Rapaport Magazine Delves into Asia

Sep 7, 2017 4:56 AM By Rapaport News

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RAPAPORT... China is the world’s largest emerging market for luxury and presents a massive opportunity for the diamond and jewelry industry, according to the cover story of Rapaport Magazine’s September issue.

“With a population of nearly 1.4 billion, a rising GDP and an ever-increasing awareness of the quality and investment value of precious stones and jewelry, China continues to be the largest emerging market for luxury goods,” said Joanne Milner, CEO of Garrard, which opened its first Chinese boutique in Shanghai in August and plans to open a second location “in another major Chinese city at the beginning of 2018.”

The bridal market is one of the key sectors for the diamond industry as Chinese middle-class citizens are increasingly adopting Western practices. Approximately 48% of brides in China acquired diamond jewelry for their weddings in 2012, compared with only 1% in 1994, according to De Beers’ 2014 Insight Report.

Blue Nile, the largest US online diamond and diamond-jewelry retailer, first entered China in 2012, and the region has quickly become the company’s second-largest market.

“It’s far lower than where the US is today, but there’s a lot of long-term potential, and it’s one of the fastest-growing diamond markets in the world,” said Jon Sainsbury, the company’s chief revenue officer.

The September issue also looks at the huge potential offered by Chinese millennials who are drawn to purchasing diamond jewelry. Another focus is on e-commerce developments in the region.

In addition to “The Year of the Diamond” cover story, the magazine features an in-depth report on the latest developments in the synthetics market — from the success the natural-diamond sector has had in its marketing efforts, to an analysis of consumer demand for lab-grown diamonds.

For a preview of the September issue, click here.

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