Synthetic Gemstones Market

The global market for synthetic gemstones is expected to see an upward consumption trend with a forecasted increase in market volume and value from 2022 to 2030. Despite a recent decline in consumption, the market is projected to grow with an anticipated CAGR of +18.0% in volume and +16.3% in value. The largest consuming country is Russia, while the United Arab Emirates leads in production and exports. China is the main importing country, and the United Arab Emirates is the top exporter. Prices vary significantly by country, with China having the highest export price. Overall, the market is expected to see fluctuations in consumption, production, imports, and exports, with various countries experiencing different growth rates over the years.

Market Forecast

Driven by rising demand for synthetic gemstones worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +18.0% for the period from 2022 to 2030, which is projected to bring the market volume to 8.5K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +16.3% for the period from 2022 to 2030, which is projected to bring the market value to $1.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Synthetic Or Reconstructed Precious Or Semi-Precious Stones

After four years of growth, consumption of synthetic or reconstructed precious or semi-precious stones decreased by -77.9% to 2.3K tons in 2022. In general, consumption faced a abrupt descent. Over the period under review, global consumption attained the peak volume at 19K tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global synthetic gemstones market size contracted rapidly to $505M in 2022, dropping by -63.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a abrupt slump. As a result, consumption reached the peak level of $1.9B. From 2021 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

Russia (739 tons) remains the largest synthetic gemstones consuming country worldwide, accounting for 33% of total volume. Moreover, synthetic gemstones consumption in Russia exceeded the figures recorded by the second-largest consumer, China (262 tons), threefold. The third position in this ranking was held by Switzerland (223 tons), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Russia totaled -27.0%. In the other countries, the average annual rates were as follows: China (+4.0% per year) and Switzerland (+16.8% per year).

In value terms, the largest synthetic gemstones markets worldwide were the United States ($123M), Singapore ($65M) and Switzerland ($43M), together accounting for 46% of the global market. Germany, France, Russia and China lagged somewhat behind, together comprising a further 16%.

France, with a CAGR of +19.3%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of synthetic gemstones per capita consumption in 2022 were Singapore (34 kg per 1000 persons), Switzerland (25 kg per 1000 persons) and Russia (5.1 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Switzerland (with a CAGR of +15.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Synthetic Or Reconstructed Precious Or Semi-Precious Stones

In 2022, production of synthetic or reconstructed precious or semi-precious stones increased by 2.5% to 2.3K tons, rising for the second year in a row after two years of decline. In general, production, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7.6%. Global production peaked at 19K tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, synthetic gemstones production reached $1.3B in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt decline. The growth pace was the most rapid in 2018 when the production volume increased by 5.1% against the previous year. Global production peaked at $2.3B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of synthetic gemstones production was Russia (779 tons), comprising approx. 35% of total volume. Moreover, synthetic gemstones production in Russia exceeded the figures recorded by the second-largest producer, the United Arab Emirates (284 tons), threefold. The third position in this ranking was taken by Switzerland (230 tons), with a 10% share.

In Russia, synthetic gemstones production plunged by an average annual rate of -26.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.2% per year) and Switzerland (+0.7% per year).

Imports

World Imports of Synthetic Or Reconstructed Precious Or Semi-Precious Stones

After four years of growth, overseas purchases of synthetic or reconstructed precious or semi-precious stones decreased by -93.7% to 646 tons in 2022. Over the period under review, imports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2020 when imports increased by 144%. Global imports peaked at 10K tons in 2021, and then shrank markedly in the following year.

In value terms, synthetic gemstones imports contracted markedly to $100M in 2022. Overall, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 101% against the previous year. Global imports peaked at $2.1B in 2021, and then contracted notably in the following year.

Imports By Country

In 2022, China (311 tons) represented the main importer of synthetic or reconstructed precious or semi-precious stones, making up 48% of total imports. It was distantly followed by Germany (98 tons), the United States (73 tons) and South Africa (30 tons), together committing a 31% share of total imports. Mauritius (20 tons), Japan (18 tons), Indonesia (16 tons) and Sri Lanka (11 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to synthetic gemstones imports into China stood at -5.5%. At the same time, South Africa (+15.0%), the United States (+14.1%), Germany (+9.2%) and Sri Lanka (+8.0%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing importer imported in the world, with a CAGR of +15.0% from 2012-2022. Mauritius experienced a relatively flat trend pattern. By contrast, Indonesia (-1.5%) and Japan (-15.7%) illustrated a downward trend over the same period. China (+19 p.p.), Germany (+13 p.p.), the United States (+10 p.p.), South Africa (+4.3 p.p.) and Mauritius (+2 p.p.) significantly strengthened its position in terms of the global imports, while Japan saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest synthetic gemstones importing markets worldwide were Japan ($24M), China ($22M) and the United States ($12M), with a combined 58% share of global imports. Germany, Mauritius, Indonesia, South Africa and Sri Lanka lagged somewhat behind, together accounting for a further 14%.

Among the main importing countries, South Africa, with a CAGR of +7.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average synthetic gemstones import price stood at $154,432 per ton in 2022, waning by -23.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 43%. Over the period under review, average import prices hit record highs at $203,026 per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($1,331,230 per ton), while South Africa ($14,194 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+25.4%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Synthetic Or Reconstructed Precious Or Semi-Precious Stones

In 2022, shipments abroad of synthetic or reconstructed precious or semi-precious stones decreased by -71.3% to 636 tons, falling for the second year in a row after three years of growth. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 53%. As a result, the exports attained the peak of 2.2K tons. From 2021 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, synthetic gemstones exports contracted significantly to $322M in 2022. Overall, exports showed a perceptible curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by 75%. As a result, the exports reached the peak of $1.7B, and then contracted remarkably in the following year.

Exports By Country

The United Arab Emirates was the key exporting country with an export of about 275 tons, which finished at 43% of total exports. Japan (68 tons) ranks second in terms of the total exports with an 11% share, followed by Israel (11%), China (7.7%), Russia (6.5%) and the United States (5.8%). Lao People's Democratic Republic (23 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to synthetic gemstones exports from the United Arab Emirates stood at +11.9%. At the same time, Israel (+145.6%) and Lao People's Democratic Republic (+3.7%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the world, with a CAGR of +145.6% from 2012-2022. By contrast, the United States (-9.0%), Japan (-10.0%), China (-18.3%) and Russia (-19.7%) illustrated a downward trend over the same period. The United Arab Emirates (+38 p.p.), Israel (+11 p.p.) and Lao People's Democratic Republic (+2.7 p.p.) significantly strengthened its position in terms of the global exports, while China and Russia saw its share reduced by -14.1% and -15.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($177M) remains the largest synthetic gemstones supplier worldwide, comprising 55% of global exports. The second position in the ranking was held by China ($34M), with an 11% share of global exports. It was followed by Japan, with a 10% share.

In the United Arab Emirates, synthetic gemstones exports expanded at an average annual rate of +25.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-3.4% per year) and Japan (-9.5% per year).

Export Prices By Country

In 2022, the average synthetic gemstones export price amounted to $505,583 per ton, which is down by -33.2% against the previous year. Overall, the export price, however, saw a prominent increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by 76%. As a result, the export price attained the peak level of $757,362 per ton, and then dropped dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($692,104 per ton), while Russia ($17,637 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform