There is a new sparkle to diamonds the world over. Demand for girl’s best friend rose to a new global high, up 2.9 percent year-on-year to 81.4 billion dollars (75.5 billion euros) in 2014. But paradoxically it represents the slowest growth in dollar terms since 2009.
The data from De Beers, the world’s leading diamond company showed the strongest market was the US which increased its market share from 44 to 46 percent in 2013. China maintained its share while Japan and India were affected by weak currencies against the dollar.
The US proved to be the engine driver for the boost driven by the economic recovery, growing job numbers and an improving stock market. Declining oil prices further increased consumers’ spending power.
The economic slowdown in China hit diamond jewelry sales while the protests in Hong Kong also affected them.
“Consumers expect to spend more on diamonds in 2015 and that provides a framework for all of us to be successful,” concluded the De Beers report.