Sluggish economic recover and weak domestic market were attributed for the falling diamond consumption in China, the Shanghai Diamond Exchange said.

The exchange said China's diamond consumption fell for fourth consecutive month in January based on the amount of polished diamonds that the country imported during the said month.

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China imported polished diamonds worth US$157 million last month, a decrease of 24 percent from the same period of last year, the exchange said.

It added that the decline bucked last year's trend, when diamond consumption reached a record high.

In 2014, China imported polished diamonds worth about US$2.4 billion, a 32 percent rise year on year.

Diamonds exported to China pass through the Shanghai Diamond Exchange, the only venue in China authorized by the central government to handle diamond imports and exports and to conduct trade.

The exchange, which is a member of the World Federation of Diamond Bourses, was founded in October 2000 in Shanghai's Pudong District. It currently has 370 members.

Despite lower demand, China continues to be the world's second-largest diamond consumer, trailing the United States, the state-run Xinhua news agency reported.

Ari Epstein, chief executive officer of Antwerp World Diamond Center (AWDC) said China is set to overtake the US to become the world's largest diamond-consuming country by next year.

Epstein said many Chinese regard diamonds as a token of love as they are traditional gifts in wedding ceremonies, while others buy the stones with the hope of maintaining and increasing the value of assets. 

One fourth of Antwerp's diamond exports, totaling US$5 billion, were sold to Hong Kong and the mainland last year, he said.

The AWDC plans to establish a polished diamond sales center in China, and deepen cooperation with the Industrial and Commercial Bank of China, in order to boost its presence in the country and Asia, Epstein said. 

TagsChina Diamonds, China Diamond Demand, China Diamond Market