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Statement 1. In a quadrilateral, if diagonals bisect each other at 90 degrees, it must be a Rhombus (well we can say that it happens in a square also but then every square is a rhombus, its a special kind of rhombus). Sufficient.

Statement 2. Diagonals of quadrilateral are equal. It could be a rectangle or a square or an isosceles trapezoid. If its a square, then we can call it a rhombus (square is a special kind of rhombus) but in other two cases, we cannot call it a rhombus. Insufficient.

Hence A.
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Statement 1. In a quadrilateral, if diagonals bisect each other at 90 degrees, it must be a Rhombus... Suff

Statement 2. Diagonals of quadrilateral are equal. It could be a rectangle or a square... Insuff

Hence A.
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GMATinsight
Is Quadrilateral ABCD a Rhombus?

1) Diagonals of ABCD Bisect each other at 90 degrees
2) Diagonals of ABCD are equal in dimension

Source: https://www.GMATInsight.com
Good question. The word BISECT should not be ignored.

Diagonals of Quadrilateral intersect each other at 90 degrees: Quadrilateral can be Rhombus or Kite.
Diagonals of Quadrilateral Bisect each other at 90 degrees: Quadrilateral is definitely a Rhombus! Hence, Statement-1 is sufficient.

Diagonals of Quadrilateral are equal in dimension: Quadrilateral can be Square (note that Square is a Rhombus with each interior angle as 90 degrees) or Rectangle or a Trapezium with equal non-parallel sides. Hence, Statement-2 is insufficient.

Answer: A.
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1. If the diagonals bisect each other, the quadilateral is a rhombus. Hence sufficient.

2. If the diagonals are equal, the quadilateral could be a square or rectangle. A square is a rhombus with each of its interior angles = 90degree. Hence, insufficient as it could either be a sqaure or a rectangle.
(Option A)

Is the word bisect and intersect same?
If it is not same then it could be kite also. In that case A is not the answer.

Bunuel / Experts please help.
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To bisect a line means to divide the line into two equal halves.

But if a line Intersects another line at Point X, it means that the point at which the two lines meet is point X. It doesn't mean that the lines is divided into equal halves
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Is Quadrilateral ABCD a Rhombus?

1) Diagonals of ABCD Bisect each other at 90 degrees
2) Diagonals of ABCD are equal in dimension

Source: https://www.GMATInsight.com

Question: Is Quadrilateral ABCD a Rhombus?

Properties of Rhombus:
1) All sides of the quadrilateral are equal (Ensuring property)
2) Diagonals are not essentially equal
3) Diagonals bisect (divide each other equally) each other @90º (Ensuring Property)
4) Diagonally Opposite angles of quadrilateral are equal
5) Square is a type of Rhombus


Statement 1: Diagonals of ABCD Bisect each other at 90 degrees

Property 3 ensures that it is a Rhombus hence

SUFFICIENT

Statement 2: Diagonals of ABCD are equal in dimension

The quadrilateral may be a rectangle (not a rhombus) or square (a rhombus) hence

NOT SUFFICIENT

Answer: Option A
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