The gem and jewelry market is projected to grow at a compound annual growth rate (CAGR) of 5.95% from its 2024 valuation of USD 431.57 million to USD 608.38 million by 2030.

Global demand for diamonds and jewelry has increased dramatically as a result of the growing middle-class population in developing nations, their increased spending power, and the expanding global fashion trend. The growing middle class in these areas is driving similar developments in the diamond sector as the gold industry anticipates strong demand for gold. As a result, significant industry participants are making investments and growing their retail footprints across the world.

International brands are expanding into new markets such as China, India, Brazil, and other developing countries to take advantage of the growing demand for jewelry and stones. To promote India's jewelry sector internationally, the Gem & Jewelry Export Promotion Council (GJEPC) organized the "India Jewelry Exhibition" in Dubai.

Growing disposable income is one of the main factors propelling the worldwide market for gems and jewelry, especially in developing nations like China, India, and Brazil. Consumers now have more purchasing power as a result of economic growth and middle-class increase in these areas. The desire for luxury products, such as fine gemstones, diamonds, and precious metals, is being fueled by this increase in income.

Fine jewelry is becoming more and more popular as a status symbol, a means of self-expression, and a way to commemorate milestones like birthdays, anniversaries, and marriages. Additionally, bespoke or customized jewelry is becoming more and more popular as buyers are increasingly pickier about what they buy.