According to new research from Euromonitor International, India is set to overtake US as the world’s second largest fine jewelry market by the end of 2018, reports Business Matters. The study shows that China remains the biggest market for fine jewelry with sales reaching US$86.3 billion by the end of 2017, which are expected to reach US$92 billion by the end of this year. The Chinese market as a whole has grown by over 21% in the last five years. The biggest takeaway from the Euromonitor International study is that the Indian fine jewelry market will be worth US$62.8 billion, or $4 billion more than US retail spend which is projeted to reach US$58.6 billion by the end of 2018.
The US market for fine jewelry has grown by 12% over the last five years (from US$52.2 billion in 2014), but the Indian market has increased by a phenomenal 74% over the same period (US$36.1 bn in 2014). According to Euromonitor International, all of the top 5 markets (China, India, USA, Japan and Hong Kong) will have grown to the end of 2018, although the smallest of the five, Hong Kong, has seen a small decline over the last five years (going from $7.8bn in 2014 to $7.2bn in 2018).
The statistics were revealed as Euromonitor International discussed the impact of foreign spend on luxury jewellery sales in the UK and abroad, “Jewellery overview and impact of travel” at the leading jewellery trade event International Jewellery London. Fotoulla Michael, Head Of Sales, International Jewellery London, said, “This research shows that the Indian market for fine jewellery has grown enormously over the last five years. There has been news in recent months about increased appetite for platinum, diamonds and also coloured stones, alongside the more traditional demand for gold jewellery. India’s growing domestic market will have a huge impact on worldwide jewellery trade.”