India’s gemstones market to double to $3.6 billion in 5 years: Gemfields

Source: Indo Asian News Service via Indian Economic Business News

The coloured gemstones market in India is expected to double to $3.6 billion in the next five years, Gemfields Plc, the world’s leading precious stones miner, said. “$1.8 billion is the total size of the coloured gemstone market in India. We are expecting a growth of 20 percent every year for the next 10 years,” Rupak Sen, Gemfields India regional marketing director- Asia, said. According to Sen, India’s gem and jeweler market was estimated at $30 billion and out of which the market share for all categories of coloured gemstone was almost 6 percent. London-based Gemfields mines mainly emeralds in Zambia, but recently ventured into rubies, processed in Mozambique. The company auctions rough stones in Singapore.