Diamond sales continue rise despite the pandemic
Declining marriages, the pandemic and overall turbulent economic situation has failed to dent customer interest in sparkling diamonds. jewellery sales during and after the pandemic almost broke all earlier records, much to the surprise of jewellery traders.
Consumers around the world are exhibiting a rapacious appetite for diamonds. The market for natural diamond jewellery has only witnessed a steady rise in sales. Consumer purchases reached record levels. The ingrained human need for celebrating life was interestingly reflected with buyers making diamonds a significant share of their expenditure.
The world's leading diamond suppliers, including De Beers, have financial data to back this up. They reported strong financial recovery in the first half of 2021, De Beers earned total revenue of US$2.9 billion. The overall recovery of diamond jewellery heralds great news for the industry. It is a testament to the aesthetic and lasting emotional value in the eye of jewellery consumers.
Diamonds are here to stay
Despite the economic upheavals started by a pandemic and precipitated by a post-pandemic economic slump, companies say that consumer demand is peaking right before the holidays. Unlike most other sectors, the diamond jewellery industry is not facing supply chain disruptions.
According to most jewellers, they are benefiting from the pent-up demand from the wedding industry. Couples who had to put their elaborate engagement and lengthy wedding plans on hold during 2020 and some parts of 2021 are coming back. As consumers get ready to travel and party again and as venues open their gates, the pace of celebrations and weddings is picking their back up.
New product launches by luxury brands and independent labels are experiencing positive responses from customers. Also, buyers restricting their spending on travel and entertainment are shifting their attention to jewellery and feeling comfortable splurging at the same time.
At the onset of the festive season in different parts of the world, diamond jewellers are upbeat about the prospect of increased sales. Consumption is looking up, and so is the economy. With workforces getting back into the stream, and easing of COVID-19 restrictions have led buyers to throng jewellery stores across major economies, including USA and China.
Online shopping is the real hero
When you lock eager consumers within the four walls of their homes for months on end, online magic is sure to happen. From dating to buying engagement rings, the world went online to find and commemorate love. Both big and small retailers agree that online shopping was the trigger behind such exorbitant sales figures they have seen. The trend continues and promises not to budge even as 2021 comes to an end. Online buying allowed a broad spectrum of consumers to find recluse luxe brands and small designers on a single platform.
Diamond jewellery: The forever new
Revenge spending is another trend that intensifies rising sales of diamonds. Elevated savings are encouraging buyers to spend on diamonds. The holiday season is giving a significant boost to the already flourishing industry. As we return to normalcy, diamond jewellery will only glide on its path of growth.
If you would like to design your own piece of bespoke jewellery to match the latest trends, contact the team on +65 6733 4100, or email bespoke@thejewelbox.com