The US diamond market continues to show signs of strong performance, as both market demand and diamond exports are experiencing steady growth. Today, the US is the world’s largest diamond jewelry market in terms of retail sales, the world’s largest diamond importer, and the world’s second largest diamond exporter. The leading position of the US in the global diamond market is expected to be maintained, while the market is likely to flourish with more business opportunities in the near future.
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The US diamond market overview
As the sales of the global diamond and diamond jewelry market continue to thrive, the US has remained the growth engine in the global market, driven by the increasing revenues of mainstream US jewelry retailers, reflecting strong middle-class consumption of diamonds.
According to industry insight data revealed by De Beers Group, global demand for diamond jewelry in 2016 increased marginally to total $80 billion, with demand growth from the US offsetting a contraction in India. While the total diamond jewelry demand from US consumers increased 4.4 per cent in 2016 to exceed US$40 billion.
De Beers Group reports that the US has recorded five years of consecutive demand growth in its diamond market. Today, US consumers account for about half of all diamond jewelry purchases globally, representing a record high of diamond demand in the US since the financial crisis.
Currently, bridal diamond jewelry continues to be the largest product segment in the US diamond market. The market has also witnessed increasing purchases and higher value spending from single women. Meanwhile, self-purchase trends among both single and married women have also helped to drive the market.
Industry data shows that 57% self-purchased diamond jewelry in the US is acquired by married women, while a third is from Millennials. US retailers reported high levels of consumer interest for multi-diamond pieces. In recent years, retailers have also witnessed that US consumers spend more per piece on diamond jewelry products.
Imports & exports of the US diamond market
The US diamond market is quickly recovering, as the country’s imports of rough, loose, and uncut diamonds are all on the rise. In 2016, the US imported over $24.4 billion worth of diamonds, representing 20.8% of the world’s total diamond imports, making the US the largest diamond buyer in the world.
On the other hand, diamond exports from the US have increased by 14.8% since 2012 and reached a total export value of more than $19.5 billion in 2016, representing about 15.3% of the world’s total diamond exports in that year, and ranking as the world’s second largest diamond exporter after India. So far, the top importing markets of US diamonds include Israel, India, Belgium, Hong Kong, and UAE.
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