Diamond Market Report
The positive momentum experienced during the recent Holiday Season continues across the global diamond market. Polished prices remained steady during the Holiday Season however there is now considerable upward pressure on polished prices due to soaring rough prices, improved market sentiment and shortages of certain in-demand items on the market. Very strong demand for round and square diamonds 0.50ct-1.50ct, D-I color, VS2-I1 clarity. Increased demand for SI goods as some buyers shift out of VS goods due to rising prices. Larger better goods (+3.00ct) continues to firm. Good trading activity reported across all major trading centers albeit a slight respite in activity in the Far East as wholesalers commence the Chinese New Year holidays.
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China Says Polished Diamond Trade Up 16% in 2009
Beijing reported Tuesday that China's polished diamond trade – imports and exports – rose to $1.52 billion (+16.1%) in 2009.
Diamond Net, quoting a Diamond Administration of China (DAC) statement, said that China's diamond imports, received through the Shanghai Diamond Exchange, added 30.7% to $699 million. China recently claimed that it had surpassed Japan as the world's No.2 diamond market in 2009.
Japan’s polished diamond imports between January and November 2009 dropped 21% percent to $575.3 million, according to the Japanese Finance Ministry. The US is the world's largest diamond market, but its net polished imports slumped by 45%, to $2.5 billion, for the same time period.
China's statement noted that imports were spurred by its economic growth and the expansion of the domestic jewelry market.
China Claims to be World's No.2 Diamond Market in 2009
China became the world's second largest diamond market after the United States in 2009, surpassing 2008's runner-up, Japan, the Interactive Investor website reported. According to the Chinese, trade on the Shanghai Diamond Exchange rose by 16.4% last year, amounting to approximately $1.5 billion.
China's official Xinhua news agency, quoted by the website, said that the year-on-year rise, which defied the global financial crisis, was due to China's boisterous economic growth in 2009, which reached 8.7%. Xinhua added: "As the economy continued to develop in a stable manner, consumer demand for jewelry continued to grow, especially for diamonds for the wedding market. This year, China overtook Japan to become the world's second largest diamond market for consumers behind the United States."
China's increasingly growing middle class and vast pool of diamond and jewelry customers are seen as the key factors which contributed to the reported rise in diamond sales.
Forecast: China to Become World's No.1 Gold Consumer in 2010
India's reign as the world's top gold consumer is likely to come to an end in 2010, as China is expected to surpass its in individual gold consumption, a CCTV.com report said.
China's New Year gold rush is already underway and Chinese gold and jewelry retailers report high consumer interest. The precious metal's standing as a consumer favorite seems unaffected by steep gold prices and retailers report gold, jewelry and gem consumption – viewed in China as symbol of wealth and good fortune – has remained strong.
According to CCTV.com, China's gold and jewelry consumption in 2009 came to roughly 450 tons – skirting previous gold consumption leader India, which reported approximately 380 tons in gold consumption. Unlike China, gold demands in India suffered from soaring gold prices. The global financial crisis has caused gold demand in India to drop nearly 50% over the past 12 months, while China saw a 14% rise in gold demands.
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Provision of independent valuation services for: governments of diamond producing countries, mining companies, financial institutions and other interested parties.
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