A latest survey by the Jewelry Association of China showed that the country's jewelry industry moved at astonishing speeds in the recent few years. China's real-term diamond consumption reached $1.235 billion last year, ranking Asia first and world fifth. Experts predict that domestic sales of diamond will reach $1.8 billion by the year 2010.

Sustained economic growth and enhanced awareness about fashion served as foundation of increased diamond consumption, a vice-president of the Association said. From a luxury to a habit, diamond has turned out more and more attractive to Chinese white-collars.

About four fifth brides in large and medium-sized Chinese cities will buy diamond rings upon their wedding, the survey showed. By last April the bank savings of Chinese citizens had reached near 12 trillion yuan, many of them, becoming well-off or even wealthy, seeing noticeably increased ability to buy jewelry. On the "Valentine's Day" this year, major shopping centers in Beijing all saw a throng of diamond customers. China's need for diamond is growing dramatically and there will be huge market potential in coming few years. According to China's commitment to the WTO, from next year the country's diamond retailing market will be completely opened to foreign companies.

On top of the giant consumption market, China's diamond processing industry is also drawing world attention. China has become the world second largest diamond processing center, with the world biggest diamond-inlaying scale. Staff engaged in this sector has reached 25,000, and more than 3 million carats of diamond were processed and exported annually in the recent years with the export value nearing $1 billion each year. The export value for the first nine months this year alone reached near $800 million.

By People's Daily Online