Thursday, January 28, 2010
Currently China is the world's second biggest diamond market, subsequent to the United States and exceeding Japan, with government figures representing that import diamonds through the Shanghai Diamond Exchange increases 16.4 percent to more than $1.5 billion in 2009.
Japan imported $575.86 million value of polished diamonds in the first 11 months of 2009 whereas the United States imported $11.26 billion worth of polished in the same period.
"As the financial system continued to develop in a constant manner, consumer demand for jewelry continued to grow, particularly for diamonds for the wedding market".
China's economy produced 8.7 percent in 2009, according to the news agency. China's rapid growth positions at great difference to the shrinking economies of most Western countries during last year. Japan's diamond utilization has been steadily declining as the Japanese financial system continues to struggle and consumers state a shrinking appetite for diamond jewelry.
China has a growing middle class, a very huge population and a taste for Western luxury brands.
Local brides curiosity in diamond rings has been gradually growing in the past decade, after De Beers invested a great deal in marketing the trend to consumers. Initially popular in Beijing and Shanghai, the trend has extended to other major cities across China.
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