(MENAFN- QNA) China's demand for polished diamonds has exploded over the past decade rising from 3% of global demand in 2003 to 15% in 2013 when booming global sales reached an estimated US$79 billion.
Polished diamond sales in China rocketed by 14% last year alone, double the pace of growth seen in the US.
Overall, sales of diamond jewelry to the Chinese have been the fastest growing in the world, averaging about 21% a year over the last decade. China now accounts for 13% of global demand, up from just 3% in 2003.
The US is still the world's largest diamond market but companies such as De Beers are increasingly looking to China for growth.
As disposable incomes rise, Chinese consumers are driving global markets for luxury products, including expensive watches, handbags, cars and diamonds. China now accounts for nearly one-third of global luxury purchases, according to the report.
Based on the current trajectory, China's market share will increase from 20% to 25% in a decade and could soon surpass that of the United States, long the world's top market with 40% of global sales last year, De Beers' executive head of strategy and corporate affairs Bruce Cleaver said in an interview with The Straits Times Friday.
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