Gold, Diamonds Saw Sales and Price Gains in 2010

The gold and diamond sectors experienced sales and price increases in 2010, according to De Beers and the World Gold Council.

De Beers’ diamond prices rose 27 percent in 2010, the company announced in a financial report released Feb. 11.

Worldwide diamond sales rose 8 percent in 2010, the company said, with U.S. sales jumping 7 percent, thanks to a “better than expected” U.S. holiday season. However, America now only accounts for 38 percent of the world diamond market, down from the 50 percent regularly recorded in years past.

The diamond market also saw “extraordinary growth” from the Chinese and India markets, which logged 25 percent and 31 percent gains, respectively.

Meanwhile, the World Gold Council called 2010 “an outstanding year for gold, with strong demand across all sectors” in a statement released Feb. 18.

Overall gold demand reached a 10-year high, the WGC said, hitting $150 billion. The gold price also logged a new record of $1,421 an ounce on Nov. 9, 2010.

The “annual average price” of gold jewelry rose 26 percent in 2010, the group said, and overall jewelry demand hit a record $81 billion, a 17 percent jump over 2009.

The group noted there was particularly strong demand from Asian and Indian consumers.  The WGC expects the growth in those markets to continue through 2011.

(Source: http://www.jckonline.com/2011/02/21/gold-diamonds-saw-sales-and-price-gains-2010)