The data showed that there was positive growth in consumer diamond jewellery in local currency terms in 2014 across all the top five diamond markets, which between them account for about 75 % of global demand.
And it predicts 2015 will see growth figures increase even higher.
Market analysis also showed that:
- Consumer demand in the US, the world’s largest market for diamond jewellery sales, was particularly strong, increasing 7 % on 2013 levels to a total of $37 billion. The US market now represents 46 % of the value of the global diamond jewellery market.
- China was also a significant driver of global growth, with demand increasing 5 % in 2014 to a total of $10 billion. Whilst this was below the growth rate in 2013, it still represented a substantial increase as the consumption base has grown so rapidly in recent years. The Chinese market, including Hong Kong and Macau, now represents 14 % of the value of the global diamond jewellery market.
- The Indian market saw growth of 3 % in local currency terms, with lower consumer confidence in the first half offsetting a stronger second half. However, the depreciation of the Rupee against the US Dollar meant that the Indian market saw a 1 % decrease in US Dollar terms to a total of $3.6 billion. The Indian market now represents 4 % of the value of the global diamond jewellery market, and 8 % of polished diamonds consumed.
De Beers’ surveys show that the outlook for diamond jewellery sales growth in 2015 is positive across all main markets as retailers anticipate another year of growing consumer demand. Optimism among jewellery retailers is highest in the US and India, while growth in China is expected to pick up after the Chinese New Year.
Philippe Mellier, Chief Executive, De Beers Group, says: “2014 was another strong year for diamond jewellery demand across the world, as we saw continued growth across both mature and quickly developing markets. Retailers are also positive about the prospects for 2015 and, while there are some potential headwinds, the stage is set for another good showing across the major consumer markets.
“As the number of middle class households in the major consumer markets is set to grow by hundreds of millions in the years ahead, the medium to long term prospects for the diamond industry are also exceptionally strong if the right investments continue to be made across the value chain.”
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