The report released this week, prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company, shared its annual performance evaluation of the global diamond industry. Here’s what happened in 2015:
- Currency depreciation and slowing in Chinese demand contributed to decline in global revenue by two per cent
- U.S. dollar revenues dropped by two per cent
- Rough diamond sales fell 24 per cent
- On whole, diamond sales were stable
- Strongest diamond market in United States
- Slowing tourist revenue in Hong Kong and Macau; positive gains shifted to Europe and Japan
- Cutting and polishing subsectors declined by two per cent
- Polished stone prices declined by 10 per cent
The report also explores shopping behaviours and how, through conducting a survey of 1,500 millennials in various parts of the world (China, India, and the U.S.), AWDC and Bain & Company found millennials have similar future spending levels and attitudes towards diamond jewellery as previous generations. Industry players need to invest in marketing, branding, customer experience and adjust to these shifting shopping behaviours; U.S. millennials tend to shop online while Chinese millennials shop in retail stores and Indian millennials prefer department stores.
Full findings can be found here.
