According to Bain & Company, the U.S. is still the largest diamond jewelry market. For more than 10 years now, its consumption is around 40% of worldwide sales by value.
In 2005, Statistica reported the U.S. as having the largest share of the global diamond jewelry industry. But now, its position as the top diamond haven is being challenged by two countries.
The runner-up countries
With the ever-changing U.S. economic stability, fashion trend, and lifestyle, the developing countries China and India are the ones catching up on the list. Economists revealed that in 2005 and 2011, the demand for Chinese diamond jewelry rose to 32%. India, on the other hand, has a 22% compound annual growth rate.
Indian and Chinese economies are showing signs of improvement. Experts predicted that at the peak of 2020, there will be a surge in demand for diamond jewelry. It’s predicted to exceed the American market, with it currently more focused on electronic gadgets.
Women still go gaga over diamonds, but the popularity of diamond engagement rings among younger consumers shows a decline. Does this mean diamonds are not forever?
It’s undetermined whether this is a temporary change. Still, it’s apparent that younger women are developing a growing preference for other items, such as posh gadgets. On the bright side, many of them would still head to a jeweler in Salt Lake City instead of visiting a Silicon Valley shop that manufactures diamonds.
Whatever may happen to the U.S. diamond market, there will always be a strong demand for jewelry. They not only symbolize status, but they are also known to give the wearer a sense of happiness. With their captivating beauty, who can resist them?