Westernization also a factorBut it's not just billionaires who are contributing to the increase in diamond demand in China and India. Consumers picking up the western custom of marking occasions — primarily weddings and engagements — with diamond jewelry are also adding to demand and are expected to continue doing so. Rare Investment's report notes that there is already a precedent for this type of shift. In 1940, only 10 percent of brides in the United States received a diamond engagement ring, but by 1990 the amount had hit 80 percent; similarly, “in Japan, brides receiving diamond went from 6% to 80% over a period of 30 years.”
China And India Emerging As Drivers Of Diamond Demand
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