Assocham predicts diamond consumption rise to 80% by 2010

The Indian gem and jewellery industry is signalling a comfortable growth for the years to come, as a result of the increased purchasing power of the Indian consumer. The Associated Chambers of Commerce and Industry of India (Assocham) has estimated the value of the industry to be worth US $14 billion in the current financial year.

Both gold and diamond jewellery are predicted to show an increase in demand. As per World Gold Council estimates, the demand for gold is likely to reach US $20 billion by 2010 and above US $30 billion by 2015. Althgouh the increase is due to the approaching festive seasons, the rise in incomes has also contributed to it.

The diamond market is also atracting consumer demand and according to Assocham President Mr. Venugopal N. Dhoot said, the consumption would increase to 80 percent in 2010 and over 95 percent between 2010 and 2015.