|The De Beers Group has published its Diamond Insight report on 2016 diamond jewelry demand and outlook for 2017, with provisional data showing an increase of 4.4 percent in U.S. diamond jewelry consumption in 2016, reaching an all-time high of US$41 billion.
The report notes that this is the fifth consecutive year of demand growth in the United States, with U.S. consumers now accounting for 47 percent of the global market for diamond jewelry, with the data showing Greater China coming up a very distant second, with a share of 16 percent - similar to that of 2015.
Global demand for diamond jewelry is reported as relatively static at US$80 billion in 2016, compared with US$79 billion the previous year, with continued marginal global growth expected for 2017.
De Beers reports that consumers are spending more per piece on diamond jewelry, with retailers reporting an increase in the US$1,000 to US$4,999 category.
Commenting on the report, De Beers CEO Bruce Cleaver says, "American consumers continue to express strong desire for diamonds, but their purchasing habits are changing rapidly. While bridal diamond jewellery remains fundamental, we are seeing both single and married women buying for themselves more frequently and more purchases being made online. Meanwhile, products such as multi-diamond jewellery are becoming more popular.Continues Cleaver: "However, while US demand drove global growth in 2016, it is increasing demand from emerging markets that is behind the last five years being the strongest on record. Despite some markets facing challenging conditions last year, we see this trend continuing, with improvements in demand from China and India, in particular, emerging in 2017."