We keep an eye on the east here at High Performance Diamonds, because China has been the fastest growing market, and for that reason the Chinese evolution has a big impact on not only global diamond pricing, but also on what is going to be produced by most diamond cutting houses. Hearts and Arrows diamonds like those produced by Paul Slegers of Crafted by Infinity are in high demand.
- The Chinese government is in process of a big anti-corruption-campaign, which has a huge effect on the sale of really big diamonds and of fancy-color diamonds. Demand has clearly gone down in that area.
- The Chinese economy in general is in crisis, which creates question-marks about general Chinese demand for diamonds.
A recent article by MasterCard indicates that the biggest purchasers of luxury goods in China are millennials 18-29 years old, spending an average of $4,362.00 on luxury goods, which is about double the amount spent throughout the rest of Asia Pacific. Jewelry such as diamond engagement rings, accounts for 17% of their luxury purchases, and demand is expected to continue to grow.
Read the full story in Reuters
Photo credit: HKCH