As the diamond market plummets, young Chinese people are finding new alternatives to symbolize their love
Wang Xueying calls herself a fool for getting two diamond rings in 2022. One of them was a wedding band from her husband that cost over 15,000 yuan. Now, it could be worth just a tenth of that. “I feel like with the same price, we could have gotten a much larger one now,” the 23-year-old office worker from Liaoning province tells TWOC.
In China, diamonds soared in popularity at the beginning of the 21st century, making the country the world’s second-largest diamond market. But now the allure of the gem is fading fast.
Research from the Gems and Jewelry Trade Association of China shows the country’s diamond market size plummeted 18 percent in 2022 compared with the previous year, the biggest drop since the Shanghai Diamond Exchange, the only legal channel for the import and export of rough diamonds in the Chinese mainland, was established in 2000. I Do, a Chinese diamond ring brand known for its celebrity marketing, filed for bankruptcy in January this year after closing 205 offline shops the year before. Meanwhile, Darry Ring (DR), another popular brand, estimated its half-year net profit fell more than 90 percent in 2023, according to the company’s performance forecast released this July.
Shao Yefan is a contributing writer at The World of Chinese. She writes articles about economic and political changes in Chinese society, especially how these affect normal people’s lives. She is particularly interested in the impact of international events like the Olympic Games on Chinese society.
