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Worldwide diamond jewellery sales were at a record high in 2014. Image courtesy: De Beers
Worldwide diamond jewellery sales were at a record high in 2014. Image courtesy: De Beers

Global diamond jewellery demand sets new record

International diamond jewellery sales reached a record high in 2014, with the world’s major diamond markets all experiencing strong consumer demand, a new report has shown.

According to the De Beers Group Diamond Insight Report, global diamond jewellery sales increased 3 per cent from US$79 billion (AU$101 b) in 2013 to US$81 billion (AU$103.6 b) last year.

The US was said to be the fastest growing market for diamond jewellery in 2014, with a 7 per cent rise in consumer demand in local currency terms. The four other major diamond markets outlined in the report – which, combined with the US, accounted for about 75 per cent of global demand – reported similarly positive results. Sales rose 6 per cent in China, 3 per cent in India and 2 per cent in both Japan and the Gulf region.

Philippe Mellier, De Beers Group chief executive
Philippe Mellier, De Beers Group chief executive

The report predicted that diamond jewellery demand would continue to rise this year, albeit at a “modest” pace. This was said to be fuelled by continued economic growth in the US, sustained momentum in India’s economic recovery and improvement in Chinese demand.

Lower oil prices and high consumer confidence were also listed as potential factors that could boost diamond sales figures for retailers.

Commenting on the results, De Beers Group chief executive Philippe Mellier said, “2014 was another strong year for diamond jewellery demand across the world, as we saw continued growth across both mature and quickly developing markets.

“Retailers are also positive about the prospects for 2015 and, while there are some potential headwinds, the stage is set for another good showing across the major consumer markets.”

Mellier also explained, “As the number of middle-class households in the major consumer markets is set to grow by hundreds of millions in the years ahead, the medium to long-term prospects for the diamond industry are also exceptionally strong if the right investments continue to be made across the value chain.”

De Beers launched the inaugural Diamond Insight Report in September last year. Each report is based on the company’s own diamond industry data as well as other industry sources.

The Australian retail market was not explicitly mentioned.

The full 2014 study is available at www.debeersgroup.com.

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