U.S. Consumers Choosing Lower-End Gems, Say Indian Exporters
October 30, 14
(IDEX Online News) – India’s diamond jewelry exporters are seeing a change in buying preferences among American consumers ahead of the holiday sales season.
Unlike in past years, buyers are opting for mid to lower end diamond jewelry, with lower-purity gold and small diamonds, especially as far as colored gems are concerned, according to the Business Standard.
“This year, we are receiving bulk orders from the U.S. in the lower- to mid-end category, against higher-end in previous years," said Gems and Jewelry Export Promotion Council (GJEPC) Chairman Vipul Shah.
"While the actual growth in orders will be known only after a few weeks, we are hopeful this season will be better than last year.”
Though signs of an economic recovery in the United States have led to hopes of a rebound in India’s gems and jewelry sales in the coming season, exporters remain cautious, he added.
The festive season, stretching until the second week of February, accounts for about 40 per cent of global jewelry sales, with the U.S. market being the world’s largest gems and jewelry consuming market, accounting for 38 percent of global sales.