New Delhi, March 26 (IANS) Commerce and Industry Minister Anand Sharma has urged global jewellery brands to invest more in India if they want to tap the huge market of the South Asian economic giant, a statement said Saturday.

"India is the global leader in the diamonds and coloured gemstone sector, and is looking forward to greater investment by the world's top watch and jewellery brands into the country," Sharma said while inaugurating the Baselworld Fair in Switzerland March 24.

Baselworld Fair is a premier global trade fair in the watches and gems and jewellery and attracts most of the leading brands from these sectors. India is the guest country at this year's fair.

India, with its 1.2 billion aspiring population, offers limitless opportunities for manufacturing as well as a market, Sharma added.

According to the statement issued by the ministry here, the minister also met with chief executives of several leading premier watch brands like Rolex, Tag Heuer, Tissot, Chopard, Swatch and Raymond Weil.

India is the largest diamond cutting and polishing centre in the world, accounting for about 95 percent share of the global market by number of pieces. The country is also the third largest consumer of polished diamonds after the US and Japan.