China has become the world's largest consumer of platinum jewellery as demand in the country continues to grow, People's Daily Online reported on Wednesday (13th May).

According to the report, diamond sales are soaring, with Chinese consumers buying more platinum, emerald, jade and pearl jewellery than anywhere else in the world.

De Beers, the largest diamond producer in the world, revealed that its diamond sales in China rose by 15 per cent between October 2008 and the first quarter of 2009, despite declines in Europe and the US.

In addition, Sun Wensheng, Chairman of the Gems and Jewellery Trade Association of China, claimed that the country's gross jewellery sales increased by ten per cent year-on-year during the period to 180 billion yuan.

This trend may cool in 2009 as processing and trade exports of diamonds and precious metals will be badly affected by declining demand in countries with high jewellery consumption, such as the US.

However, experts at this week's Jewellery Shanghai 2009 trade fair predicted that China will become the world's largest consumer of jewellery by 2020, with annual sales of 300 billion yuan and exports worth over $12 billion.

China's domestic diamond jewellery retail revenue exceeded 20 billion yuan over the course of 2008, boosted by its rapid economic growth in comparison to other countries.

Source:

China is promising to be biggest consumer of jewelry (14/05/09)

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