The long-term conditions for the diamond industry remain strong:
The expansion of the tradition of giving diamond jewelry for “special moments in life” and the tradition of expressing feelings through diamond jewelry are spreading to cultures and geographical regions where they were not common before.
Middle-class welfare is growing and the number of people who consider themselves to be high net worth individuals is increasing. According to external experts, the average increase in the number of high net worth individuals exceeds 6% per year
The proportion of the middle class — one of the key jewelry consumers — is increasing, especially in emerging markets, including China and India. For example, in China, the number of people who identify themselves as middle class will grow by 370 million people, or by 45%.
Chart 1. Capgemini Financial Services Analysis (2021)