fashion
Chinese diamond demand puts gleam back into gem trade
(Agencies)
Updated: 2009-10-21 08:17
"It's a large market, but competition is also very ruthless ... especially on prices," Wang told Reuters.
But while China and India -- the world's number two diamond market and the world's key hub for polishing diamonds -- are growing in importance, some experts say the key to a lasting diamond market recovery lies with firming U.S. consumer demand.
"(China's) greatness lies in its potential," said Martin Rapaport, a prominent diamond industry entrepreneur.
"No matter how good the Chinese and Indian story is, it's still insufficient to make up for the lost U.S. demand that we've seen and are going to see."
But with China already the world's top market for platinum and jade, and number two for gold, diamond manufacturer Frank Wu, sees no limit to China's growth.
"In the next 10 years, China will become the world's largest consumer of all jewelry, including diamonds," he said.
