Diamond sales in the United States have been on the rise for the last 10 years and the trend is not likely to change soon, much to the delight of local diamond companies. This means that the U.S. still remains the largest market for polished diamonds. The rise of diamond sales in the U.S. is a result of global increases in the sales of diamonds.
The main contributor to the rise of diamond sales in the US is the city of New York. New York alone accounts for more than 50 percent of diamond sales worldwide. In 2005 alone, diamond sales in New York amounted to almost $34 billion.
As diamond sales in the US continue to increase, new diamond capitals are emerging. Two of the countries that have experienced significant growth as far as their respective diamond industries are concerned are the United Arab Emirates and China.
The UAE market, particularly the Dubai market, is characterized by high-end individuals so the type of diamonds being sold there tends to be high end also, usually ranging from the $10,000 to $100,000 price range.
China’s diamond market, on the other hand, is propelled by its overall economic growth. In recent years, the Chinese economy has been experiencing almost explosive growth. Many experts have predicted that China will be among the top five economies in the world within years and will overtake many developed countries.
In the rest of the world, diamond sales are also increasing and have been experiencing close to 5 percent increases yearly for the past decade. Traditional diamond capital Antwerp is still enjoying its place in the diamond world as the biggest market in the world outside of the United States. Diamond markets in other countries in Europe are also showing significant growth in the recent years.
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