More Chinese than Americans to Buy Diamonds

Beijing: More Chinese consumers are expected to buy diamond jewellery in the future compared to their American counterparts, according to a recent research.

Russian mining giant Alrosa and research firm GfK surveyed more than 4,000 respondents from the US and China in 2017. The participants, aged 25 to 55 years with average or above average income who bought or received diamond jewellery as a gift within the last 12 months, said they were interested in buying diamond jewellery more for themselves than as a gift.

The US is the world’s largest diamond jewellery market while China has a rapidly emerging diamond jewellery sector.

The results revealed that 86 percent of Chinese respondents plan to buy at least one piece of diamond jewellery this year while 59 percent of respondents in the US are thinking of buying at least one piece of diamond jewellery.

Almost 73 percent of respondents in China and 71 percent in the US disclosed that over the last year, they bought diamond jewellery for themselves. Most often, gifts with diamonds are given to people aged 26 to 45 years – they account for 71 percent of gifts in China and 57 percent in the US, the survey showed.