China is second in the diamond market to the United States, however it has more than tripled to $22.8 billion over the last five years. The reason? 13 million women get married in the country each year, and they are demanding more diamonds.
Gold used to be the jewelry go-to for brides-to-be, but modern consumers have had more exposure to Western culture than their parents, watching and reading television and film characters receive a proposal with a diamond ring.
The growing diamond industry in China is attracting jewelers, miners and dealers from around the world. Sotheby’s is set to offer a huge white diamond at auction in Hong Kong, which is expected to reach $28 milliong, making it the most expensive white diamond ever sold.
Chairman of Sotheby’s Asia, Patti Wong, says since 2006 there has been a close to 200 percent increase of Asian buyers purchasing jewelry worldwide. The focus? Diamonds, of course.
Other jewelry makers, such as De Beers and Tiffany & Co., have also seen and expect to keep seeing an increase in diamond buying in China. Women will demand a diamond and tell their friends, who will also want a diamond when the time comes.
Info/photo courtesy of Reuters/Aly Song