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The Indian jewellery market is pegged at Rs 40,000 crore and diamond jewellery is about 15 per cent of this market.
India is the world's largest gold jewellery market by volume, accounting for around 520 tonnes of consumption demand in 2004.
The country is emerging as the world's largest trading centre for gold "" the target for 2010 is Rs 72,000 crore.
Indians are the largest consumers of gold jewellery in the world "" buying 850 tonnes of gold a year (out of which 95 per cent is jewellery) "" with an annual growth rate of 20 per cent.
The diamond market in India is about Rs 6,000 crore and it has shown a collective growth of 50 per cent over the past two years, thus making India the world's fastest-growing diamond jewellery market and the third-largest consumer of diamonds after the US and Japan.
Growth has been reported from smaller towns such as Amritsar, Ludhiana, Lucknow, Kanpur, Ranchi, Visakhapatnam, Pune and Surat, where the demand for diamond-studded jewellery has grown 25-35 per cent.
The overall branded segment in the diamond jewellery market in India is currently estimated to be about 2 per cent of the total market, this figure is growing at 40 per cent per annum and will touch Rs 10,000 crore by 2010. |
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