The coloured gemstones market in India is expected to double to $3.6 billion in the next five years, Gemfields Plc, the world's leading precious stones miner, said Thursday.
"$1.8 billion is the total size of the coloured gemstone market in India. We are expecting a growth of 20 percent every year for the next 10 years," Rupak Sen, Gemfields India regional marketing director-Asia, said here.
According to Sen, India's gem and jewellery market was estimated at $30 billion and out of which the market share for all categories of coloured gemstone was almost 6 percent.
london-based Gemfields mines mainly emeralds in Zambia, but recently ventured into rubies, processed in Mozambique.
The company auctions rough stones in Singapore. Right now, it is running an emerald auction in Zambia.
Sen said auction of rubies would be held any time between July and December this year but informed that the venue of auction has not been fixed yet.
Asked on the probable venue of ruby auction, he said, "Taking into account the global demands, our global sales team will decide it. But wherever we have it, the place should be convenient for our clients."
The gemstone producer would bring rubies to the Indian market in the second half of this year.
"India is a very important market for us for cutting and polishing of emeralds. Hopefully, when we will bring ruby, then India will also play an important market for us," Sen added.