Demand For Diamonds Increases

Published on 15/09/08

The price of diamonds has risen this year, due to increased levels of demand, according to a source.

Recent figures claim values have risen by nine per cent on last year's statistics, reports the Wall Street Journal.

The research, carried out by diamond makers the Rapaport Group, states the average price of a stone, which could be used for items such as pear-shape diamond rings or diamond stud earrings, is around $2,500 (£1385).

Diamonds at the top-end of the market have been effected by rising consumer demand, with US retailer RF Moeller stating it has experienced a 25 per cent increase in orders during the last year, the source claims.

Martin Rapaport, founder and chief executive of the group, told the newspaper: "We have more wealthy people than ever before and they want diamonds."

Earlier this month Karim Merchant, of Dubai's Pure Gold Jewellers, told Gulf News diamonds, and items such as diamond bracelets and rings, are "gaining popularity".