The import volume of articles of precious, semi-precious, and artificial stones to India is expected to decline steadily from 2024 to 2028. In 2023, the import volume was around 3.45 thousand kilograms. The forecast data indicates a year-on-year decline of approximately -6.46% from 2024 to 2028. The compound annual growth rate (CAGR) over this five-year period is around -7.15%, highlighting a consistent decreasing trend in import volumes.
Future trends to watch for include:
- Fluctuations in domestic demand for luxury and decorative stones.
- Changes in trade policies or import tariffs affecting import costs.
- Substitution by alternative materials or local sourcing impacting import needs.
- Technological advancements in the production or synthesis of artificial stones.
