China’s Diamond Rush (Video)

China Recently Surpassed Japan To Become World’s Second-Largest Diamond Market, Trailing Only U.S.

    Demand for diamonds has grown rapidly in mainland China, as wealthy individuals look to diversify their assets and younger buyers purchase western-style engagement rings

Demand for diamonds has grown rapidly in mainland China, as wealthy individuals look to diversify their assets and younger buyers purchase western-style engagement rings

CNN has posted an interesting video about the growing diamond trade in China. According to figures recently released by the Diamond Administration of China (DAC), in 2009 China surpassed Japan to become the world’s second-largest diamond market, with diamond imports amounting to $699 million that year alone, a 30.7 percent increase over 2008.

According to reseachers in China, part of the reason for the diamond surge in 2009 resulted from the increasing popularity of western-style engagement rings, along with a growing middle class and more Chinese branching out from traditionally popular jade or gold jewelry.

De Beers, the world’s largest diamond producer, has recently suggested that China could surpass the US to become the world’s largest diamond consumer market by 2020.

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