The worldwide retail market for diamond jewelry was $60 billion in 2010. Like the gold business, the diamond business is segmented into several groups:
- Miners and producers, who mine rough diamonds, then sort and sell them.
- Cutters and polishers: those who buy rough diamonds from the producers, then cut and polish.
- Jewelry manufacturers who create finished pieces.
- Retailers who sell the finished jewelry to consumers.
That's also true for emerging market countries like India and China. And currency fluctuations are also an issue. The declining value of the Indian rupee, for example, is a major reason why diamond sales in that country declined in the second quarter of 2012 compared to the same period last year.
What's hot in diamonds right now? Big ones. The biggest increase in pricing has been for larger stones of two carats and above. For example, between 2006 and 2010, prices for a polished one-carat diamond went up 5 percent a year, but prices for a three-carat diamond went up 10 percent, while prices for a five-carat diamond increased 17 percent.
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