Gems and Jewellery trade to grow to 2.13 lakh
According to ASSOCHAM, the gems and jewellery industry in India is likely to reach Rs 2.13 lakh crore by 2015.
“Growing at a steady rate of 15 per cent annually, the size of the domestic gems and jewellery market currently stands at Rs 1.22 lakh crore”, the chamber also said.
"The demand is expected to rise further with onset of the annual festive season during August-October as Indian consumers see gems and jewellery as a safe investment and the number of shoppers going online is increasing too," it added further.
“The availability of skilled artisans with expertise in jewellery making, design and diamond cutting and processing at competitive wages is another reason for growth in the sector,” ASSOCHAM said in conclusion.
Exports of gems and jewellery are expected to cross USD 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.