US diamond ring market 'has grown'

The market for items such as platinum diamond rings has grown according to latest figures.

An article published by The Wedding Report claims the American wedding and engagement ring market is currently standing at $8.1 billion (£4.57 billion) and will continue to grow, reports idexonline.com.

The study states $2 billion will be spent on wedding rings during this year, while $6.1 billion will be generated in the sale of diamond engagement rings.

Money which adds to the market worth is collected through the sale of items such as brilliant-cut diamond rings and gold diamond rings.

The report also claims the market for the jewellery is set to increase by around $3 million by 2013, the source adds.

Earlier this week Gulf News reported the popularity of diamonds in the Dubai area has increased.

The newspaper states Karim Merchant, of Pure Gold Jewellers, has claimed the "growth rate for diamond jewellery is higher than gold jewellery".

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