Global demand for diamond jewellery grew 7 percent in dollar terms over the first quarter of this year in a year-on-year comparison with 2017, according to research conducted by ALROSA. The miner said the growth could be attributed to a combination of increased consumer demand and the strengthening of other currencies against the dollar.
The Asia-Pacific region recorded the strongest growth at 11 percent, mainly due to growth in mainland China along with stronger demand in Hong Kong and South Korea that was fuelled by increased tourist traffic.The Asia-Pacific region accounted for 20 percent of global diamond jewellery demand in 2017.
US and Canada sales grew by 5 percent. ALROSA sees this as significant as the US accounted for 53 percent of global demand in 2017. Japanese demand grew by 7 percent, driven mainly by domestic consumption, while the weakening of the yen against the Chinese yuan impelled greater tourist purchases as well.
The strengthening of the euro against the dollar saw Europe register a 14 percent growth in dollar terms. Indian demand remained stable. ALROSA notes that standalone shops and small networks in India showed a decline in sales, while the larger networks and chains showed growth.
The global luxury market grew 13 percent during this period with Asia-Pacific registering a 20 percent growth and Europe an 18 percent increase.