The growing appeal of diamonds to Chinese customers is set to help the country overtake Japan as the world's second largest market by sales this year amid falling demand in most developed economies, says Freddy Hanard, chief executive officer of the Antwerp World Diamond Centre.
He expects diamond sales in China, which reported double-digit growth in the first six months of this year, to continue to expand in the second half, and they could double next year.
Turnover from diamond sales globally stands at $65bn, with about half of those sales coming from the US. Growing demand for diamonds and diamond jewellery in China, including Hong Kong, is expected to help it become the world's second biggest consumer of diamonds this year. Japan and China account for about 12-13 per cent of sales, says Mr Hanard.