Asia Jewellery Sales Boom: China and India battle for market dominance

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01:55

The just closed International Jewellery London show sparkled with thousands and thousands of dollars worth of fine jewels. But even more prominent were the dealers from the Asian market, where the majority of the world's precious gems are sent to be cut, polished and sold. Let's talk with some dealers to find out more.

A recent Euromonitor study showed that India's fine jewellery market will be worth 62.8 billion US dollars this year, passing the US to become the world's second largest. Indian dealers at this year's International Jewellery London are confident that their home market will continue to grow with improved cutting techniques.

MILIND MATHUR DIRECTOR KOHINOOR JEWELLERY "They realize that Indian jewellery has the quality as well as the design. Now we are using a lot of cutting-edge technology, a lot of lasers are being used to help cut and polish gemstones and jewellery. That is taking the game to the next level and we are able to finish the product in a quicker time as well."

Still, China is still in the leading place with sales of fine jewels expected to reach 92 billion dollars this year alone. UK based Chinese luxury designers like Liu Fei are advising other jewellers on how to get into the lucrative Chinese market.

LIU FEI JEWELLERY DESIGNER "For the Chinese consumer, they are very dedicated to how it's made, what was the material, is the material going to last forever and the most important is what is the value, holds it."

Another market boost in China is the increasing buying power of young consumers, who want something different from old-fashioned gold. Young Chinese designer Fang Yayun brought her signature collection influenced by the Hip hop culture to this year's IJL show.

FANG YAYUN, GRADUATE JEWELLERY DESIGNER NOMINATED FOR BRIGHT YOUNG GEMS AWARD AT IJL "Chinese people always love the traditional fine jewellery, but I think this kind of trend is changing. More and more young people they tend to buy more creative like new interesting jewellery. So I think it's quite important to offer them the choice."

Xia Cheng, CGTN.