China is currently the world’s second largest diamond market, according to IDEX Online.
Xinhua news agency reported Chinese government figures show that imports through the Shanghai Diamond Exchange rose 16.4 percent to more than $1.5 billion in 2009.
United States is the world’s largets diamond market
The United States is the world’s largest diamond market – importing $11.26 billion worth of polished diamonds in the first 11 months of 2009 – followed by China and then Japan with $575.86 million worth of polished diamonds during the same time period.
“As the economy continued to develop in a stable manner, consumer demand for diamond jewellery continued to grow, especially for diamonds for the wedding market,” Xinhua reported.
Last year, China’s economy grew 8.7 percent in stark contrast to most Western shrinking economies. The news agency also reported on China’s growing middle class, large population and taste for Western luxury brands. China’s largest group of luxury goods consumers are aged between 20 and 30 years old. A recent Goldman report and survey of young China urbanites found over 60% believe that one should enjoy life now’ and it is appropiate to spend more on high quality items.
In the past decade De Beers has invested heavily in marketing diamond rings to brides in China. The trend has now spread from Beijing and Shanghai across China.
As of mid-2008, China is the world’s largest and most populous country with over 1.3 billion people according to a report published by the World Bank. China makes up 20% of the world’s population. By the late 2010s, China’s population is expected to reach 1.4 billion.
