Gold, diamond to drive jewellery sector growth
GROWING preference for platinum and luxury items is unlikely to take the glitter away from gold and shine from diamonds and the traditional favourites will continue to drive jewellery growth in India, a KPMG study has said.
By TNN |
NEW DELHI: GROWING preference for platinum and luxury items is unlikely to take the glitter away from gold and shine from diamonds and the traditional favourites will continue to drive jewellery growth in India, a KPMG study has said. “Total demand for jewellery is expected to reach $18.3 billion in 2010 and $28.3 billion in 2015, with gold and diamond acting as the main drivers of this growth,” the report said in a study for Gems and Jewellery Export Promotion Council.
India’s consumption of gems and jewellery has grown at 10.2% over the last five years and is expected to reach $13.1 billion this year. The country’s importance in the global jewellery market would increase in future, the study said. Diamond jewellery consumption is forecast to jump 78% by 2010 and then further by close to 100% between 2010 and 2015. In the last five years, demand for diamond jewellery has risen at a compounded annual growth rate of 43.5% and stood at $1.5 billion in 2005.
The industry is currently witnessing a variety of trends and changes such as emergence of new manufacturing locations and reduction in the concentration around Surat and Mumbai, technological changes and increased design sophistication. Other trends include adoption of industry standards, forward integration of diamond processors into jewellery manufacturing and integration of manufacturers and retailers. “These trends are nascent and are likely to strengthen in the years to come,” the study said.
India’s consumption of gems and jewellery has grown at 10.2% over the last five years and is expected to reach $13.1 billion this year. The country’s importance in the global jewellery market would increase in future, the study said. Diamond jewellery consumption is forecast to jump 78% by 2010 and then further by close to 100% between 2010 and 2015. In the last five years, demand for diamond jewellery has risen at a compounded annual growth rate of 43.5% and stood at $1.5 billion in 2005.
The industry is currently witnessing a variety of trends and changes such as emergence of new manufacturing locations and reduction in the concentration around Surat and Mumbai, technological changes and increased design sophistication. Other trends include adoption of industry standards, forward integration of diamond processors into jewellery manufacturing and integration of manufacturers and retailers. “These trends are nascent and are likely to strengthen in the years to come,” the study said.
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