The demand for sparkling stones in countries like US, China and Hong Kong are increasing in high speed.
China imported more diamonds from foreign countries; of this 70 percent were exported from India against the financial crisis effect in the first half of 2009. The value of polished diamonds imported into china hits the record by $300 million in the first half of 2009 with an increase of 12.7 percent from previous year.
As per the provisional statistics of gems and jewellery export promotion council (GJEPC), the export in the month of Feb. 2010 were increased by 54.96 percent at US $2,252 million compared to US $ 1,453 million in 2009. About 60 percent of the diamonds were imported to the key destinations like china and Hong Kong.
China becomes an important market for India, especially for diamond manufacturing center in Surat. The senior functionary of gems and jewellery export promotion council (GJEPC) says that china becomes the world’s largest consumer of all jewellery including diamonds.
A recent analysis on global diamond jewellery demand by senior analyst Des kilalea with world’s top investment bank RBC capital markets in Canada, china will double its share of global diamond jewellery demand by 2015 by 16 percent. Also, it becomes the second largest diamond consuming market only after US account for about 40 percent of the total diamond jewellery demand in the world.
China’s strong position in the global diamond jewellery market, kilalea said the cities in china absorb an increase amount of rural migrants which results in increased amount of wealth. It surely increases the demand for diamonds particularly for engagement rings. Japan has been overtaken by china in the precious stone segment and the eagerness of Chinese brides to have diamonds in their wedding bands has helped prices of diamonds to recover after a terrible 2009.
Another important diamond trading made last month i.e. Cullinan Heritage Diamond, a whopping 507 carat precious stone was sold for $35.5 million to Chow Tai Fook, an Asian jewellery chain based in china.
The Hong Kong international jewellery show was a great success. The demand for diamond jewelry was great in china, India and other Asian countries said Bharat Gosai a leading manufacturer in the city.
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