India to Surpass US in 2018 Jewelry Sales

RAPAPORT... India will overtake the US as the second-largest market forfine 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 showtaking place this week. "This research shows that the Indian market for fine jewelryhas grown enormously over the last five years," Fotoulla Michael, head of salesfor IJL, said Monday. "There has been news in recent months about increasedappetite for platinum, diamonds and also colored stones, alongside the more traditionaldemand for gold jewelry. India's growing domestic market will have a hugeimpact on worldwide jewelry trade." The Indian jewelry market has increased 74% over the pastfive years, research showed, versus 12% growth in the US over the same period. China, the largest market for fine jewelry, and Japan, thefourth largest, have also both seen increases over the last five years. HongKong, which holds the fifth spot, has declined 8% to $7.2 billion. IJL began on September 2 and will close on September 4. Image: Kohinoor Jewellers