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Recently, data from the global mining giant De Beers Diamond Distribution shows that China's demand for diamonds is slowing. China became the world's second-largest diamond consumer last year, with diamond consumption accounting for 10% of global production. Before the United States, the United States consumed 38% of global diamond production. Dean of the diamond trading company, which is responsible for the distribution of rough diamonds, said that China’s diamond consumption increased by 20% last year, and this year’s increase was about 10%. This year, many luxury goods companies experienced a slowdown in China, and De Beers is just one of them. Daimler issued a profit warning last week that its Mercedes-Benz brand could not achieve its profit target this year, and the market demand for Porsche is expected to decline next year. As early as September, the British luxury brand Burberry also issued a profit warning. According to the latest data from CLSA and the National Bureau of Statistics of China, China's jewelry sales in the first quarter of this year increased by 20% year-on-year (compared with the same period of the previous year), compared with 59% in the same period last year. The latest data from Bain, a US consulting firm, also shows a similar trend: sales of watchmakers in the first quarter of this year rose 15% year-on-year, down from 40% in the first quarter of 2011. Not all luxury brands are pessimistic about the expectations of the Chinese market. French brand Hermes said last month that the company's second-quarter sales of platinum bags, scarves and other products in the Chinese market increased by 25% year-on-year, and the company subsequently raised its growth target. De Beers has been distributing diamonds in the Chinese market since 1994. Sain said that in big cities such as Beijing and Shanghai, four-fifths of newly-married couples use diamond rings as engagement rings. “Chinese consumers have a high eye for picking diamonds, and they usually buy the best quality of the highest grade diamonds.†Sain expects China and India to be the fastest growing diamond markets. It is a global gold consumer and has a tradition of wearing and giving away precious metals. The diamond trading company managed by Sain sells unprocessed diamonds to so-called “seekersâ€. These sights cut the bare diamond after polishing. The company has two sightholders in Hong Kong, namely Chow Tai Fook Jewellery Co., Ltd. and Chow Sang Sang Group International Limited. However, there are no hawkers in the diamond trading company in mainland China.