According to researchers at Euromonitor International, India will lead the United States by the end of 2018 as the second largest precious jewelry market after China.
The sale of precious jewelry in the country is expected to reach $ 62.8 billion this year, compared to the United States, where consumers will spend $ 58.6 billion, said Euromonitor representatives at International Jewelery London (IJL) (early September 2018).
“This study shows that the Indian precious jewelry market has grown enormously in the past five years,” said Fotoulla Michael, sales manager at IJL. “In recent months, we have seen a growing interest in platinum, diamonds and colored stones, in addition to the more traditional demand for gold jewelry. India’s growing home market will have a huge impact on the global jewelry trade.”
The Indian jewelry market has grown 74% in the last five years, the results of this research show, compared to 12% growth in the United States during the same period.
China, the leading precious jewelry market, and Japan, the fourth largest market, have both grown over the last five years. Hong Kong, which ranks fifth, fell 8 percent to $ 7.2 billion.