India will surpass the US as the second-largest market for fine jewellery, behind China, by the end of 2018, according to researchers at Euromonitor International, wrote Rapaport in a press release.
The Indian jewellery market grew 74% over the past five years, versus 12% in the US over the same period. China and Japan, the fourth largest marlket, have also both seen increases over the last five years. Hong Kong,the fifth, has declined 8%.
Sales of fine jewellery in the country are expected to reach $62.8 billion this year, compared to $58.6 billion in the US, Euromonitor representatives said.
“This research shows that the Indian market for fine jewellery has grown enormously over the last five years,” Fotoulla Michael, head of sales for IJL, said. “There has been news in recent months about increased appetite for platinum, diamonds and also coloured stones, alongside the more traditional demand for gold jewellery. India’s growing domestic market will have a huge impact on worldwide jewellery trade.”