2015 Diamond Jewellery Demand and Outlook for 2016

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At constant currency, global consumer demand for diamond jewellery grew by two per cent. However, the strength of the US dollar during the year negatively impacted growth at actual exchange rates, with global consumer demand for diamond jewellery in US dollar terms reaching US$79 billion in 2015 – a two per cent decline on the record US$81 billion seen in 2014.

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The US, which is the largest and most mature consumer market for diamond jewellery sales, saw the fastest growth in 2015 at around five per cent, driven by sustained economic recovery, higher level of job creation and wage growth.

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Chinese demand growth was positive in 2015. Including acquisitions by Chinese abroad, the overall growth rate was three per cent in RMB.

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Despite positive general macroeconomics in India, consumer demand for diamond jewellery dropped four per cent in 2015, as it was negatively affected by a number of factors, impacting overall consumer spending, including structural labour market issues and restricted consumer credit.

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Japanese consumer demand was broadly flat in 2015 in local currency. However, the Yen depreciation led to a double-digit decline (down 13 per cent) in US dollar terms. The jewellery retail trade benefitted from Chinese tourism spend, with Chinese visitor numbers doubling in 2015 compared with 2014.

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In the Gulf region, unfavourable macroeconomics continued throughout 2015, with oil price weakness, geopolitical instability in the Middle East, and lower visitor numbers from Russia and China affecting the UAE, in particular.

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Demand for diamond jewellery in the Rest of the World in 2015 declined by 13 per cent as a result of macroeconomic weakness in the emerging markets, particularly Russia and Brazil, and the strength of the US dollar which negatively affected growth in the Eurozone markets.