In 2006, retail diamond sales rose about 18% in India and 12% in China.
Not only is India the world's leading producer of polished diamonds, Indian consumers are buying up to 20% more retail diamonds as India's middle class become richer.
Another big growth market for the international diamond trade is China. Like India, the People's Republic has a health economy and is enjoying robust financial health.
Canada is one of only a few countries that mine rough diamonds. Thus Canada's diamond industry should benefit from increasing Asian demand for precious gems.
The sales and marketing arm of De Beers, London-based Diamond Trading Co., expects increasing diamond purchases by Asian buyers to continue this year.
De Beers, the world's largest diamond company, accounts for 40% of diamonds mined around the globe. The South African multinational is finalizing annual statistics on diamond sales.
The world's largest mining company, Australia's BHP Billiton Ltd., predicts that diamond supplies won't keep pace with demand from growing markets in China, India and the Middle East.
Therefore diamond prices are set to rise in 2007.
