New York, NY (PRWEB) August 31, 2012
Historically, India was known for their fascination with jewelry. In fact, the country is the world's largest buyer of gold, accounting for 20% of global consumption. Earlier this year, there were headlines related to government loans offered to Indian citizens who were below the poverty line but wanted to own gold. Nonetheless, market analysts are seeing a new trend.
There seems to be a shift from gold buying to diamond buying. Diamonds account for 25% of the jewelry market in India. And that figure is rising according to Stephen Lussier, Global CEO for ForeverMark, a diamond brand that is part of the De Beers group. The CEO noted that,"By 2020, China and India would account for 1/3 of the total diamond market worldwide."
A spokesperson for Allurez, a New York based jewelry designer and retailer, commented, "Solitaire diamond rings seem to be a big hit in India. While we don't market our diamond rings to any specific region of the world, we are seeing a growing number of sales related to diamond engagement rings coming from India. This means a 30% increase in the last 2 years."
Many consider this a break from tradition. The same company spokesperson noted, "If you study the history of jewelry in India, you'll notice that plain metal gold rings were the preferred choice for bridal jewelry. This is no longer the case."
Many experts claim that a strong marketing campaign would allow the country to see higher sales in diamond jewelry. The Times of India reports that after the US, India and China together are the second largest consumers of diamonds and account for $12 billion in annual sales.
Allurez serves a growing international consumer base. Headquartered in New York City where they have multiple offices, the company is experiencing a double-digit percentage growth. Their company mission has not only been to offer high-end fine jewelry at affordable prices, but to educate consumers about the diamond industry. To learn more visit http://www.Allurez.com.