With the first reed gemstone set to be sold in India, a global demand for the gemstone is expected to reach a new high, with the demand forecast to grow by over 100% over the next two years.
The demand for reed stones is expected in India to reach $5.5 billion annually by 2022 and $9.5 million annually by 2023, the National Gold Standard Committee (NGSC) said in a report published on Monday.
The National Gold Association (NGAA) of India said the global demand will continue to rise by over 10% in the coming years.
“The growth of demand for this gemstone in India is expected from 2019-20 to 2024-25,” the report said.
Reed diamonds have been widely known in India for centuries as a symbol of wealth and status.
It has been used in many royal ceremonies and as a stone for jewelry, and has been the basis of many luxury products including watches, jewellery, necklaces, earrings, neckwear and scarves.
The number of reed and other gemstone jewellery shops has been growing in India.
In 2013, the number of such shops in India was about 100.
“We believe that there is a potential for a 50% increase in the growth of such jewellery business in the next three years,” said Vinay Naidu, CEO of the NGA.
India’s gem and mineral jewellery sector, which has grown by about $2 billion in the last four years, is expected by the NAGC to grow to $13 billion in 2020-21.
Reeds are the highest-grade gemstone used in jewelry, jewelry making and decoration.
It is used for gemstone jewelry as well as other decorative and decorative materials, as well.
Reeds are also known for their strength, but they have not yet been used as a tool to carve a diamond shape.