The Rise of the Diamond Industry, from West to East

Our fashion sense evolved with our very race. The jewelry of today are unrecognizably different from that of centuries back. Although some of us like to make their own jewelry, we still turn to big stores and sellers to buy our expensive jewelry. We pay for the materials, the gems, the craftsmanship, the packaging, the advertisement, the handling and what not. Although the jewelry industry has been making strides towards new horizons, at the time, it is in a state of flux. In times of changing economy and technology, the industry, globally, is trying to find a footing. Although we do not know for sure what lies ahead for it, but it’s safe to say that there are good things on the helm.

The Journey through Time
The journey of the jewelry industry through time has been phenomenal. Jewelry, over centuries, has transcended time, place and most of all, culture. It has been a part of the history by being a part of human experiences. It has been the very thing that distinguishes a person’s status from another. In Rome, only the highest ranking officials were allowed to wear jewelry. This was a way of declaring one’s social standing. However, as time passed, items like rings, necklaces, earrings and bracelets became common among the ordinary people, while tiaras and brooches remain reserved for the ruling class only. In 1930, history changed forever, when De Beers, the diamond giant launched an ad campaign for diamond engagement rings. The ad sparked interest through all sections of people. It is also the same ad that gave us the classic line “Diamonds are forever”. Today, diamond is loved and owned by people from all sections of the society.

From West through East
The market for diamonds in the East was not very promising at first. Diamond being an expensive commodity was recognized as an item for the crème de la crème. That was partly the reason why the East did not take an active participation in the trading of diamonds until it came to be afforded by all. China is a fast rising market. It is emerging as one of the major players in diamond trading at this point, accounting for 68% of the sales in the whole of East. That is seconded by India and Japan in the East and US in the West.

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