United States is still the world's largest diamond market

United States is still the world's largest diamond market with the total share of 38% of global diamond market. In the year 2011 United States accounted for $27 billion in sales of diamonds and diamond jewelry, compared to a total of $71 billion in sales reached worldwide. This report was recently announced by the consulting firm Bain and Company.

In their report, Bain analysts also pointed some other interesting facts in this report like for instance that the total quantity of rough diamonds marketed annually dropped by 3% from 128 million carats in 2010 to 124 million carats in 2011. This reduction in rough diamond production has resulted in increased prices of both rough and polished diamonds as the demand for diamonds grew.

Rough diamonds. In the last few years there has been a reduction in rough diamond production.

Globally speaking, diamond industry continues to grow, even despite the ongoing financial issues in much of the world. This is because of the expansion to new markets thanks to the growth of the middle class in countries like China and India.

The future outlook for diamond industry remains positive. Diamonds are not only used for the manufacture of diamond jewelry, in fact more than three quarters of mined diamonds end up being used by different industries.