Rise In The Demand Of Diamond Jewelry In Us Market

In the US market, the sales of diamond jewelry account for around 55% of total jewelry

sales; the increase in sales had been quite steady and substantial until 2007. The industry experts had actually predicted a steady and significant rise however all their hopes and beliefs went down the drain in the year 2007. It has been seen that the increase in sales of jewelry in the global market was mere 1.7% during 2007-2008. Globally, US accounts for the largest percentage of market for jewelry. The raw materials are primarily brought in from Africa, Canada, Russia and Australia; however the countries that are involved in jewelry manufacturing and diamond processing are India, China, Turkey and Italy. The major retail markets are in US, Europe, Middle East and Asia. The demand of diamond jewelry was at a steady increase globally and experts predicted it to remain the same; however with the downfall happening in the year 2007, all predictions and hopes went for a toss.

In US the specialty retailers have a strong hold in the jewelry market. 55% of sales of diamond jewelry are in US, and half of the revenue is contributed by the sales of top 50 chains. The demand was on a constant rise, climbing a 5.7% increase every year, making it the most demanded product during the period 2003-2008. With steady economic growth since 2009, things have changed once again for the jewelry industry after the big impact of recession. The year 2010 is with full of promises, the growth is said to increase significantly. The styles and patterns of jewelry are constantly changing with changing mindset of people. With economic growth, there is also a change in attitude towards buying; buying diamond jewelry is now a status symbol as well; for diamond wedding rings, people dont prefer anything less than a diamond ring which not just reflects the strength and bond of the couple getting married but also how deep their pockets are.

Be it any occasion for that matter sake, theres nothing less than diamonds that people opt for, be it on choosing their anniversary rings, or engagement rings. Overall, it can be said that a significant rise in demand of diamond jewelry is expected in not just the US market but globally.

by: Elitha William

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