An industry insight data published by De Beers earlier this week shows that diamond jewelry demand by US consumers increased 4.4% to total $41 billion in 2016 – the first time demand has exceeded $40 billion in a year, IDEX Online reports. Additionally, “US consumers now account for roughly half of all diamond jewelry purchases globally – a level not seen since before the financial crisis”.
57% of self-purchased diamond jewelry is acquired by married women, according to the report. A third is acquired by millennials, and there are “high levels of consumer interest for multi-diamond pieces”. The report shows a rise in spending per piece in 2016, “with retailers reporting an increase in the $1,000 to $4,999 category”.
Demand for diamond jewelry totaled $80 billion in 2016 – a marginal increase. Demand from Chinese consumers grew 0.6%, demand from Indian consumers dropped 8.8%, and demand from Japanese consumers declined 2.9%. According to the report, “Further marginal global growth in diamond jewelry demand (in US dollar terms) is likely in 2017”.
