Strong consumer confidence in the key markets of the US and China, saw global sales of diamond jewellery hit an all-time high of US$82 billion (P812 billion) last year, an industry insight report released today by De Beers indicates.
According to the report, sales among consumers in the US accounted for US$43 billion last year, up four percent, while demand in China hit US$10 billion, growing by one percent in US dollar terms.
In both markets, growth was underpinned by positive macroeconomics and strong consumer confidence, particularly in China where the latter indicator was said to be at a 20-year high.
“People around the world are spending more on diamond jewellery than ever before and it’s encouraging to see consumers in the US, the world’s largest and most mature market,
Demand for diamond jewellery in the other main consumer markets of India, Japan and the Gulf saw low single digit declines in US dollar terms, affected by a range of macro-economic factors and regulatory and exchange rate impacts, the report said.
On the outlook for 2018, De Beers said growth remains positive in most of the main diamond consuming countries, based on solid world economic prospects, positive consumer sentiment and continued investment from the diamond industry in category marketing.