The Financial Times reports on how those in China with money to burn are spending it:
Turnover from diamond sales globally stands at $65bn, with about half of those sales coming from the US. Growing demand for diamonds and diamond jewellery in China, including Hong Kong, is expected to help it become the world’s second biggest consumer of diamonds this year. Japan and China account for about 12-13 per cent of sales, says Mr Hanard.
“China is the world’s fastest growing diamond market. And it can go very fast. It is still discovering diamonds,” said Mr Hanard.
Gold remains the traditional symbol of wealth in China, but diamonds have become popular, especially for weddings. “When people get married, they want a house, a car and a diamond,” said Shaun Rein, managing director of China Market Research Group in Shanghai.