The global diamond industry is in rough shape right now, and China's stock market crash is making things worse. A slowdown in demand is already hurting miners, cutters, polishers and retailers, and now Chinese consumers are expected to cut back on diamond purchases in the wake of the stunning boom-bust stock market cycle. That could be good news if you're shopping for a diamond ring. "If there is one commodity that is likely to feel an impact from recent events in China, it is diamonds," said Barclays mining analysts in a research report. "Diamond purchasing decisions depend on consumer confidence, which is correlated with equity market returns in China." China's has rapidly become the second largest diamond market in the world, after the U.S. It now accounts for 16% of global demand.