It grew by 2%.
Global consumer demand for diamond jewelry hit a record high in 2017, climbing to $82 billion, a 2 percent increase compared with the previous year, according to De Beers Group.
The U.S. was the main driver of growth for the fourth consecutive year, with demand increasing 4 percent to $43 billion. An increase in self-purchase of diamond jewelry helped drive demand, accounting for 33 percent of total U.S. diamond jewelry pieces acquired in 2017, De Beers reported.
Consumer demand in mainland China, the world’s second-largest consumer market for diamond jewelry, also returned to positive growth in 2017, reflecting the trend of the broader luxury goods sector. Demand increased 3 percent in local currency and 1 percent in U.S. dollars, totaling U.S. $10 billion. Growth was supported by strengthening macroeconomics toward the end of the year and a 20-year high in consumer confidence, according to De Beers.
In addition, there was a revival in the Hong Kong market in the second half of 2017, driven by both stronger local demand as well as a resurgence of mainland visitor shopping.
Bruce Cleaver, CEO of De Beers Group, said: “People around the world are spending more on diamond jewelry than ever before and it’s encouraging to see consumers in the U.S., the world’s largest and most mature market, leading the way. While new designs and brand concepts played a key role in catching the consumer’s eye, it’s the timeless natural beauty, uniqueness and enduring value of diamonds that continues to resonate with people when looking to celebrate life’s special moments.”
Demand for diamond jewelry in the other main consumer markets of India, Japan and the Gulf saw low-single-digit declines in U.S. dollar terms, affected by a range of macro-economic factors and regulatory and exchange rate impacts, according to De Beers. Consumer demand in other diamond jewelry markets globally increased overall.