All those who said diamonds are a girl’s best friend may have to take back their words today. According to business research firm Euromonitor International, the figures show that India has raced ahead of the American market and proved this statement wrong in the most opulent manner ever. As the world’s third-largest luxury jewelry market for men, India stands behind only China and the UK. It is the power to purchase extravagant men’s jewelry. So what are these men buying? Anything from fancy bracelets, rings, chains, studs, and this $200 million market is estimated to grow by 36% by the end of next year alone.
Taking from this current trend, super-luxury international brands like Rolls Royce have created dazzling belt buckles starting at around $1,000. All men reading this can also have a look at the beautiful diamond studded 18k gold Piaget cufflinks for $8,000 to give just the right amount of charm and sophistication to any formal occasion. And for those who are real NBA fans, hear this, Monty Abramov has designed a collection of unique NBA team and league logos etched in gold and diamonds. The 2011 NBA All-Star series is priced between $95,000 and $495,00.
The markets are witnessing men in their 20’s and 30’s enjoying buying jewelry as freely as women do. GR Radhakrishnan, the Managing Director of GRT Jewelers, said, “Although it’s a niche market, it is growing. Nobody can ignore it now.” He has calculated that the share of men’s jewelry in his company’s total sales is about 20-25% currently. So much so that the brand has collaborated with jewelry designers from Italy and Bangkok to start an exclusive line of jewelry for men only. Even the jewelry brand Orra has reported a 6% sales to increase from their men’s jewelry sector. So the next time you’re in the mood to shop for a little bling, ladies, don’t forget your men behind!