India is not only the second largest gold-consuming country, it has also become one of the largest markets for diamonds. With an 8% share for polished diamonds, India is now the world's third largest diamond consumer behind US (42%) and China (16%), the latest Diamond Insight report by global major De Beers showed.
The Indian appetite for diamonds has grown at a tremendous pace: In 10 years, the Indian market nearly trebled in size to about Rs 22,000 crore by end-2014, and around 25 lakh pieces of diamond jewellery were acquired by Indian women in 2013, roughly six times the number acquired in 2002, the report pointed out.
"India's domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for diamond jewellery expanding in 19 of the last 20 years in rupee terms," De Beers said. "The brief contraction in 2013, caused by the depreciating purchasing power of the rupee and a weakening of the broader Indian economy, reversed in 2014," it said.
The Indian appetite for diamonds has grown at a tremendous pace: In 10 years, the Indian market nearly trebled in size to about Rs 22,000 crore by end-2014, and around 25 lakh pieces of diamond jewellery were acquired by Indian women in 2013, roughly six times the number acquired in 2002, the report pointed out.
"India's domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for diamond jewellery expanding in 19 of the last 20 years in rupee terms," De Beers said. "The brief contraction in 2013, caused by the depreciating purchasing power of the rupee and a weakening of the broader Indian economy, reversed in 2014," it said.
