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Where is The World's Second Largest Diamond Market?
Reuters reports today that due to its excellent economic growth which increased by 8.7%, China has overtaken Japan to become the world's second largest diamond market behind the United States with trade on the Shanghai diamond exchange rising 16.4 per cent to more than US$1.5 billion.
China's increasingly affluent middle class and vast pool of customers are the key factors for the rise in diamond sales in the world's most populous country.
Demand for diamonds only really started to develop in the 1990s when De Beers brought its global advertising campaign to China, tapping into the Chinese desire for conspicuous consumption and pursuit of Western lifestyle trends.
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