While the Western markets are faltering, luxury retailers are searching for the next location to sell their high-end goods, and it looks like India might just be the place.

While India makes up just 0.4 percent of global luxury good sales, the market is growing at 25 percent a year, according to a recent Bain & Co. study.

There are 1.5 million households in India who could afford luxury goods, compared with 1.6 million households in China, according to McKinsey.

After high drama, Mahatma Gandhi’s five personal items, including the iconic round eye glasses, finally went under the hammer and were bought for $1.8 million by Indian businessman Vijay Mallya.

The US sale of the national leader’s glasses, sandals, watch and bowl had caused an outcry in Gandhi’s homeland.

The Indian government said the auction was an insult and wanted to claim the items back. Bidding descended into disarray when the auction was called off moments after the sale had started.

Asia-Pacific Boating magazine, the most widely-read regional yachting magazine launched in 1976, has been recognised as Best Boat Media for 2008 at the first-ever Indian Boating Awards, which were held on December 14, 2008, in conjunction with the Boat India show in Cochin, India.

Asia-Pacific Boating features stories and news on yachting, marine lifestyles and design, plus reviews of the latest and greatest boats on the market.

Published in Hong Kong and distributed directly to high net worth individuals, boat owners and yacht clubs throughout greater China and Southeast Asia, Asia-Pacific Boating has become a well-recognised brand name in its 33-year history.

An American has purchased a rare intense red 3.69 carat ruby on eBay India for Rs. 8,20,000 ($19,600) making it one of the most expensive jewelry items sold on the country-specific Web auction site.

Arvind Juneja, a Jaipur resident has a family business of Jewellery and registered on eBay in October 2007. He has sold more than 90 pieces of jewelry and gems since October, 2007 on the Web site. His eBay id is “Jewelsafari.”

“I am an avid collector of precious gemstones,” he said. “I wanted to trade my collection with the buyers who really understand the worth of these priceless and unique gemstones.

The world’s most expensive tie was created by designer Satya Paul for the Suashish Diamond group and displayed by Salman Khan at the 2004 Mumbai fashion show “Cultural Ties”

The expensive tie is studded with 261 diamonds of 77 carat each. It is also studded with 150 grams of gold. Made of pure silk, the tie is estimated to cost a whopping Rs 1 crore (over $220,000).

In addition to arguably being the most expensive private home in the world ($1 Billion to build), it will also be the tallest–measuring in at 42 stories.

Residence Antilla, though, will only have 27 stories, due to Ambani’s desire for taller ceilings.

Mukesh Ambani is reported to be the 14th richest man in the world, with estimated personal wealth of around $21 billion. He is also one of the more visible men of wealth in India.