Demand for diamond, gold and platinum jewelry in China is very strong, according to new report released by a local business intelligence portal. ResearchInChina's 2011-2012 report on the Chinese jewelry industry reveals that yearly sales of jewelry in China were in excess of $47 billion by the end of 2011, an astounding 240% of the country's yearly sales only 11 years earlier, according to Israelidiamond.co.il.
The ResearchInChina report said that diamond, gold and platinum jewelry are the most popular in the Chinese market, with emerald and pearl pieces also performing well. Compared to other consumer products, the report found that jewelry is the 4th most popular among Chinese people, after home appliances, housing and automobile purchases.
Although the Chinese were late to becoming serious consumers of diamond jewelry, they rapidly increased their share of the global market and today they are second only to the United States in sheer quantity of diamond jewelry purchased, Diamond News reported.
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