US luxury jewelry shoppers

US DRIVES DIAMOND JEWELRY DEMAND TO ALL-TIME HIGH IN 2017

Industry insight data published by De Beers Group shows that global consumer demand for diamond jewelry “hit a new all-time high in 2017” – up 2% year-on-year to $82 billion.

 

According to the report, “the US was the main driver of growth for the fourth consecutive year”, where demand increased 4% to $43 billion, driven by “positive macroeconomics and strong consumer confidence”. Self-purchase of diamond jewelry represented 33% of total US diamond jewelry pieces purchased in 2017.

 

In the second-largest market, China, demand went up 3% to $10 billion – a rise “reflecting the trend of the broader luxury goods sector”. There was also 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 jewelry in the other main consumer markets – India, Japan and the Gulf – “saw low digit declines in US dollar terms”, while consumer demand in other diamond jewelry markets globally increased overall.

 

As for 2018, De Beers says that “demand growth remains positive in most of the main diamond consuming countries, based on solid world economic prospects, positive consumer sentiment and continued investment from the diamond industry in category marketing”.

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