Global demand for diamond jewellery reached a record high of US$79 billion in 2013 according to DeBeers' Diamond Insight Report 2014. According to the report, demand is expected to continue to grow over the long-term, driven by the ongoing economic recovery in the United States and the growth of the middle classes in developing markets such as China and India.
Sales of polished diamonds in the United States increased 7 percent in 2013, while both India and China have seen their domestic diamond jewellery markets grow by a compound annual growth rate of 12 percent in local currency terms between 2008 and 2013.
The report also reveals that China is the world's fastest growing market for diamond jewellery, with the number of diamond jewellery retail doors increasing by almost 30 percent between 2010 and 2013.
Stephen Lussier, DeBeers' executive vice president of marketing said: “There remains substantial opportunity for growth in China. Fine jewellery is the most desired object or experience for urban women in China, and yet the Chinese market remains underpenetrated.”
He said: “Expectations are that by 2020, ‘mainstream’ Chinese consumers with annual disposable income of between US$16,000 and US$34,000 will increase 51 percent of the market (from just six percent in 2003). ‘Affluent’ consumers with incomes of over US$34,000 will present 6 percent of the market (up from 2 percent in 2003). In 2013, the number of Chinese millionaires rose 9 percent to 1.1 million.”
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