The demand for polished diamonds in India and China may soon reach the same level as its American counterpart, and will position them as the biggest diamond consumers in the next decade – at least according to a recent precious stone global demand review by the world's largest diamond mining company De Beers.

Gareth Penny, Managing Director of De Beers, said that China, Hong Kong and India "would (eventually) account for the one-third of the global demand for the precious stones as diamond engagement rings, and other diamond-studded Jewelry are fast becoming a rage among the youngsters, especially among the Indian and the Chinese bride.

"About two decades ago, hardly any Chinese or Indian brides received diamond engagement rings. But, now nearly half of the couples getting married in these countries are buying them," he added.

In 2009, the United States accounted for about 40% of global diamond demand, with China and India around 6%-7%. However, De Beers forecasts that China would soon account for 16% of the global diamond demand and India for the same percentage by 2016.

A recent KPMG study suggested India's 2010 jewelry sales will near $21 billion, and may reach $37 billion by 2015.

Currently, out of eight key world retail markets, the US accounts for 45% of all jewelry sales, including diamond, platinum, gold and others. India and China, which follow with 8.3% and 8.9%, will emerge as the market equivalent to the US by 2015.

Industry sources said the diamond jewelry demand in India is expected to see a 50% hike by 2012, a from the current $4.2 billion diamond trade jewelry sales, attributed to rising gold prices and the fast growth popularity of the diamond-studded Jewelry among the Indians.

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Diamond giant De Beers thinks diamonds are not just the hardest material found in nature – soon they may also become the hardest material to find in nature.

The world’s biggest diamond producer recently issued a gloomy outlook on the sparkly gems, saying that world diamond sources are dwindling quickly –  too quickly – to meet long-term demand.

If the diamond miner's assessment are true – and frankly, they should know, that means ladies may soon have to settle for smaller “bling” and gents should expect to spend a bit more when buying diamond jewelry for their female friends – after all, it's all about supply and demand, right?

During the cold war era, the United States and the old DeBeers cartel hoarded large amounts of diamonds, but those stockpiles have long since disappeared.

Worldwide diamond supplies doubled between 1980 and 1999, as new mines such as Argyle in Australia and Diavik in Canada were found and made operational.

There is, also, the impressive amount of carats waiting in Zimbabwe's Marange diamond field, but Zimbabwe’s political turmoil and the allegations of gross human rights abuses in the area have rendered those gems "diamond non grata."

De Beers sees diamond supply tracing an “elephant curve” over the next two decades. That means that production will resemble an elephant’s back, tailing off gradually.

Global diamond production in the next few years is expected to reach 110-130 million carat. De Beers share is expected to be between 30 and 40 million carats.

The United States is still the biggest diamond consumer in the world, but China and India keep increasing their appetite for the shiny gem – hence the reason why De Beers has decided to limit its production permanently to no more than 40 million carats.

De Beers is still the most powerful player in the diamond field and its sales arm accounts for about 40% of rough diamond sales worldwide, so this strategy should allow it to continue influencing prices.

In 2008, demand for rough diamonds was about $13.4 billion globally and 2009 saw it fall to $7.5 billion, which forced De Beers to slash its production to a mere 24 million carats, earning it a $743 million loss in the process.

Demand, however, is expected to hit $12 billion this year, so De Beers has raised its Botswana mine production to 31 million carats.

Unfortunately for investors, De Beers is no longer publicly traded. Anglo American ADR owns 45% of the diamond producer, the Oppenheimer family holds another 40% and the Botswana government holds the rest.

Meanwhile, Rio Tinto ADR owns the largest stake in the Argyle and Diavik diamond mines. But the mining giant isn’t worth buying for its diamonds alone.

Harry Winston Diamond Corporation, however, is. The jewelry power house sells fine jewelry and watches in 19 locations, and owns a 40% interest in the Diavik diamond mine. As of 2009, it had produced 56.3 million carats.

Since it is a rough diamond producer, a polished diamond buyer and a retailer of fine diamond jewelry, the company enjoys unique profits.

It also puts it in a perfect place to take advantage of increased prices for rough diamonds.

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Barbie dolls first took the world by storm in 1959, courtesy of Mattel, Inc. and quickly become a household name.

Having been around for decades, Barbie – named after creator Ruth Handler's daughter, Barbara – has made sure to keep up with the times, becoming the doll world's top trend-setter.

Check out the most expensive Barbie dolls in the world:

Barbie No. 1 – $8,000

For those who prefer the nostalgia factor to the bling factor, this expensive Barbie is the very first one ever made. Barbie No. 1 features a ponytail and zebra-striped bathing suit. This vintage Barbie doll is truly a historic artifact.

De Beers 40th Anniversary Barbie – $85,000

Barbie turned 40 with style. Diamond giant De Beers could not let the momentous occasion simply go by, and created a unique dress covered in 160 diamonds and 18k white gold jewelry for Barbie to wear on her special day.

Barbie and the Diamond Castle – $95,361

This doll, introduced in Mexico City, was not created for sale, but rather for promotional purposes ahead of the "Barbie and the Diamond Castle" movie. It features a total of 318 diamonds, weighing in at 20.66 carats. Forty-four of the gems decorate her dress while the rest adorn her white gold accessories.

Canturi Barbie – $540,780

To celebrate the new Barbie Basics Collection, a line of urban socialite dolls each with a different hairstyle and skintone and wearing her own unique Little Black Dress, Mattel contracted renowned jewelry designer Stefan Canturi to create a stunning ensemble.

Canturi Barbie's necklace features 3-carats of white polished diamonds, arranged in a Cubist style and surrounding a rare pink diamond from Australia’s Argyle mine. The centerpiece is a 1-carat emerald. Barbie also wears a ring adorned with another diamond on her right hand.

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