The domestic diamond jewellery sector is expected to grow at the rate of 15-20% per annum in the next three-four years, thanks to higher disposable income and gradual shifting of consumer preference towards diamond jewellery from plain gold jewellery, said Sohil Kothari, director, Fine Jewellery (India) Ltd (FJIL). The size of diamond jewellery sector is currently around $2 billion (nearly Rs 10,000 crore). ?Domestic demand for diamond jewellery will continue to grow in the next few years, due to higher disposable income. Consumers? preference is shifting towards diamond jewellery from plain jewellery.
Average selling price of medium high-end jewellery has increased to say around Rs 15,000-level from Rs 11,000-13,000 a year ago due to change in consumers? preference,? Kothari said.
FJIL, a leading diamond jewellery manufacturer and player in the domestic market, is selling its medium high-end products under the ?Nirvana? brand. ?Leading by innovation and design has always been our forte. We regularly track market trends, analyse and understand consumer expectations,? Kothari said.
FJIL has pioneered the revolutionary setting of diamonds in jewellery like invisible setting and pressure setting in the Indian market. It has also come out with a unique setting called ?Mystere Setting?. This technology is patented in India and the European Union. A similar application has been approved in USA.