The De Beers Group in its industry insight data published on Thursday stated that demand for diamond jewellery in the other main consumer markets of India, Japan and the Gulf saw low single-digit declines in the US dollar terms, affected by a range of macro-economic factors and regulatory and exchange rate impacts.
The US was the main driver of growth for the fourth consecutive year, where positive macroeconomics and strong consumer confidence saw demand for diamond jewellery increase by 4% to $43 billion, representing more than half of total global demand. An increase in self-purchase of diamond jewellery helped drive demand, representing 33% of total US diamond jewellery pieces acquired in 2017.
Consumer demand in mainland China, the world’s second-largest consumer market for diamond jewellery, also returned to positive growth in 2017. Demand rose by 3% in local currency and 1% in the US dollar terms, totalling $10 billion.
In addition, there was revival in the Hong Kong market in second half of 2017, driven by stronger local demand as well as resurgence of mainland visitor shopping.
De Beers Group chief executive officer Bruce Cleaver said, “People around the world are spending more on diamond jewellery than before and it is encouraging to see consumers in the US, the world’s largest and most mature market, leading the way.”
“Demand growth outlook for 2018 remains positive in most of the main diamond consuming countries, based on solid world economic prospects, positive consumer sentiment and continued investment from the diamond industry in category marketing,” he added.
by via Surat News, Latest Surat News Headlines & Live Updates - Times of India
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