Gems,jewellery mkt seen at Rs 2 lakh cr

Export of gems and jewellery is expected to cross $50 billion by end 2011.

The size of the Indian gems and jewellery market is expected to touch Rs 2.13 lakh crore by 2015 on the back of increasing domestic demand,Assocham said on Thursday.

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 said.

The demand is expected to rise further with onset of the annual festive season during August-October, it said,adding that a large number of Indian consumers view gems and jewellery as a safe investment option.

Story continues below this ad

The availability of skilled artisans with expertise in jewellery making,design,diamond cutting and processing at competitive wages is another reason for growth in the sector,it said. It also said the number of people going online to buy jewellery has been rising.

Traditional jewellers in India are realising the importance of internet in the contemporary world and providing a hassle-free shopping experience,thereby luring customers from the higher strata in large numbers, the chamber said.

Exports of gems and jewellery are expected to cross $50 billion by the end of this fiscal.

The countries demand is increasing for Indian jewellery include the UAE,US,Russia,Latin America and China.