Crystal Crisis: 10 Countries Facing the Wrath of the Luxury Gem Shortage

A worldwide shortage of luxury gemstones has recently sent shockwaves through the glamorous worlds of high-end jewelry and fashion. As the demand for these exquisite gems continues to surge, countries around the globe are grappling with supply constraints that are causing concern. This article will explore the top 10 nations wrestling with the luxury gem shortage:

The United States

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Known for its discerning clientele and thriving luxury jewelry market, the United States is feeling the effects of the luxury gem shortage. With a staggering estimated worth exceeding $40 billion, the US heavily relies on imported gemstones to meet the demand for engagement rings, necklaces, and more.

China

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As one of the world’s biggest consumers of luxury gemstones, China boasts a market valued at around $18 billion. The luxury gem shortage is putting pressure on China’s jewelry industry and the aspirations of its growing middle and upper-class population.

India

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With its rich history in the gemstone trade, India is a significant player in the luxury gem market, valued at approximately $15 billion. However, the shortage is causing price hikes and reduced gemstone exports.

Russia

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Russia’s reputation for producing top-quality diamonds and colored gemstones places it high in the luxury gem market, with an industry valued at approximately $10 billion. The shortage is affecting Russia’s ability to export these precious stones.

Thailand

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Thailand’s gemstone industry, valued at about $7 billion, heavily depends on imported luxury gems. With the ongoing shortage, businesses need help to meet demand, impacting local and global markets.

Brazil

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Brazil, renowned for its colored gemstones, particularly emeralds, and tourmalines, has a luxury gem industry valued at $5 billion—the supply chain disruptions caused by the shortage present challenges in satisfying demand.

South Africa

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As a critical player in the diamond industry, South Africa boasts a market worth approximately $3 billion. The luxury gem shortage is having ripple effects on its exports and overall economic growth.

Colombia

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Colombia’s fame lies in its emeralds, making it a significant contributor to the luxury gem market, with an industry worth approximately $2 billion. The shortage has led to price increases and reduced availability of these exquisite gems.

Australia

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Australia’s pink diamonds are highly coveted in the luxury jewelry sector. The country’s gem industry, valued at $1.5 billion, is grappling with disruptions in the supply chain due to the shortage.

Myanmar (Burma)

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Myanmar has a rich history of producing high-quality rubies and sapphires, contributing around $1 billion to the luxury gem market. The gem shortage is affecting both local miners and global buyers.

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