With United States economy in rough waters, the emerging markets of India and China are set to drive growth in the global gem and jewelry sector, local paper Daily News and Analysis (DNA) reported on Monday.

The paper quoted a report by research firm Koncept Analytics assaying in an article entitled "Global Gem and Jewelry Market: Emerging Markets Driving Growth" that while the U.S. is likely to remain the largest consumer of jewelry, India and China are showing signs of emerging as largest jewelry consuming markets by 2015.

The report cites increasing income levels due to fast economic growth and a burgeoning middle-class in the two Asian countries as the factors that will drive diamond and jewelry sales.

Chandrakant Sanghavi, regional chairman of the Gem and Jewelry Export Promotion Council (GJEPC), said while the U.S. is the biggest market for diamonds and will remain so, but India, China, Middle East, Gulf countries and Commonwealth of Independent States nations will emerge as key markets in the coming years and offer great potential for growth.

Source:Xinhua