Consumers Are Buying More Diamond Jewellery Worldwide
Consumers Are Buying More Diamond Jewellery Worldwide.The De Beers Group’s industry insight data recently published, revealed global consumer demand for diamond jewellery encouragingly standing at US$82 billion in 2017. It not only is an all-time high but also a 2 percent increase on y-o-y basis.
Most of the major key markets delivered rise in demand. US reigned for the fourth year in a row, supported by good macroeconomics, healthy consumer sentiments. At US$43 billion (4 percent increase), this demand stood for over half of total global demand. Self-purchase rose pushing demand and making up 33 percent of overall US diamond jewellery bought in 2017.
Another key market, Mainland China or the second largest for global consumer diamond jewellery demand saw a comeback in growth last year. It echoed the movements in the overall luxury segment. Demand of US$10 billion reflected 3 percent surge in local currency and 1 percent as per US doller terms. Factors as stronger macroeconomics in the latter part of the year and 20-year high in consumer confidence helped growth.
Hong Kong witnessed a comeback in the mid of 2017 helped by better local demand recovery of Mainland visitor shopping.
In the report Bruce Cleaver, CEO, De Beers Group, said that worldwide people were spending more now on diamond jewellery than before and this is‘encouraging to see consumers in the US, the world’s largest and most mature market, leading the way.’ He identified that although new designs, brand concepts were significant in grabbing consumer attention, ‘it’s the timeless natural beauty, uniqueness and enduring value of diamonds that continues to resonate with people when looking to celebrate life’s special moments.’
Some key markets like India, Japan and the Gulf experienced a single digit drop in US dollar terms, burdened by macro-economic aspects, regulatory and exchange rate components. There was an overall rise in the said demand across other global diamond jewellery centers.
The report identifies a confident outlook for demand growth in 2018 across majority of the diamond jewellery consumption markets backed by strong world economic prospects, good consumer sentiment and ongoing investment by the diamond industry into category marketing.