De Beers‘ newly released research, “The Diamond Insight Report – 2023” shows that the miner anticipates a rise in long-term demand for diamonds in China, despite the gradual recovery from COVID-19 lockdowns and a decade of declining marriage rates, according to IDEX Online.
Currently, Chinese consumers account for 10% of global diamond purchases, with demand closely linked to the country’s economic growth. According To De Beers’ research, there is a gap between the intention to acquire diamonds and the actual acquisition rates in China. However, it identifies substantial potential for increased demand, as up to 200 million Chinese consumers are expected to join the middle class by 2030, accompanied by a projected rise in household disposable income of more than one-third.
Al Cook, CEO, De Beers Group, said: “There is no country where history has moved as fast as China. From being a relatively small player on the world diamond stage at the end of the last century, China now represents the largest market for diamond jewelry outside the United States. We aim to look at its development, to cut through short-term volatility, to understand evolving customer desire for jewelry and to identify opportunities for the future.”
