Commodities

Gems, jewellery market may touch Rs 2.13 lakh cr by 2015: Assocham

PTI New Delhi | Updated on July 21, 2011 Published on July 21, 2011

The size of the gems and jewellery market is expected to touch Rs 2.13 lakh crore by 2015 on the back of increasing domestic demand, Assocham has said.

Growing at a steady rate of 15 per cent annually, the size of the domestic market currently stands at Rs 1.22 lakh crore, the chamber said.

“The demand is expected to rise further with the onset of the annual festive season during August-October,” it said, adding that a large number of Indian consumers view gems and jewellery as a safe investment option.

Availability of skilled artisans with expertise in jewellery making, design, diamond cutting and processing at competitive wages is another reason for the growth in the sector. The chamber also said the number of people going online to buy jewellery has been rising.

“Traditional jewellers in India are realising the importance of internet in the contemporary world and providing a hassle-free shopping experience, thereby luring customers from the higher strata in large numbers,” the chamber said.

Exports of gems and jewellery are expected to cross $50 billion by the end of this fiscal.

The countries where demand is increasing for Indian jewellery include the UAE, US, Russia, Latin America and China.

Published on July 21, 2011
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