Asia increasingly under the spell of diamond

Asia increasingly under the spell of diamond

In the West, diamond has a rich tradition. Diamonds are here often linked to weddings, engagements and therefore also to engagement rings: a diamond is forever. Diamond rings and other diamond jewellery also become increasingly popular with westernized consumers in Asia. Along with the increased number of millionaires, the demand for diamond has therefore boomed. And the Asian market has not reached its limit yet.

Diamond rings: now also in Asia thé symbol of love

China and India now already purchase more diamonds than Japan, the European Union and the Persian Gulf. Just as Western consumers associate the most important moments in one’s life, like weddings and engagements, more and more with a diamond ring. Valentine's Day also becomes very established and is strongly associated with diamond.

Rising demand for diamond creates chain reaction

Experts predict that the demand for diamonds in Asia will only increase the coming years. Both for more exclusive coloured diamonds, colourless diamonds, as well as synthethic diamonds.

In China, this evolution is due to the rising number of millionaires, which increases faster than in Europe or the United States. This also has an impact on consumer behavior of the average Chinese, who become more and more interested in exclusive luxury products.

It is not the first time that such an evolution is taking place: in a period of 30 years, the number of brides who get a diamond ring in Japan increased from 6% to 80%.

In India, will the diamond ring dethrone the golden ring?

For India, it is predicted that it will become the fastest growing market in the world for luxury jewellery after China. The Western tradition to seal engagements and weddings with a diamond ring is also making its entrance. Observers even suspect that the demand for diamonds will be larger than the demand for gold. That is remarkable for a country that since time immemorial is known for its great affinity with gold.

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Author: Laetitia De Backer

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