The wide applications of gemstones in jewelry making is due to its chemical properties. Due to increased preference of people towards jewelry and ornaments, the gemstones market has gained traction. Gems being an essential component of the Earth, according to astrologers,it has certain other particles, which enhances the mood of the person wearing it.It is widely used during the marriage ceremonies and festivals, thus, there is a significant increase in its demand. It does not cause irritation to the skin due to its chemical composition. It is permeable and not easily corroded. It has gained traction in both men and women population. Thus, these salient features tend to incline the customers towards gemstones.
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Covid-19 Scenario Analysis:
1) Due to the outbreak, people are confined to their homes and there is no occurrence of any event of mass gatherings due to fear of infection. This results in less demand for gemstones.
2) Due to the supply chain getting affected, it results in the decline in the economy of gemstones market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The customer’s preference toward trendy products has increased the demand for gemstones significantly. Gemstones provide an elegant look and are considered a ‘symbol of elite’. Thus, for status up gradation, people are inclined toward it.Also,a rise in the disposable income of people facilitates its growth.The increasing trends of rings and other ornaments helps in its growth.Although their premium price is considered as a major restraint in its growth.Gemstones can be used for years,they do not get easily corroded.This is the prime reason for its market hold.Also,they can be converted into a variety of shapes and numerous jewelries can be prepared out of it.All these factors lead to the growth of gemstones market.
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New product launches to flourish the market
The availability of new variants in order to fulfil the interests of each and every people, has brought new changes in the gemstones market. They have fine quality and texture, which favors its adoption. So many companies are indulged in adding new features to it.They are of different types like emerald,jade,opal, pearland others. The launch of Zambian Emerald Stone has brought upsurge in the market as it is able to reduce anger and used in astrology also.
Surge in usage in astrology
The availability of social media marketing and celebrity endorsements facilitate the expansion of gemstones market. The elegant appearance shown in many advertisements are able to catch the eyes of the people. The online distribution channels prove to be beneficial for the marketing of gemstones. Since they provide a variety of schemes and prove attractive, they emerge as one of the powerful tool for market hold of gemstones.Also,there multiple benefits in the field of astrology is a major driver in its growth. It contains several particles used to forecast the zodiac signs of different people. It has applications in horoscope also. These factors will inculcate growth of gemstones industry.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global gemstones industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global gemstones market share.
- The current market is quantitatively analyzed to highlight the global gemstones market.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global gemstones market analysis based on competitive intensity and how the competition will take shape in coming years.
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