India set to overtake US as second biggest market for fine jewellery

The top 5 countries or economies – notably  China, India, US, Japan and Hong Kong - account for 70% of worldwide jewellery spending according to research provided by Euromonitor International and are predicted to reach a staggering US$331bn by the end of 2018.

The country that brings Bollywood to the world, is now set to be a leading market for serious bling.
Photos: Illamasqua India Fashion Week London 

According to newly released figures revealed at the International Jewellery London trade fair (September 2 - 4 at Olympia, Kensington), India is set to overtake US as second biggest market for fine jewellery by the end of 2018, while China remains the biggest market in the world for fine jewellery.

Fotoulla Michael, Head Of Sales, International Jewellery London (IJL) said:  “This research shows that the Indian market for fine jewellery has grown enormously over the last five years.

“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,” said Michael, adding that Indian designers, manufacturers and gem dealers are welcome to the International Jewellery Week in London this session.  They include Kohinoor, Karats & Carats, Videotron Gems & Jewellers, Spectrum Jewels and Lotus Gems.

Jewellery industry expert David Brough, concurred that India is a vast and growing market for luxury, notably for diamond jewellery. “Advertising campaigns in India led by groups such as the Diamond Producers Association (DPA), are bound to increase demand by the country's increasingly affluent consumers for diamond jewellery in the coming years," he said.

The figures from market research experts at Euromonitor International, highlighted that the Indian fine jewellery market will be worth USD $62.8bn,  $4billion more than US retail spend which will reach $58.6bn, by the end of 2018.

The US market for fine jewellery has grown by 12% over the last five years (USD $52.2bn in 2014) but the Indian market has increased by a phenomenal 74% over the same period (USD $36.1bn in 2014).

China remains the biggest market for fine jewellery, with sales reaching USD $86.3billion and is expected to reach USD$92billion by the end of this year.  Overall Chinese market has grown by over 21% in the last five years.

More than 550 exhibitors and 10,000 visitors from over 50 countries are expected to attend the International Jewellery London trade fair.