Dive Summary:

• Sales for retail diamonds remain strong worldwide amid a rising global demand despite a relatively competitive market.
• Bloomberg economist Oliver Chen states that the Chinese market remains key to the rise in demand, with a growing middle class second only to the U.S.
• Currently, there is a 3-4% growth rate in physical mines versus a growing demand of 10%.
   

From the article:

“Chen said 80% of US brides-to-be wear diamonds and for those getting married a second time it’s about 60%. In China, about 30% of brides wear diamonds… (Oliver) Chen also noted that it takes about 10 years to find a mine and extract from it, and there are very few mines coming online.”