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Reuters reported that over the last five years, China’s diamond market has tripled to $22.8 billion to become the second largest in the world. That’s because young couples have increasingly been choosing diamonds over gold when marking their marriage vows.
Reuters reported that over the last five years, China’s diamond market has tripled to $22.8 billion to become the second largest in the world. That’s because young couples have increasingly been choosing diamonds over gold when marking their marriage vows.
As quoted in the market news:
‘(In China) we now have more and more young people making their declarations and proposal ceremonies within our bridal rooms,’ said Stephane Lafay, Tiffany’s head of Asia Pacific andJapan, who said couples were attracted to the romantic image of the jeweler’s well-known ‘little blue box’.
To be sure, gold is still hugely popular in China, both as jewelry and as an investment. The World Gold Council said earlier this year that China was set to challenge India’s position as the world’s top gold consumer, with 2013 demand soaring more than 20 percent to 1,000 tonnes.
But diamonds have steadily increased as a share of China’s overall jewelry market, accounting for just under one third now from one quarter five years ago, according to Euromonitor. This has propelled Greater China, including Hong Kong, to the second largest diamond jewelry market after the United States, according to Bain & Co, and along with India, it is expected to be the main driver of growth for the $72 billion global market.
Click here to read the full Reuters report.