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India to Surpass US in 2018 Jewelry Sales
Sep 3, 2018 7:06 AM
By Rapaport News
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RAPAPORT... 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 will close on September 4.
Image: Kohinoor Jewellers
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Tags:
Euromonitor International, fine jewelry, Fotoulla Michael, ijl, India, International Jewellery London, Rapaport News
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