Vietnam a promising market for diamonds
Vietnam proves to be a promising land for diamond trade deals with a demand for diamond jewellery of up to $300mil a year.
Vietnam does not have diamond mines, which means it has to feed its demand by imports. That explains why domestic diamond prices are always directly proportional to the world’s prices.
Currently, diamonds mostly come from Africa, Canada, Australia and Russia. Africa alone provides 60% of the total output.
Like gold, the price of diamonds has been increasing continuously as the diamond demand rises by 5% per annum, while the supply rises by 1% per annum only.
According to the Vietnam Gold Business Association, the demand for diamonds to serve the jewellery industry is very big, worth $300mil or more. Meanwhile China, a large market with the biggest increase in diamond consumption in the world, imported only $900mil worth of diamonds in 2007.
Labels: Diamond Jewellery
posted by The Diamond Chicks at 12:13 PM
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