This report, completed in 2012, adds depth to Bain’s 2011 overview of the diamond industry by taking a detailed look at the dynamics of consumer demand across the globe, in the short and medium term. The report also presents a highly detailed view of consumer preferences, based on surveys of more than 5,000 diamond consumers around the world. Particular attention is paid to the three largest diamond markets – the United States, China and India – which, in the aggregate, account for about 60 percent of global demand. This information informs an updated outlook for the industry through 2020.