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India has surpassed the United States to become the third-largest men's luxury jewellery market in the world this year, according to business research firm Euromonitor International.

The country is now behind China and the United Kingdom on the list of leading nations in the men's jewellery sphere, Euromonitor reported.

As India's economy expands rapidly and urbanization grows apace, India's

Men in their late 20s and 30s are the biggest consumers, say jewellers. More men are independently venturing into jewellery stores today than ever before.

The men's jewellery market pales in comparison to the much larger women's jewellery market, but jewellers are increasingly paying attention to it.

"Although it's a niche market, it is growing. Nobody can ignore it now," GR Radhakrishnan, the Managing Director of GRT Jewellers told The Economic Times. He estimates the share of men's jewellery in his company's total sales at 20-25 percent.

The firm intends to launch a new line of men's jewellery together with designers from Italy and Bangkok.

Meanwhile, Orra, a national diamond jewellery chain with outlets in 23 cities across the country, reported that 6 percent of its sales come from the men's jewellery sector. "The metrosexual man is driving this demand," said Orra CEO Vijay Jain.

"Men are probably much more comfortable participating in jewellery shopping now than ever before," said C Krishniah Chetty & Sons' Managing Director Vinod Hayagriv.

Fancy bracelets, rings, studs and chains are fast becoming part of the fashion statement of India's metro men, the report said.

"Wearing light-weight gold jewellery is becoming a fashion amongst youngsters," says Rahul Singh, retail and marketing head at Kolkata-based Shree Ganesh Jewellery, which recently unveiled a men's jewellery range under the Gaja brand name.

men's jewellery market is estimated to be worth almost $200 million, and is seen growing by 36 percent next year.