China is fast becoming a major market for diamond producer De-Beers and credit for this goes to the rapidly changing spending habits of the locals.
De Beers is anticipating a growth of nearly 12-13 percent this year because of the increasing demand for diamonds in the market. The over all price per diamond sold in 2007 is about $2,800, which is nearly 3.5 times higher than the average.
According to the Gem and Jewellery Trade Association of China, trading value of jewelry could go as high as 200 billion yuan by 2010, following which, China could become the world’s largest market for jewelry.
Although, jade and other antique jewelry had greater significance for people in China, changing tastes and preferences have brought diamonds to the forefront. Starting from 2005, De Beers saw a rise of $1.7 billion with 40 percent of Chinese women possessing diamond rings.
De Beers is anticipating a growth of nearly 12-13 percent this year because of the increasing demand for diamonds in the market. The over all price per diamond sold in 2007 is about $2,800, which is nearly 3.5 times higher than the average.
According to the Gem and Jewellery Trade Association of China, trading value of jewelry could go as high as 200 billion yuan by 2010, following which, China could become the world’s largest market for jewelry.
Although, jade and other antique jewelry had greater significance for people in China, changing tastes and preferences have brought diamonds to the forefront. Starting from 2005, De Beers saw a rise of $1.7 billion with 40 percent of Chinese women possessing diamond rings.
