The gemstone industry is a huge part of the global economy. Not only are they important to our culture, but they also play an integral role in many people’s lives.
One way that this can be seen is through their monetary value. Gemstones have been popular for thousands of years and continue to hold significant value today. In 2013 alone, the gemstone market was worth more than $30 billion USD!
This blog post will discuss various statistics on the gemstone industry, including information about where it came from historically, how much money it makes annually, and what is predicted for its future.
Gemstone Industry Statistics From 2019-2020
Being a growing industry since it’s inception, here are the gemstone’s industry statistics from 2019 – 2020.
- In 2020, gem-quality diamonds were expected to account for about $15 billion in imports to the United States, which is 31% lower than in 2019. On the other hand, diamonds were expected to total around $2 billion in imports to the United States, which was a 22 percent drop from $2.7 billion in the previous year (2019).
- Even with the pandemic, the U.S still managed to lead the global market when it came to gemstone’s consumer demand. It’s expected to stay this way for years to come.
- The COVID-19 pandemic has had a significant impact on the diamond industry worldwide, with temporary diamond mine closures and supply chain disruptions that occurred in 2020.
- Diamonds were inaccessible to the general public during the pandemic, and demand dropped. Sales only resumed when people became more willing to pay for them again.
- Due to the pandemic, mining corporations were compelled to cancel or postpone sales, and major diamond trading shows were postponed as a result of health and travel restrictions. At just a few sales that took place, rough diamond prices dropped by 15% to 27%, with the rough diamond market being out of service during the second quarter.
- Diamond cutting centers in India were hit hard over the summer as gem cutters caught the disease. Imports of rough diamonds to India fell by almost $1 billion during the first four months of this year, according to officials. Antwerp’s rough imports and polished diamond exports fell by 20% and 46%, respectively.
- Many international mines that had been shut down as a result of the pandemic were yet to reopen and were at risk of becoming permanent. Many mining firms sought credit protection or underwent financial restructuring in order to preserve their business. Worldwide, the diamond jewelry industry was worth $80 billion in 2019 and was anticipated to drop 19% in 2020, according to market research
- The total amount of diamonds produced by the world in 2020 fell 10% from 2019 levels. This fall was caused by the Covid-19 pandemic that spread across the globe in 2020.
The Future of the Gemstone Industry
With the markets steadily opening up, the world of gemstones is becoming more and more accessible to people from all different walks of life. While their prices have always been viewed as a bit out-of-reach, that might be changing now.
People are starting to realize that you can own a piece of history by wearing one stone at a time. With so many beautiful stones in the world, it is easy to find something that resonates with you and your personal style.
If we can just get past some of these preconceived notions about what gems cost and why they are so expensive, then there may be an opportunity for us all to enjoy them in one way or another. But first, let’s take a look at what is happening in the industry.
The Current State of Gemstone Mining
Gemstones and other valuable minerals are mined around the world. The countries that possess these resources often take advantage of their lucrative value to help further boost their economy, but there can be a downside as well.
Pollution from mining operations such as strip-mining or mountain top removal (MTR) has been linked to a decrease in the health of local communities.
In some cases, countries have been known to use slave or child labor as well as hazardous chemicals and materials during mining operations that can be harmful for all involved. In addition, many mines are located on lands where indigenous people once lived free from outside influence before being evicted by those who want to take advantage of the resources they hold.
Most reputable gemstone mining companies have policies against such inhuman activities and work hard to ensure their supply chains are clean so as not to ruin the reputation of the gems they sell. It is important for consumers to do thorough research before buying anything to ensure it is ethically sourced.
Should You Invest in Gemstones?
Gemstones are considered as safe choices for investments since they do not carry the same risks associated with other types of assets. Unlike stocks, bonds and real estate that can experience huge fluctuations in their prices, gemstones hold strong sentimental value to people.
Hence, whatever happens on the market does not affect its price so much unless there is a problem with its quality, such as the discovery of a fake gemstone.
The good thing about investing in gems is that they can be used to make jewelry and other items like decorative accessories or even equipment for medical applications. The more products made from these stones, the higher will be their demand on the market which would translate into an increase in value.
However, it is important to be careful when investing in gemstones since there are a lot of scams out there. It will help if you require the services of an expert appraiser before making any purchase so that you could avoid overpaying or buying fake stones.
You can also start by looking for companies that have been around the industry for quite some time and have a good reputation.
Industry statistics can help you to see where the crystal and gemstone industry is headed. This data will give insight into supply, demand, production costs and more!
When integrated with other market research reports such as buyer reports or consumer studies it becomes easy to make strategic decisions about your business model. The gemstone industry has grown at a steady pace over the last ten years and is expected to continue growing.
There will be new markets opening up for gemstone products, such as India where it is predicted that spending on jewelry will increase drastically in coming years due to an expanding middle class. This means there is a strong future for the gemstone market.