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Diamond consumption: U.S remains ‘top dog’, says Equity Communications

12 august 2014

Equity Communications said the traditional heavy weight diamond market of the United States is still the “top dog” by a considerable distance although the Asia-Pacific region now shapes the trends and consumption patterns for many categories of luxury goods.
The U.S was again the world's strongest consumer market for diamonds in 2013, with 44.3 percent market share.
It said in a statement emailed to Rough & Polished that global sales of diamond jewelry reached $73.8 billion last year.
The U.S added $2.5 billion in sales to reach $32.7 billion, an increase of 8.3 percent fr om 2012, while mainland China experienced the greatest percentage rise in sales, up 19 percent to reach $6 billion in 2013.
It said the EU area was the only region to experience negative growth in sales, down 0.11 percent to reach $5.2 billion in 2013.
“Unlike in Japan wh ere retailers have changed the product mix to sustain sales, the US market does not reduce or lower the quality of diamonds sold,” said Equity.
“American consumers have accepted high quality 0.5-1 carat diamonds as the standard for engagement rings and they are reluctant to trade down to smaller and poorer quality diamonds.”  
However, since diamonds for engagement rings had experienced significant price inflation, a growing number of consumers required financial assistance for sustainable purchases, according to Equity.
Equity was an investor communications company and business information provider, which specialises on Southern Africa industries that have global significance.

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