“No more couples are getting married due to COVID-19”…Diamond demand in China “suddenly decline”

Demand for diamonds has plummeted in China, the world's second-largest jewelry consumer market. Due to lockdown measures due to the spread of COVID-19 infection, the number of couples getting married has decreased significantly.
It is analyzed that this is because people prefer gold to jewelry as their assets have decreased due to the downturn in the real estate market. The Financial Times (FT) reported on the 15th (local time) that diamond analyst
Citing data from Paul Zimnisky, it reported that diamond sales in Greater China, which includes Hong Kong, Macau and Taiwan, totaled $12.8 billion last year, down 3% from the previous year.
In response, Al Cook, CEO of De Beers, the world's largest diamond mining company (value standard), said, ``Decrease in new homeowners, trend toward gold.''
Demand for jewelry in China has shrunk due to a decline in the number of new couples due to several years of lockdown." Not only has Chinese consumers' assets decreased due to the slump in the real estate market, but also the spread of COVID-19
It is said that the number of couples holding weddings has decreased because men and women have not had the opportunity to meet each other due to the lockdown measures imposed by the government. In fact, in 2022, 6.8 million couples will get married in China, compared to 2013.
The number has decreased by half compared to 13.5 million groups. "We'll be watching to see if this trend eases," Cook said, but added, "To be honest, it looks like it's going to take much longer than we thought."
I confessed. He went on to say, ``The people who want to buy diamonds are the ones who have bought condos and houses in China,'' and predicted that ``the problem of Chinese consumers (withering demand) will continue for some time.''
A Chinese diamond wholesaler said, ``China's demand for natural diamonds has decreased by up to 50% in terms of quantity compared to before the pandemic.''
Yamond) It is very difficult to do business. It will probably take about a year for demand to recover." The decline in demand for jewelry in China is also having an impact on diamond prices. Country
According to the International Diamond Council (IDC), prices for natural bare diamonds fell 18% last year. This, combined with declining demand in China, means that American consumers are increasingly buying naturally mined diamonds.
The FT explained that this is the result of a phenomenon in which people prefer synthetic diamonds, which are cheaper, instead of diamonds.