In recent times, Asian clients have begun to expand and become a force in the diamond market. They are not only a force in stores, but also auction rooms. Although the demand for diamonds has increased in Asia, it is mainly due to the increased demand for diamonds in China. China is now the second largest market for diamonds in the world following the United States.
While the demand for diamonds rose 25 percent last year in china, from 2010, it is continuing to rise as we speak. The profit for diamonds was $600 million in 2010 compared to its $30 million in 2009. By seeing these numbers it is clear that the Chinese diamond market is truly expanding at a rapid rate. With these numbers China has become the second largest diamond market in the world following the United States.
Even though China is the second largest diamond market in the world, it is likely to pass the United States in the next decade. While the numbers of diamonds being sold and purchased keep rising in China, the numbers of diamonds being sold and purchased in the United States have been continuously stable.
With China becoming bigger in the diamond market, could this mean less profit to the United States or more? China is buying most of the expensive diamonds from the United States. It will be exciting to see how the diamond trade continues in the years to come and how it will affect the United States and other countries.