The global diamond industry is
expected to do well in the coming five years ahead. Despite lingering concerns
about the global economy, the diamond industry was surprisingly resilient in
the past years. Although it appeared the recession would slow sales of diamond
jewelry, overall demand has continued to grow. Diamonds were as resilient as
the overall luxury category. Last year it was projected that sales of diamond
jewelry would return to pre-crisis levels by 2013, a projection that can be
called over-optimistic. In fact, sales surpassed their pre-crisis peak in 2011,
two years earlier than anticipated. Overall, 2011 saw retail sales of diamond
jewelry reach a new high, growing 18% from 2010. Diamonds were as resilient as
the overall luxury category. 2012 saw retail sales of diamond jewelry reach a
new high, growing 18% from 2010.
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Powered by strong demand, the
diamond market in all countries is developing rapidly. The number of retail
jewelry outlets is soaring, and a growing number of consumers are adopting the
Western practice of giving gifts of diamond jewelry to celebrate engagements,
weddings and anniversaries. Many consumers are coming to view diamonds as
investments. Some more established markets grew more slowly or suffered
setbacks in 2011.
The US, the world’s largest diamond
jewelry market, posted a 7% gain in sales as the country’s economy rebounded,
with a 1.7% increase in 2011 GDP. Consumer confidence there continues to
strengthen. European sales of diamond jewelry fell slightly from 2010 to 2011,
while sales in Japan slid by 6%. De Beers announced plans to decrease output to
between 28 million and 30 million carats—a cut of 5% to 10% compared with 2011.
Rio Tinto expects to post growth based on the performance of the first nine
months of 2012, because of a 17% increase in output from the Argyle mine and a
5% increase from the Diavik mine. ALROSA is expected to maintain current
production levels.
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