INHORGENTA MUNICH: Diamond jewellery sales in US, Japan solid – IDEX
MUNICH, February 24, 2013 – Diamond jewellery sales to consumers in the United States and Japan have been solid in recent months, but consumer demand in India was below expectations in 2012, Edahn Golan, editor in chief of IDEX Online, said.
Speaking at a seminar about the diamond market at the INHORGENTA MUNICH trade fair on February 23, Golan said that diamond jewellery sales had seen “good steady” demand in the United States, with sales of fine jewellery and watches showing strong growth year-on-year.
In Japan, jewellery sales in department stores in January were comfortably higher year-on-year, and diamond imports to Japan had risen for a third straight year.
Demand in China continued to be driven by brands and bridal jewellery, but analysts remained concerned over the outlook for Chinese economic growth.
Consumer demand for diamond jewellery in India was below expectations in 2012, partially because many Indian consumers see limitations of diamond jewellery as an investment, Golan said.
Many consumers in India have traditionally seen gold jewellery as an investment, and a hedge against tough times.
“With diamond jewellery, investment is not that simple,” Golan said.
“People don’t know how to sell diamond jewellery.”
Diamond prices have risen by some 4 percent a year historically, and have fallen back from highs touched in July 2011 due to soft demand.
Golan said declining diamond production, combined with limited prospects for new mines coming onstream over the next decade, helped to underpin prices.
IDEX Online is a leading diamond industry news and analysis website, and an active trading platform for the global diamond and jewellery industry.
INHORGENTA MUNICH runs until February 25.