 2021 (until October), India exported gemstones & jewellery worth USD 23.65 billion compared with the USD 11.482 billion recorded in the final year of 2021 (until October).
Asia-Pacific is the Largest Gemstone Jewellery Market
In Asia-Pacific, the gems and jewellery market is witnessing changes in consumer preferences due to the adoption of the Western lifestyle. Consumers are demanding new designs and varieties in jewellery, and branded jewelers are able to fulfill their changing demands better than the local unorganized players.
The strong performance of the real jewellery segment is expected to drive the Asian jewellery market. Manufacturers of gems and jewellery in the region are more focused on developing new and innovative designs to fulfill the changing needs and demands of consumers. It is done by using advanced technologies, such as computer-aided design (CAD) and rapid prototyping (RP), that play a vital role in incorporating 3D printing in jewellery.
Leading manufacturers in the jewellery and gemstone industry market are focusing on leveraging the opportunities posed by the emerging markets of Asia-Pacific, like China and India, to expand their revenue base because of the rising income levels and their religious traditions, as they consider giving jewellery ornaments as auspicious.
Gemstone industry during Marriage and Festive Season
Festivals and weddings in India are seasons when the gemstone industry recovers from any slowdown. We expect that the oncoming festivals and the consequent wedding season will rush the growth positively.
The wave of new fashion is going to be the trend in the coming years. It has increased the demand for solitaire diamonds and svelte gold pieces of jewellery. There will be a new bridal trend where lightweight jewellery pieces and elegant gold jewellery will rule the fashion accessories industry.
Simplicity is the Key
As the fashion accessories industry changes the trend, the preferred designs will also be different. The jewellery that is in demand is simple and chic pieces. People want to look sophisticated without heavy jewellery. They want to be posh and, that kind of style only comes with conservative, classy designs.
Digital is Responsible for Gemstone industry
Light jewellery has become popular over the past few years. It is because of the rise in digital shopping and social media. A maximum number of people shop gemstones online, making jewellery shopping convenient.
Heavy jewellery pieces are not easy to shop online because it requires the consumer to visit a shop to see the work for themselves. Shopping for heavy jewellery is an appreciation of art – the craftsmanship of the design, the authenticity of the gemstones jewellery, and the quality of gold bind the glorious piece. It is also a notable investment compared to lightweight jewellery.
Customer Service in Gemstone industry
Many commercial and local jewelers are training their staff members in sales and customer services. Staff members are taught to charm the consumers and sell a jewellery pieces in a skilled manner. The consumers’ shopping experience is also now considered in the entire shopping process. If you are passionate about Customer Relationship Manager role, this is great time to get in Gemstone Companies.
There is stress on the comfort and uniqueness of the consumers’ shopping experience. Because of the digital era, customer service is taken to a heightened level. The shopping experience evolved to delight the consumer after buying by offering various facilities.
Bounce Back in Exports
The export business of gemstones and jewellery in India brings in the most foreign exchange. There is a 100 percent Foreign Direct Investment (FDI) allowed by the Government. It is encouraging that the borders have gradually begun to open for business, and the export industry is also making a comeback firmly.
We are optimistic that the coming years will be vital in making economic growth in India stable. The jewellery and gemstone industry will bounce back and stay bright for the future.
Lab-Grown Gemstones
Advancements in technology have paved the way for lab-grown gemstones to become a viable alternative to natural gemstones. Lab-grown diamonds are created in controlled laboratory environments using advanced techniques that mimic the natural process of gem formation.
These gemstones possess the same physical and chemical properties as their natural counterparts but are more affordable and can be produced in larger quantities. As technology continues to improve, lab-grown gemstones and Lab grown diamonds are expected to gain even more popularity in the market.
Customization and Personalization
In today’s digital age, consumers crave unique and personalized experiences. This trend is also extending to the gemstone industry, where customization and personalization are becoming increasingly important. Customers want to be involved in the design process and have the ability to create one-of-a-kind pieces that reflect their individual style and taste. This shift towards customization is driving the demand for bespoke jewelry and creating new opportunities for designers and craftsmen.
Online Retail and Virtual Shopping
The gemstone industry has greatly benefited from the rise of online retail and virtual shopping. With the advent of e-commerce and technological advancements, customers can now explore a vast array of gemstones from the comfort of their homes.
Online retail has revolutionized the way gemstones are bought and sold. It has eliminated geographical barriers, allowing customers worldwide to access a wide variety of gemstones. Whether it’s rare and exquisite gems or popular and affordable ones, online platforms offer a diverse range of options to cater to every taste and budget.
Virtual shopping has further enhanced the gemstone buying experience. Augmented reality (AR) and virtual reality (VR) technologies have become popular. Customers can now visualize how a particular gemstone would look when worn or placed in different settings. This immersive experience helps in making informed purchasing decisions, ensuring customer satisfaction.
Moreover, online retail and virtual shopping have made the gemstone industry more transparent. Customers can access detailed product information, certifications, and customer reviews, enabling them to make educated choices. This transparency has increased trust among consumers and improved the overall shopping experience.
In addition, online retail provides a platform for small-scale gemstone businesses to reach a larger audience. It has leveled the playing field, allowing them to compete with established players in the industry. This has led to increased market competition and innovation, benefiting both businesses and customers.
Blockchain Technology for Transparency
Blockchain technology has emerged as a powerful tool for transparency in various industries, including the gemstone industry. By leveraging blockchain, the gemstone industry can ensure greater accountability and traceability throughout the supply chain.
Blockchain provides a decentralized and immutable ledger that records every transaction and movement of gemstones. This enables stakeholders to track the journey of gemstones from mining to manufacturing and ultimately to the end consumer. Each gemstone can be assigned a unique digital identity, allowing for easy verification of its authenticity, origin, and ethical sourcing.
Transparency is crucial in the gemstone industry due to concerns surrounding conflict minerals, unethical practices, and counterfeit gemstones. Blockchain technology can help address these issues by providing a transparent and auditable record of each gemstone’s history. This not only instills trust among consumers but also enables businesses to demonstrate their commitment to ethical practices.
Final Thoughts
In conclusion, the future of the gemstone industry is filled with exciting possibilities. Trends like sustainable mining practices to lab-grown gemstones, customization, online retail, and blockchain technology are reshaping the industry. They are creating new opportunities. Consumers are becoming more conscious of their choices. It is crucial for the gemstone industry to adapt and embrace these changes to thrive in the future market.
