SYDNEY - Putting off popping the big question to your loved one until you find the right price for a diamond ring? You might want to get moving.
Diamond prices may soon be their highest ever, says an industry expert, thanks to growing demand from new markets, boostingthe cost of that engagement ring as much as 10 per cent.
"If you are actively involved in the production and sales of diamonds, the future looks extremely bright," James Allan, a diamond analyst for South African finance group Allan Hochreiter, told a diamond mining conference in Australia on Tuesday.
Consumers worldwide spent US$72 billion ($96.7 billion) on diamonds alone last year, and this year will splurge even more for the sparkly rocks, according to Hochreiter.
That would equate to a rise of about US$9 ($12) to US$99 ($133) per carat, he said.
The United States accounts for about 43 per cent of all diamond sales, while China's growing affluent class is luring more people into jewellery stores.
"In China, about 40 per cent of women are now getting married with diamond rings, and that trend is expected to increase significantly over the coming years," he said.
Consumers in India, too, are adorning themselves with more diamonds than ever before, displaying a growth rate of 26 per cent last year, he said.
"So as demand increases and supply decreases, the market will balance itself by sharp increases in the price of diamonds from next year through to 2015," Hochreiter said.
