A variety of factors contributed to the decline in diamond sales, including: the overall weakness of the luxury goods market, changes in consumer attitudes, and the decline in demand in the Chinese market. “In the second half of 2014 and the first half of 2015, the entire masonry industry showed an uncertainty,†Bain said. The report cited the slowdown in China's economic growth as the “primary cause†for this uncertainty.
According to the report, as the largest diamond market, China's diamond retail sales in the first nine months of this year fell by 9% compared with the same period last year. In addition to the decline in economic growth, the sharp fluctuations in China's stock market in June led to a decline in consumer confidence, which also hit the brick and stone market.
Bain said that despite the same long-term challenges, the growth of the US diamond market can help offset the impact of the weak Chinese market. The challenge for the US market is that “in developed markets, luxury goods are losing their appeal as ambitions and status symbolsâ€, and it is somewhat outdated to show them wealth. In addition, the entire industry knows little about the next generation of consumer goods.
From this point of view, a report by The Knot Knot2015 proposal and wedding jewelry found that 8% of the bride received the wedding ring did not contain "precious stones", compared with 6% in 2013. But for American couples, diamonds are still the first choice: 84% of brides have diamonds or diamond ornaments.
According to The Knot, the US groom’s spending on engagement rings averaged $5,978, the highest ever, and the 2013 average was $5,403.
Related reading: Imported diamonds are not easy to sell: China's imports in October fell 23.8% year-on-year
According to the statistics of the General Administration of Customs of China, in October this year, the number of diamonds imported by China was 184 kg, a decrease of 23.8% over the same period of last year; the import amount was 406.344 million yuan, a decrease of 12.3% over the same period of last year.
From January to October this year, the total number of imported diamonds in China was 1,704 kilograms, a decrease of 22.7% compared with the same period of last year; the import value was 36,917,700 yuan, a decrease of 20.5% over the same period of last year.
At the same time, the domestic diamond jewelry market is not high in purchasing. In order to increase the sales volume of diamond jewelry, merchants have launched price reduction promotion cards.
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