DTN News - CHINA NEWS: China Drives Global Diamond Jewelery Sales To $79 Billion
(NSI News Source Info) TORONTO, Canada - September 20, 2014: (HONG KONG) - China's demand for polished diamonds has exploded over the past decade rising from 3 percent of global demand in 2003 to 15 percent in 2013 when booming global sales reached an estimated US$79 billion.
Polished diamond sales in China rocketed by 14% last year alone, double the pace of growth seen in the U.S.
Overall, sales of diamond jewelry to the Chinese have been the fastest growing in the world, averaging about 21% a year over the last decade. China now accounts for 13% of global demand, up from just 3% in 2003.
• China's market share will increase to 20 to 25 percent in a decade and could soon surpass that of the United States
• Demand for the precious stone has reached a record high
• A dearth of new diamond finds in recent years has hurt production rates, while existing mines in Botswana, South Africa and Namibia are becoming depleted
*Source: DTN News - - This article compiled by K. V. Seth from reliable sources CNN News
*DTN China - Available on Twitter
*Presented & compiled for DTN News ~ Defense-Technology News
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