De Beers Predicts 4.5-percent Rise in Global Diamond Demand

Bloomberg reported that De Beers sees global diamond demand rising by up to 4.5 percent in 2014 on the back of increased US and Chinese demand.

As quoted in the market news:

‘Growth should be sustainable mainly because of the U.S. and China,’ Chief Executive Officer Philippe Mellier said today in an interview with Francine Lacqua on Bloomberg Television’s ‘The Pulse.’ Diamond consumption will climb by 4 percent to 4.5 percent, compared with about 3 percent in 2013, he said.

De Beers is betting that increased sales in the world’s two largest markets will counter weakness in India, where volatility in the rupee has reduced consumers’ buying power.

Click here to read the full Bloomberg report.