Gemfields Indian Gemstone Report Highlights Increased Consumption
August 10, 15
(IDEX Online News) – Colored gemstone miner Gemfields recently conducted a research project in collaboration with Drshti Strategic Research Services Pvt. Ltd, in order to understand attitudes towards gemstones in India.
Approximately 19 percent of the women interviewed for the report said they own jewelry with natural colored gemstones. About 11.5 percent of the respondents acquired some form of jewelry with gemstones in the last year with Delhi and Hyderabad combined contributing to 62 percent of the total.
“India has been a key market for Gemfields and will continue to be one of our main focus regions in the coming year,” said Gemfields COO Dev Shetty. “The report provides comprehensive insights and analysis that will help Gemfields build a branding and communication strategy for colored gemstones in the Indian market.”
The total value of the jewelry market across the eight cities that were used in the research is estimated at $540-$600 million. The category is dominated by smaller pieces such as rings (52%) and earrings (14%), which make up 70 percent of the market and 50 percent of the total value.
Approximately 40 percent of the rings purchased were for astrological reasons, with the astrological market accounting for approximately 10-15 percent of the total value.
The research also identified how single gemstone designs are the preferred choice across all jewelry categories, with rubies emerging as the most desirable gemstone choice.
Gemfields has also said it aims to increase its share of the Indian market by 10 percent to 30 percent within the next three to five years, reported The Economic Times.
Sretty said that in order to reach this goal, the company is planning on building a gemstone brand. He also said that Gemfields wants to make consumers more aware of the benefits of certification and to increase transparency, thereby strengthening consumer confidence.
According to the paper, Gemfields is looking to increase how much it mines in India and is currently in talks with four state governments to explore mining opportunities.