India will overtake the US as the second-largest market for fine jewelry, behind China, by the end of 2018, according to researchers at Euromonitor International.
Sales of fine jewelry in the country are expected to reach $62.8 billion this year, surpassing the US, where consumers will spend $58.6 billion, Euromonitor representatives said during the International Jewellery London (IJL) trade show taking place this week.
“This research shows that the Indian market for fine jewelry has grown enormously over the last five years,” Fotoulla Michael, head of sales for IJL, said Monday. “There has been news in recent months about increased appetite for platinum, diamonds and also colored stones, alongside the more traditional demand for gold jewelry. India’s growing domestic market will have a huge impact on worldwide jewelry trade.”
The Indian jewelry market has increased 74% over the past five years, research showed, versus 12% growth in the US over the same period.
China, the largest market for fine jewelry, and Japan, the fourth largest, have also both seen increases over the last five years. Hong Kong, which holds the fifth spot, has declined 8% to $7.2 billion.
IJL began on September 2 and closed on September 4.