Shoots of recovery seen in Chinese diamond industry sparks optimism in Indian market for exports, says GJEPC

Shoots of recovery seen in the Chinese diamond market, which is second only to the US, has sparked optimism among the Indian diamond industry, which could reshape the diamond manufacturing landscape, the Gem and Jewellery Export Promotion Council (GJEPC) officials said.

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China's economic slowdown coupled with plunging marriage rates in the country created a chilling effect in the Chinese diamond market valued at around $9 billion.

Last year, China's diamond market generated about $5.7 billion in revenue, and is expected to grow to $7.2 billion by 2030, according to market analysts.

The demand for diamonds has fallen by as much as 50 per cent in China, while wholesale diamond prices have fallen by about 40 per cent over the past two years, creating a major downturn in the global diamond industry, especially that of India as it accounted for a third of India's cut and polished diamond exports.