India is set to overtake US as the second biggest fine jewellery market in the world by the end of 2018.
According to market research provider Euromonitor International, the Indian fine jewellery market will be worth USD $62.8bn (£48.9bn), $4bn more than US retail spend which will reach $58.6bn (£45.6bn), by the end of 2018.
The US market for fine jewellery has grown by 12% over the last five years but the Indian market has increased by 74% over the same period.
China remains the biggest market for fine jewellery with sales reaching $86.3bn (£67.2bn) at the end of 2017, and expected to reach $92bn (£71bn) by the end of this year. Overall Chinese market has grown by over 21% in the last five years.
According to Euromonitor International, all of the top five 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 UK market for fine jewellery is eighth biggest international market with a retail value of $4.46bn (£34.7bn) at the end of 2017 and predicted to rise to £4.6bn by the end of the year.
Fotoulla Michael, head of sales, International Jewellery London (IJL) said: “IJL is delighted to welcome Indian designers, manufacturers and gem dealers to IJL this week including Kohinoor, Karats & Carats, Videotron Gems & Jewellers, Spectrum Jewels and Lotus Gems.
“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.”