US Diamond Jewellery Demand Reaches $41 Bn
Total diamond jewellery demand from US consumers increased 4.4% in 2016 to exceed $40 billion for the first time, according to industry insight data published by De Beers.
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. US consumers now account for roughly half of all diamond jewellery purchases globally – a level not seen before the financial crisis.
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.
Around 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 showed that consumers are spending more per piece on diamond