ID :
196492
Fri, 07/22/2011 - 11:09
Auther :
Shortlink :
https://oananews.org//node/196492
The shortlink copeid
INDIA’S GEM, JEWELLERY SECTOR TO HIT US$48 BILLION BY 2015
By P.Vijian
NEW DELHI, July 22 (Bernama) -- India's shinning gems and jewellery sector is tipped to touch US$48 billion (RM144 billion) by 2015, as more Indians invest in gold and silver jewellery, considered safe long-term investment.
India's apex trade industry body the Associated Chambers of Commerce and Industry of India (Assocham) said the domestic sector was "growing at a steady rate of 15 per cent (annually)."
"Growth in the industry is spurred by its rising demand as jewellery is considered a trusted (commodity) in possession and a large number of Indian consumers approve it as safe investment option," said D.S Rawat, Assocham's secretary general.
Despite rising gold and silver prices which have hit unprecedented levels, Indians, traditionally known as big buyers of both metals, continued to procure gold and silver-made jewellery.
"Rising purchasing power, lifestyle changes and overall increasing
affordability among Indian middle-class are significant reasons for higher jewellery demand," added Rawat.
With the annual festival mood about to waft across India later this year, industry players are also optimistic of a buoyant trade.
Hallmarking and certification of gold ornaments and the mushrooming of online jewellery outlets have also cranked up demand among urban customers, said Assocham's recent study.
About 1,500 key retailers, manufacturers, wholesalers including branded players from all verticals of the industry -- gold, diamonds, silver and gemstones -- were involved in the March-June study.
NEW DELHI, July 22 (Bernama) -- India's shinning gems and jewellery sector is tipped to touch US$48 billion (RM144 billion) by 2015, as more Indians invest in gold and silver jewellery, considered safe long-term investment.
India's apex trade industry body the Associated Chambers of Commerce and Industry of India (Assocham) said the domestic sector was "growing at a steady rate of 15 per cent (annually)."
"Growth in the industry is spurred by its rising demand as jewellery is considered a trusted (commodity) in possession and a large number of Indian consumers approve it as safe investment option," said D.S Rawat, Assocham's secretary general.
Despite rising gold and silver prices which have hit unprecedented levels, Indians, traditionally known as big buyers of both metals, continued to procure gold and silver-made jewellery.
"Rising purchasing power, lifestyle changes and overall increasing
affordability among Indian middle-class are significant reasons for higher jewellery demand," added Rawat.
With the annual festival mood about to waft across India later this year, industry players are also optimistic of a buoyant trade.
Hallmarking and certification of gold ornaments and the mushrooming of online jewellery outlets have also cranked up demand among urban customers, said Assocham's recent study.
About 1,500 key retailers, manufacturers, wholesalers including branded players from all verticals of the industry -- gold, diamonds, silver and gemstones -- were involved in the March-June study.
