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Global consumer demand for diamond jewellery hits new record high of $82 billion

Staff Writer |
Global consumer demand for diamond jewellery hit a new all-time high in 2017, climbing to $82 billion, a 2 percent increase on the previous year, according to De Beers Group.

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The U.S. was the main driver of growth for the fourth consecutive year, where positive macroeconomics and strong consumer confidence saw demand for diamond jewellery increase four percent to $43 billion, representing more than half of total global demand.

An increase in self-purchase of diamond jewellery helped drive demand, representing 33 percent of total US diamond jewellery pieces acquired in 2017.

Consumer demand in Mainland China, the world’s second largest consumer market for diamond jewellery, also returned to positive growth in 2017, reflecting the trend of the broader luxury goods sector.

Demand increased three percent in local currency and one percent in US dollars, totalling $10 billion.

Growth was supported by strengthening macroeconomics towards the end of the year and a 20-year high in consumer confidence.

In addition, there was a revival in the Hong Kong market in the second half of 2017, driven by both stronger local demand as well as a resurgence of Mainland visitor shopping.

Demand for diamond jewellery in the other main consumer markets of India, Japan and the Gulf saw low single digit declines in U.S. dollar terms, affected by a range of macro-economic factors and regulatory and exchange rate impacts. Consumer demand in other diamond jewellery markets globally increased overall.

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