China remains 2nd largest diamond importer

Shanghai (CNS) -- China and India are the twin stars of the international diamond market, which has returned to the level of vitality it exhibited prior to the 2008 financial tsunami.

In diamond consumption, 2011 was the third year in a row that China tailed the U.S to rank second in the world, revealed the Diamond Administration of China on Tuesday.

Social stability, a prosperous wedding industry, and an upsurge in diamond investment tactics are considered to be the motivators for its heated domestic market.

In the first 11 months of 2011, the U.S. imported US$ 3.65 billion worth of diamond end products, followed by China at US$ 1.85 billion and Japan at US$ 750 million. In November, the average unit price of a diamond import in each of the top three markets respectively were calculated at US$ 2,024, US$ 1,828, and US$ 471 per carat.

Including imports and exports, China's 2011 diamond trade value as recorded by the Shanghai Diamond Exchange (SDE) - the country's only exchange to handle the product - topped US$ 4.707 billion, up 63 percent year on year.

The world's three other main diamond exchanges, the Belgian Antwerp, Israeli Tel Aviv, and Indian Bombay, noted their turnover totals over the past year were US$ 56.5 billion, US$ 20.8 billion, and US$ 6.3 billion respectively, and those markets grew by 35 percent, 23 percent, and 16 percent compared to 2010.