Global Synthetic Gemstone Market Research 2024, Forecast To 2033

The synthetic gemstone market has grown steadily, with its size rising from $22.44 billion in 2023 to $23.36 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.1%. This growth is attributed to the expanding use of synthetic gemstones in jewelry, increased marketing and branding efforts, initiatives promoting sustainable gemstone production, diversification of synthetic gemstone products, and supportive government policies. The market is projected to maintain steady growth, reaching $27.96 billion by 2028 at a CAGR of 4.6%. This growth can be attributed to increasing demand for affordable luxury, rising environmental concerns, growing preferences for customization and personalization, increased investment in research and development (R&D) activities, and the expansion of e-commerce. Key trends in the forecast period include technological advancements in gemstone synthesis, progress in gemstone cutting and polishing, the rising popularity of lab-grown diamonds, advanced production techniques, and innovations in hydrothermal synthesis.