In 2023, the import value of mounted precious or semi-precious stones to India stood unspecifically; however, starting in 2024, forecasted growth showcases a steady annual increase. The import value is expected to increase from $1.6865 billion in 2024 to $1.9077 billion by 2028. Year-on-year growth projections demonstrate an approximately 3-3.5% increase, underpinning a stable demand for mounted stones aligning with India's expanding jewelry and ornament sector. The CAGR over this five-year forecast period is projected to be around 3.1%, reflecting a consistently positive growth trajectory.
Future trends to watch for include:
- The impact of domestic economic policies on the luxury goods sector, potentially influencing import patterns.
- Shifts in consumer preferences towards more sustainable and ethically sourced products could lead to changes in sourcing and import compositions.
- Technological advancements in the jewelry industry, such as lab-grown stones, might affect demand dynamics and import requirements.
- Geopolitical developments could influence international trade agreements and currency exchange rates, impacting import costs.
