Worldwide diamond jewellery sales hit $80bn (£62bn) in 2016, reveals the De Beers Group.
Reversing a dip the year before when demand from China and India slumped, global diamond jewellery sales bounced back, with marginal growth predicted for 2017.
Global sales were largely bolstered by rising demand in the US, where according to industry insight data published by the De Beers Group of Companies, total diamond jewellery demand from US consumers increased by 44% in 2016 to exceed US$40 billion (£31bn) for the first time.
US consumers now account for roughly half of all diamond jewellery purchases globally – a level not seen since before the financial crisis. While slower US GDP growth in the first quarter of 2017 is likely to have impacted diamond jewellery demand in the short term, the US has recorded five years of consecutive demand growth.
Although bridal diamond jewellery continues to be the foundation of demand in the US, more frequent acquisitions and a higher value of spend from single women helped drive demand. Meanwhile, self-purchase trends increased among both single and married women.
According to De Beers’ data, 57% of self-purchased diamond jewellery is acquired by married women, while a third is from millennials. Retailers also reported high levels of consumer interest for multi-diamond pieces.
The data also shows that consumers are spending more per piece on diamond jewellery, with retailers reporting an increase in the £1,000 – £5,000 category.
De Beers Group chef executive officer, Bruce Cleaver, comments: “American consumers continue to express strong desire for diamonds, but their purchasing habits are changing rapidly. While bridal diamond jewellery remains fundamental, we are seeing both single and married women buying for themselves more frequently and more purchases being made online. Meanwhile, products such as multi-diamond jewellery are becoming more popular.
“However, while US demand drove global growth in 2016, it is increasing demand from emerging markets that is behind the last five years being the strongest on record. Despite some markets facing challenging conditions last year, we see this trend continuing, with improvements in demand from China and India, in particular, emerging in 2017.”