India will become the third largest market for diamond jewelry by 2020. The increasing urbanization and the middle-class expansion are some of the causes of this new scenario. But there’s more; a new generation of consumers – the millennials – represents an important opportunity for the diamond market.

By the end of 2015, there were around 900 million people in China, India and the US with a combined gross income of approximately $8 trillion. Jewelry remains one of the top three preferences among all consumers when it comes to giving or receiving gifts. China came first in the list, followed by India and the US. The buying behavior changes from country to country: if in the US, the millennials are very active in the use of Internet for jewelry purchases, in India, the millennials tend to prefer department stores, while Chinese youths prefer to shop at specialized jewelry retailers.

Source: http://www.ibtimes.co.in