After weathering market turbulence fueled by lab-grown alternatives and trade barriers, the global natural diamond industry is showing signs of stabilization, with China emerging as a pivotal growth engine, according to De Beers Group executives.
Paul Rowley, a senior figure at the diamond giant, told CGTN's Wang Tianyu that demand is rebounding after years of volatility. "We're seeing renewed confidence across key markets," Rowley said, highlighting how mainland Chinese consumers now account for nearly 30% of global luxury diamond purchases.
The recovery comes despite challenges from synthetic diamonds capturing 18% of the engagement ring market and U.S.-China tariff tensions impacting pricing. Analysts note that Chinese millennials' preference for heritage brands and symbolic value in gemstones has offset some market pressures.
De Beers' latest strategy focuses on blockchain-enabled supply chain transparency and sustainable mining practices to differentiate natural stones. "Consumers want ethical provenance stories as much as brilliance," Rowley emphasized during the exchange.
Industry watchers will monitor how APAC's luxury markets develop through 2024, particularly as Hong Kong and Singapore strengthen their roles as regional diamond trading hubs.
