- How is the demand for diamonds evolving in Asia?
- What role do diamonds play in India?
- What is the cause of this evolution?
Diamonds have a rich tradition in the West. We often buy diamonds for weddings, engagements and other milestones in life. This trend is becoming increasingly popular in Asia among westernized consumers. Along with the growing number of millionaires, the demand for diamonds has also risen exponentially. And the Asian market is still far from reaching its ceiling.
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How is the demand for diamonds evolving in Asia?
India and China are already buying more diamonds than Japan, the European Union and the Persian Gulf combined. Just like Western consumers, their inhabitants increasingly associate important moments in life, such as marriages and engagements, with a diamond ring. Celebrating Valentine's Day, for example, is now commonplace and is strongly associated with diamonds. Middle class families with an average income of $ 15,000 per year own at least 1 diamond.
It is not the first time such an evolution has taken place: in a period of 30 years, the number of brides receiving a diamond ring as a gift in Japan rose from 6% to 80%.
What role do diamonds play in India?
Buying diamonds is also on the rise in India, and many predict that, after China, it will become the fastest-growing market in the world for luxury jewellery. The Western tradition of sealing engagements and marriages with a diamond ring has also taken hold there. Although India has a huge affinity for gold, buying diamonds remains much more exclusive. Especially the higher classes are particularly interested in this precious stone.
Moreover, India is still a very important player in mining, cutting and exporting diamonds. As a result, the gemstone has always had a great appeal, which the population can finally respond to due to the growing economy.
What is the cause of this evolution?
In China, the evolution in diamond consumption is largely due to the rising number of millionaires, which is increasing much faster than in Europe or the United States. This also has an effect on the consumer behaviour of the average Chinese person, who is becoming increasingly interested in exclusive luxury products. Experts predict that the demand for diamonds in Asia will only increase in the coming years, with the focus on both the more exclusive Fancy Coloured diamonds, colourless diamonds as well as synthetic diamonds.
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