A recovery in diamond sales in China has stalled after a property sector crisis sapped consumer confidence and Covid-19 restrictions led to a drought of engagements in the world’s second-largest consumer market for the gemstones.
Sales of diamond jewellery dropped 3 per cent last year to $12.8bn in the Greater China region, which also includes Hong Kong, Macau and Taiwan but is dominated by mainland Chinese demand, according to data from Paul Zimnisky, an independent diamond analyst.
A second consecutive year of retrenchment in what the industry had hoped would be its fastest-growing large region has led traders and producers to forecast continued weakness in natural rough diamond prices this year.
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