Demand for Gold and Diamonds in India falls dramatically; Dubai's luxury property market collapses; shock and horror in Cannes as L'Oreal cancels ad campaign during the film festival.
The size of India’s gems and jewelry market segment will shrink by 3.9 percent to $22.3 billion in 2009, compared with the $23.43 billion recorded in 2008 states a report released by the Associated Chambers of Commerce and Industry of India this month. The sector is expected to face considerable challenges in 2009, owing to the decline in demand for gold and diamonds in the domestic market, as well as the global economic conditions. A decline in exports of gems and jewelry to $20.06 billion in 2009, compared with a $21.20 billion total in 2008 is also predicted.
Filed under Luxury Brands by 
