Diamond demand dims as global marriage rates fall
Fewer people are getting married worldwide, and in key markets such as China, the decline has been dramatic. This social transformation is having a tangible impact on diamond sales at global giant De Beers Group.
Speaking during the company’s preliminary financial results briefing, Paul Rowley, Executive Vice President of Diamond Trading, acknowledged that falling marriage rates are directly affecting demand for diamonds, long regarded as the ultimate symbol of love and commitment.
“In China, marriages have dropped from a peak of 13.7 million in 2013 to just 6 million in 2025—a decline of more than 50 per cent,” Rowley noted. At the same time, the country’s birth rate has collapsed, reflecting broader economic pressures, changing social values, delayed family planning, and shifting attitudes among younger generations.
For decades, China’s expanding middle class and strong marriage culture fuelled significant growth in diamond consumption. Engagement rings became increasingly popular, and diamonds, once considered a Western luxury, found a firm foothold in Chinese society.
Today, however, younger consumers are marrying later, choosing smaller ceremonies, or opting out of marriage altogether. Economic uncertainty, high property prices, youth unemployment, and evolving priorities have created a generation more cautious about long-term commitments.
For De Beers, whose business model is closely tied to life milestones such as engagements and weddings, these demographic shifts present a structural challenge.
Fewer weddings mean fewer engagement rings, and the ripple effects extend across the diamond value chain—from African mining hubs to international cutting and polishing centres.
Yet the story is not solely one of decline. Industry leaders are exploring new narratives around diamond ownership, repositioning diamonds beyond marriage toward self-purchase, personal achievements, and everyday luxury.
The aim is to align with changing consumer values and create relevance in a world where traditional milestones are evolving.
Rowley emphasised that this is not the first time the industry has faced such shifts. Japan experienced similar changes decades ago, forcing the trade to innovate and diversify demand drivers. He also pointed to Africa as a
potential future growth market, though current consumption remains small.
On laboratory-grown diamonds, Rowley stressed the importance of transparency. While lab-grown stones are increasingly popular in fashion jewellery, De Beers maintains that natural diamonds will remain aspirational purchases, valued for their rarity and permanence.
He anticipates lab-grown production will continue to rise, creating a distinct product category that coexists with natural diamonds but serves different emotional and economic purposes.
Ultimately, the diamond industry’s future will depend on innovation, diversification, and a deeper understanding of modern consumers whose definitions of love, partnership, and success are rapidly changing.