More good news in store for the Indian gem industry. After the sharp increase in diamond sales during the Christmas season, the industry can expect to sparkle further during Valentine season.
More good news in store for the Indian gem industry. After the sharp increase in diamond sales during the Christmas season, the industry can expect to sparkle further during Valentine season.
Sales of diamond jewellery in the US, by far the biggest consumer of diamonds, are projected to grow by more than double digits this coming Valentine's Day as more Americans are preparing to declare their undying love with precious sparklers.
The US-based National Retail Federation (NRF) has estimated a 17% rise in jewellery sales this Valentine's Day as compared to a year ago. Consumers in the US are predicted to spend US$3.5 billion on jewellery purchases this Valentine's Day, as against US$3 billion last time.
Market research firm IBISWorld has also forecast double digit increase in jewellery sales in the US this Valentine's Day, though its growth estimates are lower at 11.3%. It said that luxury spending is already on the rise, and diamond jewellery will be the go-to gift choice for many Americans this V-Day.
The forecasts have surely brought about smiles on the faces of Indian diamantaires.
Chandrakant Sanghavi, director of Sanghavi Exports, said, "There is renewed confidence among the US consumers due to revival of the country's economy. Valentine's Day is the second most important jewellery buying occasion after Christmas in US, and we are confident of a robust diamond sale."
"US consumers have a natural affinity for diamonds and consider them the ultimate symbol of unending love. The feedback we are getting from our clients is that many Americans will express their feelings towards their loved ones this Valentine's Day with diamonds," said Kiran Shah, a Surat-based jewellery exporter.
Diamond-studded pendants, rings and earrings, especially the heart-shaped ones, have traditionally been the most popular jewellery gifts in US for Valentine's Day. The trend is expected to continue this time, though sales of diamond necklaces and bracelets are also expected to be strong.
According to NRF estimates, 17.3% of American consumers are likely to make jewellery purchases this V - Day as against 15.5% in 2010. It estimates that male consumers will spend an average of $ 158 for buying gifts, while female shoppers will spend $ 76 on an average.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}