The gem and jewellery trade is digging deep into its reserves of resilience, innovation and ingenuity as it explores the international market to unearth promising leads in emerging markets and consumer segments.

The US and China remain the world’s biggest jewellery markets but trade tensions, geopolitical sensitivities and evolving consumer preferences have taken the shine off business prospects. 

The year 2025 has been one of US tariffs, with some of the world’s biggest producers of diamonds, gemstones and jewellery slapped with double-digit duties. The initial shock in early 2025 took pause with a literal 90-day reprieve during which various parts of the supply chain either revved up or halted deliveries.

Stakeholders have been creatively relocating production or rerouting deliveries, and negotiations to lower tariffs are still ongoing. There have been some victories – the removal of duties on diamonds from the European Union, for one – yet the uncertainties surrounding these barriers to trade have made the US market less accessible to many.

China, meanwhile, has yet to return to pre-pandemic demand levels. Gold has captured the attention of consumers and dimmed their desire for diamonds.

New horizons

Alternative markets and consumer segments are now providing renewed prospects – and hope – for the industry.

India is readily mentioned by gem and jewellery suppliers when asked about markets showing good potential for growth. Indeed, the country is fast emerging as a major consumption hub for all things jewellery – from diamonds, pearls and coloured gemstones to gold, gem-set and silver jewellery. 

While local jewellers meet demand for traditional designs, India’s growing middle class is increasingly embracing modern styles.

De Beers Group has actually turned its Forevermark jewellery brand into a dedicated jewellery retail brand for India, with the objective of growing its presence in the market from around 10 stores to 100 by 2030.

Market demand for quality is also on the rise, with Indian trade buyers now seeking better-quality pearls and exhibiting greater willingness to pay the premium. Diamonds are much in demand too but mostly in modest sizes, report diamantaires.

Southeast Asia is another treasure trove of opportunities. Diamonds are selling well in Vietnam, Cambodia and Indonesia, among others. Buyers from Myanmar snapped up Colombian emeralds at this year’s September Hong Kong Fair. And the Philippines favours gold, diamond, pearl and silver jewellery – most of which is imported. 

Prospects are bright too in the Middle East. In the Gulf, Arab consumers veer towards 21- or 22-karat gold, while Western expats often prefer 18-karat gold jewellery. Jewellers in the Gulf gravitate towards bigger diamonds of 3 carats and up in JKL colour. Personalisation and customisation are in, and bigger gems are always in demand.
 

JGW & JNA: 42 Years, 42 Stories is an online series running throughout 2025 to celebrate the 42nd anniversary of Jewellery & Gem WORLD Hong Kong and JNA. A new story of creativity, craftsmanship and innovation will be released every week. Subscribe to free JNA News Alerts to be notified when the next story is out.