29 Sep The Landscape Of Diamond Consumption

It’s no secret that the United States is the world’s largest diamond consuming market with a global demand hovering just below 40 billion dollars in 2014.  However, did you know that China is the second largest diamond market even though they buy a little more than 25% of what the United States buys?  After 2008 saw a dip in the U.S. diamond retail market, it rebounded nicely with approximately 2 percent growth year over year through 2014.  While the United States usually purchases diamonds for weddings and for gift-giving, the bulk of our domestic market is based upon the bridal market.  China buys less bridal jewelry and the men have a less significant role in the selecting of the jewelry, however, Hong Kong does exhibit highly westernized diamond purchasing behavior and often associate diamonds with long-lasting love.