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Chinese millennials and those born after 1995, or Generation Z, are leading the world in buying diamonds and fuelling demand in the world's second-largest diamond market, a study by De Beers has shown Young consumers in China buying diamonds for weddings and occasions are on the rise, creating a golden opportunity for diamond brands to tap, according to Bruce Cleaver, chief executive of De Beers Group, one of the world's largest diamond miners "The parents of millennials in China have generally not been in the diamond tradition as much as their American counterparts, simply because we've been building the [American] market since the 1930s," said Cleaver.
Almost half of all Chinese brides received a diamond in 2017, up from less than 20 per cent in 2000 Women buying diamonds for themselves, a rising trend globally, made up a third of all diamond purchases in China last year Cleaver said the diamond giant would continue focusing on growing the natural diamond market in China, and had no plan to import synthetic lab-grown diamonds from the US.
De Beers broke with a long-held tradition in May when it unveiled plans to begin harvesting man-made diamonds and selling them to US consumers at a low price point The strategy involves a U-turn that will see De Beers embrace the market for affordable, fun and fashionable diamonds in the world's largest economy. . Source