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Global consumer demand for diamond jewellery jumps 2% to $82 bln – De Beers

18 may 2018
De Beers said global consumer demand for diamond jewellery reached a new all-time high in 2017, rising two percent to $82 billion from the previous year’s $80 billion.

Image credit: De Beers

The group said in its latest diamond insight report that the US was the main driver of growth for the fourth consecutive year demand for diamond jewellery increased four percent to $43 billion due to positive macroeconomics and strong consumer confidence.
It said a rise in self-purchase of diamond jewellery also lifted demand, representing 33 per cent of total US diamond jewellery pieces acquired in 2017.
Consumer demand in Mainland China, the world’s second largest consumer market for diamond jewellery, rose one percent in US dollars to $10 billion.
“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, leading the way,” said De Beers chief executive Bruce Cleaver.
“While new designs and brand concepts played a key role in catching the consumer’s eye, it’s the timeless natural beauty, uniqueness and enduring value of diamonds that continues to resonate with people when looking to celebrate life’s special moments.”
However, demand for diamond jewellery in India, Japan and the Gulf registered single digit declines due to macro-economic factors, regulatory and exchange rate impacts.
De Beers said the outlook for 2018 demand growth remained positive in most of the main diamond consuming countries as a result of firm world economic prospects, positive consumer sentiment and continued investment from the diamond industry in category marketing.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished


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