Tuesday, 27th July 2004 (5560 views)

Italian luxury retailer Bulgari opened a new store in New Delhi this March, its first presence in India, and many other global jewellery firms look set to follow.

A recent survey found that India is the second most attractive country among 30 emerging markets for international retailers, particularly for fine jewellery, IDEX Online reports.

The new Bulgari store sells watches, jewellery collections and accessories to a rapidly growing luxury goods market. India's diamond jewellery market is worth an estimated $1 billion and is seen as having the potential for strong growth due to economic expansion.

Indian jewellery firms, such as branded Tanishq, have recently unveiled retail expansion plans, while four of India's top diamond companies came together with OyzterBay, one of the largest branded diamond jewellery retailing venture in the world.

India's jewellery market is growing at a rate of 15 percent annually and the country has pushed past China in its attractiveness to retailers, according to international management consultant AT Kearney.

Retailers including Wal-Mart, the largest global retailer and largest seller of jewellery in the United States, are now rumoured to be interested in entering the Indian market if investment regulations are relaxed.

 

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