Millennials to drive diamond sales as demand softens in mainland China: De BeersHONG KONG -- Slower growth in China and economic turbulence in global markets has dented the diamond industry, but millennials are offering light at the end of tunnel, say De Beers. Although consumption had slowed in mainland China — the world's second-largest diamond market behind the United States — Cleaver said buyers' interest was still there. "We actually think demand in China has stood up reasonably well — better than flat in 2015," he told AFP. But while the China diamond market remains key, Cleaver said it was unlikely to ever reach past heights of more-than 10 percent growth. In 2015, millennials spent US$26 billion on diamond jewelry in the four biggest markets — the US, China, India and Japan.

Source: The China Post September 15, 2016 18:11 UTC