De Beers Sees Chinese Polished Jewel Sales Rising

Reuters reported that De Beers expects its polished jewel sales to China to rise in 2015 by just over a tenth of 2011’s increase. The company anticipates sales of bridal and gift diamonds sparking the uptick.
As quoted in the market news:

The world’s largest diamond producer by value expects 2015 China polished diamond sales to rise 3% to 5% in US dollar terms, Stephen Lussier, head of its Forevermark brand, said in a recent interview. They grew 5% last year, down from 29% four years ago and 33% in 2010.
De Beers, owned by miner Anglo American Plc, joins firms from Italy’s Prada SpA to France’s LVMH in having to acclimatise to a more subdued Chinese economy. For Lussier, one strategy is to home in on high-demand niches.
“The bridal business and the gifting business, particularly amongst younger consumers in China, is really today the main growth area,” said the executive, in Hong Kong for a jewellery and gem fair to launch De Beers’ annual industry report.

Click here to read the full Reuters report.