Global sales of diamond jewellery reached US$85.9 billion in 2018, up 4 percent from last year, according to the results of diamond miner Alrosa’s global luxury and jewelry market research 2018.
The growth rate was lower compared to 2017 mainly as a result of a slowdown in key consumption markets in the second half of 2018, added Alrosa.
The report attributed the increase in sales to robust demand from locals and tourists in major markets in the first half of the year. The second half of the year however saw slower demand largely due to the weakening of the US dollar.
Diamond jewellery sales in North America, which accounts for more than half of overall sales, showed consistently strong growth rates for most of the year, providing a 4 percent increase in 2018 compared with last year, revealed Alrosa.
Sales in Asia in the first half showed higher growth rates than in North America but slowed in the second half, the study further said. Asia includes Southeast Asia and India, which account for about 30 percent of global diamond jewellery sales.