At a recent international diamond conference held in Mumbai, it was found that China is sharply increasing its presence on the global jewel and diamond market and flexing its muscles in sheer volume of diamond exports per annum.
Chaim Even-Zohar o
f an Israeli Diamond Consultancy firm mentioned that Indian manufacturers needed to up their game if they wanted to stay ahead of the Chinese onslaught which offered exceptional quality jewels at more affordable prices. China has been aggressive in its purchase of mines across Africa and with their low manufacturing costs, many multinationals were beginning to setup shop in China.
The market share of India and China is a mere 7% and 6% respectively but if current figures are anything to go by, this could exceed 10% for both by 2016.
While the heavyweights in the diamond industry fight it out for the top spots, the end result for consumers is that the quality of diamonds and diamond jewelry will only get better and as for price, well, competition is always known to bring prices to a more affordable level.