(File photo)

China is seeing great potential for growth in its demand for diamonds. Over the past 10 years, China's jewelry sector has more than tripled in size.

China is the world's 2nd largest market for diamond, yet diamonds only makes up less than 20 percent of the country's jewelry market.

Experts say the diamond market is set to grow further in China, with demand in both personal purchases and gifting to others.

Millennials have become the main consumers, as more and more young people believe diamonds are forever.

Forevermark Diamonds' CEO Stephen Lussier said diamond jewelry has become the first choice for young Chinese women when purchasing luxury goods.

"The millennials are more interested in diamonds. Often they say the gold, that's like for my mother. But for me, I want something that's perceived to be more modern, more contemporary and more fashionable. So that we see that around the world, that trend, we see the desire, particularly in China, amongst these women aged 18 to 34, the diamond is the number one desirable luxury item on their list."

Diamond is becoming an essential part of Chinese weddings, with half of the brides in China acquiring a piece of diamond jewelry. And more and more young people prefer diamonds than gold.

Meanwhile, women’s evolving roles in society are reshaping diamond jewelry demand landscape.

Traditionally, demand for rings has dominated the market in China, while well-designed necklaces and earrings have increased in popularity annually.

Moreover, with Chinese women being a bigger part of the workforce, they have more confidence and ability to purchase luxury products for themselves, which also indicates a larger market for diamonds.