Spain’s gemstone market has never been in a more favorable position to make a lasting impact on the international scene. The Herfindahl index (HHI) went down to 1965 in 2023 from 2262 in 2017 – a noticeable dip that means the market has become moderately competitive, signaling a broader participation of players and exporting countries. For Spanish exporters, India is most likely to be their best client in 2028, followed closely by Italy, the USA, Israel and China. Despite China’s dominance in total import demand across all countries, India presents high unmet demand potential for Spanish exporters, which comes with promising opportunities for growth and collaboration. The Spanish gemstone market is poised for robust expansion, with a projected Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period (2020-2026). This growth trajectory is fueled by increasing demand from tourists, evolving fashion trends and the thriving e-commerce industry. Spain’s strategic geographic location enhances its appeal as a destination for precious stones like emeralds and rubies, sourced from countries such as Colombia, India, Myanmar and Zambia. Now that platforms like Amazon and eBay have become the norm for many customers, online channels present new avenues for small retailers to enhance their visibility and reach a broader audience. Investments by large companies in digital platforms coupled with growing social media influence among millennials are expected to drive further growth in the sector in the coming years. Despite slight reductions in precious stone and pearl imports into Spain in 2022, the overall trend has been positive with notable fluctuations recorded over the years. While imports experienced a peak in 2015, subsequent years saw varying levels of momentum and it wasn’t until 2022, when imports increased dramatically, making a growing appetite for gemstone products in the Spanish market.