Mumbai: India and China will continue to fuel growth in the global gemstone and jewellery industry until 2020, thanks to consumers’ rising disposable income and changing preferences, increasing demand for branded jewellery and strong sales from online retail channels.

Demand for gold, diamond, platinum and coloured gemstone jewellery is gradually increasing due to rising availability, expanding distribution network and rising population of high-net worth individuals, results of a recent industry report revealed.

The US market will also contribute to the solid growth of the international gemstone and jewellery industry in the next five years, according to the “Global Gems & Jewelry Market Forecast & Opportunities, 2020.”

The report, commissioned by global market research and consulting company TechSci Research, revealed that the global market is projected to register revenue growth at a compound annual growth rate of around 6 percent from 2015 to 2020.

Gold products are likely to dominate the market through 2020. “Apart from being perceived as luxury products, gemstones and jewellery are increasingly being offered as gifts in various markets across the globe,” Karan Chechi, research director at TechSci Research, said, adding that online jewellery sales are also on the rise as more women continue to join the workforce.

“Keeping in mind the robustly growing demand for different jewellery types and designs, manufacturers are focusing on incorporating technologically advanced processes in their workflow to offer high quality products within a short duration of time,” Chechi continued.