US diamond market to remain world`s largest: De Beers
Source: www.chinamining.org Citation: AFP Date: September 18, 2014
The US is likely to remain the world`s largest market for diamonds for the next 15 years despite a growing appetite for the gems from China and India, leading producer De Beers said Wednesday.
China has the fastest-growing demand, jumping to a share of about 15 percent of the world`s diamond market from less than 3 percent in 2003.
But it is not expected to overtake the US market`s 40 percent share for more than a decade, De Beers CEO Philippe Mellier said.
"China and India, the engine for growth, these two big markets clearly could be as big as the US in the next maybe 15 years," said Mellier, who was in Hong Kong for the Jewellery and Gem Fair.
"For China to go up to 40 percent share of the world market, it`s still some ways to go," Mellier said, adding he expects the Chinese market to grow more than 10 percent per annum for "many more years."
Global diamond jewelry sales were about $79 billion in 2013, up 3 percent from 2012, according to De Beers` first Diamond Insight Report.
Sales are expected to grow in the long term helped by recovery in the US economy.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20th-23rd, 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.
