The Boom of Diamonds in China
Since Marilyn Monroe appeared in the 1953 movie Gentlemen Prefer Blondes with a song Diamonds Are a Girl’s Best Friend, diamonds have really become everyone’s best friend ever since. This diamond phenomenon also affects the Chinese middle classes in the present day.
The expansion of diamond demands is so large that it is likely to overtake the other booming luxury goods including cars, arts, wine, and designer clothes. The spending on diamonds of Chinese is predicted to increase 11% per year for the next few years.
The major diamond retailers have reacted to the trend by taking on the aggressive marketing strategies with the aim to encourage a Chinese middle class who has just become rich to consider these precious stones as a symbol of love and marriage. This is similar to the famous campaign of De Beers in the late 1940′s “A Diamond is Forever” which was popular throughout Europe.
Among many sectors of the luxury market, diamonds can be seen as a represented for the whole trends of luxury goods since they are “absolute luxury”. Other luxury ornaments like watches and jewelry are expected to have an increasing growth as well. The diamond sector has been growing continuously since 2008.
This marketing strategy is proven to be very successful since many Chinese people use diamonds in the weddings instead of the traditional jade. In the past couple of years, the purchases of diamonds in China were accounted for about 8% of the purchases worldwide.
The Chinese’s opinions on diamonds are similar to what they have toward gold. They both are viewed as a solid investment for the future, and can be passed along to other generations of the family to guarantee the continuing wealth.
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