Global jewelry sales increased 4% in the third quarter, driven by growth in North America, according to market research by Alrosa.
Sales in North America rose 4% despite concerns over the US-China trade war, the Russian miner said Wednesday.
Revenue in the Asia-Pacific region, including India and southeast Asia, rose 3% amid a continued expansion of national retailers across mainland China, as well as price adjustments by jewelers to offset the weaker Chinese yuan currency and higher customs duty. However, growth slowed compared with the 17% rise Alrosa reported for the region in the second quarter.
Sales in India decreased due to weakened consumer confidence following recent scandals in the sector, as well as the depreciation of the rupee. Proceeds in other countries rose 2%.
“The main driver of the global diamond-jewelry market is the US, which has seen stable growth rates throughout the year,” said Dmitry Klimenko, head of Alrosa’s analytics department. “This boosts market confidence ahead of the Christmas sales season. In Asia, consumer demand shows less steady growth because of the weakening of national currencies against the US dollar.”