China is rapidly becoming world economic superpower which also means good news for global diamond industry. Why? Because China is huge new market with plenty of new billionaires that want the best stuff there is. And in terms of jewelry, diamonds are certainly the best stuff there is.
New Chinese billionaires are already being famous for spending absurdly huge amounts of money and they are ready to spend more money on jewelry than for instance American billionaires are. This is the well known business fact of making more sales to newer money than to older money, simply because new billionaires want to be known.
China seem to be particularly interested in colored diamonds, and they are currently the big hit among ultra rich Chinese. While the American market for diamonds is somewhat stagnating like the U.S. economy in general, China's diamond market is expanding at a rapid rate. Some diamond experts believe it is only matter of time before China becomes world's largest diamond market.
De Beers are already in China and so is Tiffany and many more big-time diamond players are also ready to enter within China's borders.
Neighboring India is also looking very good in diamond industry development. According to the De Beers Group India and China’s combined share of the global diamond jewelry market is expected to grow from 15 per cent to 20 per cent within the next two years. This is no surprise when you consider that the market for diamonds in both these countries is growing at around 25 per cent yearly.
Asian market for diamonds is certainly set to play extremely important role for global diamond industry in years to come.
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