India will overtake the US in the consumption of fine jewellery by the end of 2018, according to a report by market research firm Euromonitor International. The Indian fine jewellery market is projected at being worth $62.8 billion by the end of this year, $4 billion more than the $58.6 billion projected for the US. China will continue to be the biggest fine jewellery market, projected to grow to $92 billion by the end of the year — a nearly $6 billion jump from its $86.3 billion worth at the end of 2017.
The report says the US fine jewellery market has grown by 12 percent over the last five years from the $52.2 billion value in 2014, but the Indian market jumped a whopping 74 percent over the same period from its $36.1 billion value in 2014. During this same period, the Chinese market has grown by over 21 percent.
The report indicates that China, India, the US, Japan and Hong Kong — the world’s largest five jewellery markets — would have grown through the end of this year. The Hong Kong market, however, is projected to end this year at $7.2 billion, down slightly from its $7.8 billion value in 2014.