How did that change over recent years?
Although the diamond market heavily evolved since then, the US stayed the largest diamond consumer worldwide. In recent years, the nation has even been responsible for roughly half of global diamond sales. The largest changes in the market were under the influence of growing economies, such as those of the BRIC nations, where the growing middle classes cause a surge in the consumption of luxury goods. Especially Asian countries saw an exponential rise in diamond consumption. Hong Kong, Mumbai and Singapore in particular have become very active members of the diamond market.
In Singapore, particularly investment purposes are high up the list of reasons to buy diamonds. India and China buy diamond jewellery more than they do investments. By 2020 both countries are even expected to surpass the US when it comes to diamond jewellery consumption.