Gems and jewellery sector to reach Rs2.13 lakh crore by 2015: ASSOCHAM
21 Jul 2011
The gems and jewellery industry in India is likely to reach Rs2.13 lakh crore by 2015, apex industry body ASSOCHAM said today.
''Growing at a steady rate of 15 per cent the domestic gems and jewellery market is currently poised at Rs1.22 lakh crore,'' it said in a study titled Current Trends in Indian Gems and Jewellery Sector.
ASSOCHAM sought feedback from around 1,500 key retailers, manufacturers, wholesalers throughout the country including branded players from all verticals of the industry - gold, diamonds, silver and gemstones. The study was carried out between March-June.
The growth in the industry has been spurred by constantly rising demand for jewellery, widely perceived a trusted source for meeting emergencies and a safe investment option, and for social occasions.
''Rising purchasing power, lifestyle changes and overall increasing affordability among the Indian middle-class are a significant reasons for higher jewellery demand,'' said ASSOCHAM secretary general D S Rawat.
Introduction of hallmarking and certifications has transformed the buying preferences as more youngsters can be seen buying jewellery as part of fashion accessory and are even parking their access funds as part of investments in this sector, according to the ASSOCHAM study.