Editorial
India is not only the second largest gold-consuming country globally but it as steadily become one of the largest markets for diamonds. With an 8 per cent share for polished diamonds, India is now the world's third largest diamond consumer after US (42 per cent and China (16 per cent), according to the latest Diamond Insight report by global major De Beers.
Commenting on the report, Kamlesh Hemdev, Managing Director of Ghanasingh Fine jewels, confidently claimed, “We are now rubbing shoulders with USA and China. This means more status to the Indian diamond industry. Also, people from the international market will treat us in a different way as we have emerged as number 3 in the world.”
According to industry reports, the Indians’ appetite for diamonds has grown at a phenomenal pace. In the last decade, the demand in the Indian market nearly trebled in size to about Rs 22,000 crore by end-2014. Around 25 lakh pieces of diamond jewellery were acquired by Indian women in 2013, which is roughly six times the number acquired in 2002, the report pointed out.
Ramniklal Shah, owner of Ghatkopar-based Bharat Diamonds said, “Becoming the third biggest consumer is a huge achievement, even though globally we are rated in the third world nation bracket. However, the fact is that we are a big market for the diamond industry. The festive season is around the corner, and this tag will definitely help us in increasing sales.”
Subscribing to Ramniklal Shah’s Bharat Solanki a diamond trader from Malad believes the fact that Indian diamond market has grown rapidly, shows the power of consumers and the love for diamonds.” "India's domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for diamond jewellery steadfastly increasing exponentially in the last two decades in rupee terms,"
De Beers underlines,"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."
