Gold and diamonds continue to dominate the global gemstone and jewellery market, according to theGlobal Gems & Jewelry Market Forecast & Opportunitiesreport published recently by TechSci Research.

Although gold jewellery had the highest share in revenue terms in 2013, diamond jewellery is expected to further make gains at least in the next five years, driven by demand from the UAE, Saudi Arabia, Brazil, Japan, China and India. Global gemstone and jewellery market revenues are forecast to record a compound annual growth rate of 6 percent from 2014 to 2019, the report said.

The study also revealed that the global gemstone and jewellery market is primarily led by the Asia-Pacific region, with China and India as its main growth engines. In 2013, the US topped the jewellery market in revenue terms, it added.

Industry players are facing stiff competition from the unorganised segment of the market due to lack of brand awareness among consumers, said Karan Chechi, research director of TechSci Research.

-JNA