De Beers, the world’s biggest diamond producer, says it expects global demand for diamonds to rise this year due to a resurgent US market and new demand in China.
De Beers CEO Philippe Mellier said in a recent presentation in Las Vegas that demand for diamonds grew 7 percent in the United States and 18 percent in China, according to JCK.
Overall, China, including Hong Kong and Macau, is the world’s second-biggest diamond market and now makes up 13 percent of global diamond demand, and the company expects global demand to rise by 4.5 percent in total, reports South China Morning Post.
“More and more Chinese are achieving the buying power to acquire jewellery and diamonds, especially when they get married,” Mellier said.
The explosive growth in China’s diamond market comes at a time when the government is cracking down on blood diamonds. China has stressed the importance of adhering to the Kimberly Process Certification Scheme, which requires members to certify that the rough diamonds they are importing are conflict free, according to CRI English.
Between 2003, when the certification process was established, and 2013, China’s ports have inspected 53,400 batches of rough diamonds worth $36.6 billion to make sure they are conflict-free in accordance with the KPCS.
image source: kim alaniz