India becomes the fastest-growing market for diamonds.

Photo@exportindia.com

With the price of gold escalating to sky high limits, Indians are now looking at diamonds with renewed interest. So far, Indians have been the biggest investors in gold while the Chinese dominated the diamond market.
Now the scales have tipped. This year, according to the World Gold Council, China overtook India in gold demand and India has risen to become the most enthusiastic market for diamonds. Forevermark, a subsidiary of the De Beers group says that India is now a priority for them. Their main competitor in the local market is Tanishq who is sweeping the youth market by their modern designs.
Lavish Indian weddings that invested more in gold are now diamond-centric. The biggest reason for this is that the value of gold is at an all time high in India, further bringing down demand by the devalued Indian rupee. Meanwhile, diamonds have become cheaper by almost 18% per carat. Prices of diamonds vary according to cuts and carats but unlike gold, prices are not official rates that change from day to day. Deals are based on personal transactions.
If prices of gold ride higher, traders worry that the yellow metal may well become a thing of the past in Indian weddings.
                                                                                                                 
                                                                                                                        (Article From  Cnbc.com  )