Chinese brides and Indian festivals will drive diamond demand into new year, the CEO of De Beers told CNBC, as the market for the precious jewel continues to rebound.
The U.S. is by far the biggest diamond market in the industry that was worth $72.1 billion in 2012 but China and India are the fastest-growing, seeing impressive double-digit growth between 2006 and 2012.
Stronger demand during the second half of the year owing to Thanksgiving in the U.S. and Chinese New Year has seen retailers restocking at a faster pace than last year, according to Philippe Mellier, CEO of De Beers, with the Chinese bridal market set to fuel further growth in the world's second-largest economy.
"If we look at China, the market is expanding still because the diamond jewelry is now penetrating…smaller cities…so the conquest of diamond jewelry in china is not completed," Mellier said in a TV interview.
"So we can see some…further growth in China where the bridal market is still very very strong and diamonds are unique pieces of jewelry for that occasion."
Anglo American, the parent company of De Beers, reported the diamond business had underlying operating profit of $765 million in the six months to June 30, a 34 percent rise from the same period last year.