According to the report by Expert Market Research (EMR), the global rough ruby market size is estimated to grow at a CAGR of 5.00%. The market is driven by the robust demand from the jewellery sector and the intrinsic value rubies hold in various cultures.
Rough rubies, uncut and unpolished, are the raw, natural forms of one of the most coveted gemstones in the world. Their intrinsic value is not solely due to their potential beauty when cut and polished but also because of their rarity and the historical significance they carry. Rubies are often associated with wealth, power, and passion, making them a staple in luxury jewellery and heirloom collections.
The rough ruby market growth is predominantly fuelled by the jewellery sector, which prizes rubies for their colour, hardness, and lustre, making them an enduring choice for high-end ornaments. Additionally, the rising economic affluence in emerging markets has broadened the consumer base, eager to invest in luxury goods, including ruby jewellery.
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The market is also witnessing a surge due to the gemstone’s popularity in alternative investments. Collectors and investors alike are drawn to rare rubies as tangible assets that historically retain or increase in value, providing a hedge against economic volatility.
During the projected timeframe, there is expected to be a significant growth in the market for the up to 8 carat segments. Rubies that are one carat in size are commonly found, while rubies over 2 carats are rarer than sapphires of the same size and hold a higher value. The rarity of rubies larger than three carats is even greater, resulting in an increased cost. The formation of rubies in a shallow, tabular shape makes it uncommon to find larger, richly coloured rubies. Due to the associated costs, jewellery pieces often incorporate multiple smaller rubies rather than a single larger ruby.
As per the rough ruby market analysis, the technological advancements in gemstone mining and cutting also present a significant opportunity. Improved techniques can lead to higher yields from ruby mines, and advanced cutting methods can enhance the value of the final polished gem, increasing the overall worth of rough rubies.
The Asia-Pacific region, particularly Myanmar, which is renowned for high-quality rubies, remains a dominant player in the rough ruby market. Markets in Thailand and Vietnam also contribute significantly due to their established cutting and trading hubs. Furthermore, the African continent, with ruby mines in Mozambique and Madagascar, is rapidly becoming a force in the sector, owing to significant finds and investments in mining operations, consequently driving up the rough ruby market share.
Rough Ruby Market Segmentation
The market can be divided based on the carat, sales channel, and region
Market Breakup by Carat
- Up to 8 Carat
- 8-12 Carat
- 13-15 Carat
- Others
Market Breakup by Sales Channel
- Direct Auction
- Indirect
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Rough Ruby Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global rough ruby market. Some of the major players explored in the report by Expert Market Research are as follows:
- Gemfield Plc
- Gem Bridge
- Mwriti Limitada
- FURA Gems
- Gem Rock
- Others
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