Diamond market in India
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2014: India world's No. 3 mkt for diamonds
The Times of India, Sep 22 2015
Partha Sinha
India world's No. 3 mkt for diamonds
India is not only the the second largest goldconsuming country , it has also become one of the largest markets for diamonds.With an 8% share for polished diamonds, India is now the world's third largest diamond consumer behind US (42%) and China (16%), the latest Diamond Insight report by global major De Beers showed. The Indian appetite for diamonds has grown at a tremendous pace: In 10 years, the Indian market nearly trebled in size to about Rs 22,000 crore by end-2014, and around 25 lakh pieces of diamond jewellery were acquired by Indian women in 2013, roughly six times the number acquired in 2002, the report pointed out.
“India's domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for dia mond jewellery expanding in 19 of the last 20 years in rupee terms,“ De Beers said. “The brief contraction in 2013, caused by the depreciating purchasing power of the rupee and a weakening of the broader Indian economy , reversed in 2014,“ it said.
The report also pointed out that as income is growing, Indian consumers are increasingly buying diamonds, which is reflected in the increasing volumes of diamond jewellery sales.
2016 (data): De Beers Diamond Insight Report, 2017
See graphic:
Diamond market in India, 2016
See also
Diamond market in India
