Bain & Company said despite lingering concerns about the global economy the diamond jewellery market surprisingly recovered in 2011.
The company said this during a webcast launch of a report titled “The global diamond industry – Portrait of Growth”.
It said global diamond jewellery sales had recorded a growth of 18 percent to $71 billion last year.
The United States, said Bain & Company, was by far the world’s largest diamond market with a market size of $27 billion.
“At the same time, supply of rough diamond contracted by 3 percent from 128 million carats in 2010 to 124 million in 2011, driving prices up for both rough & polished diamonds,” the company said.
It also said growth in the middle class especially in China and India had been fuelling the growth of diamond jewellery.
Their research in several developed countries proved that the majority of women still preferred natural diamonds on their jewelleries.
Meanwhile, Bain & Company said demand for diamond would grow by about 6 percent per year over the next decade.
“China and India will drive the growth, more than 50 percent of new demand will come from these countries,” it said.
The company also said global diamond output would grow by 2.7 percent to reach 157 million carats by 2020.
Most of the growth would come from the new mines, it said.
These were expected to add up 23 million carats each year by the end of the decade.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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