Diamond from consumable in China

“Diamond is gradually shifting from a luxury good to an accessible consumable in China. There are three types of diamond consumption, namely bridal jewellery, investment and fashion. Bridal diamond jewellery still accounts for the largest bulk of consumer demand,” Wang Fei, a luxury expert at the University of International Business and Economics, was quoted as saying.

The report said about 10 million couples are expected to tie the knot in China in the coming years, with each couple likely to spend RMB 8,000 (about $1,300) on bridal jewellery. This translates to about RMB 80 billion (about $13 billion) in revenues for the country’s bridal jewellery industry.

In the first quarter of the year, rough diamonds imported through Shanghai reached 59,000 carats in volume, a 3.4-fold increase year on year, the report said.