China Leading the Demand for Diamonds
26 Mar / 10
|Investing in the world of diamonds isn’t uncommon, but what is slightly surprising is which countries these days are leading the list of diamond investors. While the recession did have a serious impact on the overall number of the stones being sold globally, China seems to have a great demand for the stones.|
Statistics indicate they imported US$300 million in diamonds during the first half of last year. Nearly seventy percent of those were from India. Even the current numbers remain high for both the Chinese and other countries alike. The Gems and Jewellery Export Promotion council suggested that exports during February of this year increased by nearly 60% from 2009, leading to a total value of US$2,252 million over US$1,453 million in the year before. More than half of that was headed for China and Hong Kong.
It’s been estimated that over the next ten years, China will begin consuming more jewellery than any other nation, and that includes diamond jewellery. While that will still put the country in second place as compared to the US (they account for 40% of the diamond jewellery market), it’s certain to be recognised as a global player in the market.
One notable purchase? The Cullinan heritage diamond went to Chow Tai Fook, a jewellery chain based in China for $35.5 million just last month. As migrants continue to move to the cities and increase wealth, diamond engagement rings and wedding bands alike will help to drive demand for the market.
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