JOHANNESBURG (miningweekly.com) – Global demand for diamond jewellery grew 3% to a record $81-billion in 2014, De Beers said on Friday, while pointing out a slower last-quarter pace of growth across the luxury goods category in both the US and China, the biggest and second–biggest diamond-jewellery markets respectively.
De Beers diamond industry insight data, which was released at midnight, shows that the top five diamond markets – which make up 75% of total sales – all grew in currency terms and that the momentum should continue through 2015 (Also see Creamer Media TV video attached).
“It was another strong year for diamond jewellery demand across the world, as we saw continued growth across both mature and quickly developing markets,” De Beers CEO Philippe Mellier commented in a media release to Creamer Media’s Mining Weekly Online.
The US, as the world’s largest market, last year represented 46% of total diamond jewellery sales, after leaping 7% higher to $37-billion, with China at a 5%-higher $10-billion in second spot.
Including Hong Kong and Macau, the Chinese market now represents 14% of the total value of the global diamond jewellery market.
The Indian market, which now represents 4% of the value of the global diamond jewellery market and 8% of the polished diamonds consumed, grew 3% in local currency terms, with stronger second-half sales making up for lower first-half consumer confidence.
Although depreciation of the rupee against the dollar meant that the Indian market saw a 1% dollar decrease to $3.6-billion, holiday-season sales growth accelerated in India, where expectations going into 2015 are for continued strengthening of growth rates.
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