New statistics reveal that only the United States has a larger diamond market than the People's Republic of China, according to Chinese news site 163.com. China's new ranking was solidified by the 63% year-over-year increase in the value of its annual diamond trade during the 2012 calendar year, which was great than the growth exhibited by Belgium, Israel and India. Diamond company De Beers said that its sales of diamonds in China saw a 20% year-over-year rise in 2012.

China was also voted to take over the chair position of the Kimberley Process at the start of 2014, when South Africa's term expires, according to Rough and Polished.

A Gems & Jewelry Trade Association of China representative said that while the size of China's diamond market has grown by leaps and bounds, it still has potential to grow so much more, because per capita consumption of diamonds is still minor, owing to the country's immense population.

In addition to buying diamonds for beauty, the stones are fast becoming a desirable investment option, because at present Chinese stocks and the Chinese property market is relatively unstable and profits margins are modest, according to 163.com.