Hong Kong Jewelry Fair: Diamonds remain the most sought-after gemstone

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02:53

A jewelry and gem fair is now being held in Hong Kong. Industry data suggests diamonds will continue to be the most sought-after gemstone this year in the Hong Kong market, as jade and aquamarine are also expected to be in high demand. CGTN's Li Jiejun has more.

Diamonds are forever. As one of the most coveted gemstones in the world, these precious rocks have a timeless appeal.

A survey conducted by the Hong Kong Trade Development Council suggested diamonds would continue to drive up the highest demand this year, among all the gemstones.

Driven by the two biggest markets – the US and China, the global diamond jewelry demand reached a new record high of 82 billion US dollars last year.

Millennials, who are now aged between 21 to 39, and Generation Z, who were born after the mid-1990s, contributed two-thirds of those sales. They prefer designs that can reflect their individual values and preferences. In terms of grading, the top picks are one carat, colourless, round-cut and high purity.

BRUCE CLEAVER CEO, DE BEERS "There are great opportunities for diamond industry, particularly in China and India with the middle class becoming bigger. Bridal purchasing is about 47 percent. Diamonds are the principal pieces at their weddings. But we also find self-purchasing being a much bigger thing than it used to be. 25 to 30 percent of all purchasing now in China is self-purchasing."

While diamonds continue to be the most popular gemstones, buyers' interests in jade, aquamarine, pearls and amethysts also remain high this year.

LI JIEJUN HONG KONG "Compared with younger people, elderly people's spending on jewelry is no longer limited to four traditional items – gold rings, bracelets, earrings and necklaces. They also have a growing preference for jade, ruby, sapphire and other gemstone jewelry."

More and more people are now investing in gemstone jewelry, as it is both inflation-proof and has a demonstrable sentimental value.

FENG SHUO SHANGHAI LAO FENG XIANG CO. "Our sales of jade, ruby and sapphire jewelry increased significantly last year. And the market has great potential. Ordinary people buy them for daily wear. Those with more money like to buy and collect them."

Meanwhile, demand for luxury jewelry is also on the rise, as more women take up employment and are earning more.

As for precious metals, insiders say that karat gold will remain the most popular this year, with rose and white gold as the favorites. Platinum is also expected to rise significantly in popularity. LJJ, CGTN, HK.