Rio sees diamond demand going up

BEIJING: China’s demand for diamonds is set to rise at a pace faster than the global average as gains in household wealth drive a demographic and cultural shift in the most-populous nation, according to Rio Tinto Group.

As China moves toward a consumption-based economy, sales are likely to grow 8% a year in the next five to 10 years, exceeding the 3% to 5% per annum forecast for the world, Alan Davies, Rio’s diamonds and minerals chief executive officer, said in an interview.