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Gemstones Market - Global Industry Analysis, Share by 2031 Gemstones are precious mineral elements that are used in making jewelry and other types of ornaments once they are cut and polished. Most of the gemstones are hard in nature. Due to their aesthetics, gemstones are also utilized in the making of decoration products and luxury art products such as hard stone carvings as well as antiquity gems. Certain gemstones are also specially treated to imitate other precious gemstones. These type of imitation gemstones are used in jewelry making. A few examples of these imitation gemstones include cubic zirconia and synthetic moissanite, which is a synthetic diamond imitation. The major products in the gemstones market include diamond, ruby, sapphire, emerald, alexandrite, and topaz, among others.