Diamond jewelry sales soar back above pre-pandemic levels – WWD

PARIS Retail sales of diamond jewelry grew 29% last year and 11% year-over-year, confirming the diamond industry’s “spectacular recovery”, according to a new report.

A joint effort between Bain & Company and the Antwerp World Diamond Center (AWDC), the annual report shows that revenue in the diamond mining segment will reach 62% in 2021, up 13% from 2019, while cutting and polishing increased 55 percent last year, or 16 percent above pre-pandemic levels.

Sales of diamond jewelry are down 14% in 2020 amid store closures, wedding cancellations and travel restrictions due to the coronavirus outbreak.

Olya Linde, an energy and natural resources partner at Bain and author of the report, commented: “Throughout the value chain, the industry has experienced a rebound and boom. with unexpected speed, surprising the insiders.

It shows “an urge for sentimental gifting, increased savings and store expansion in other cities” to drive diamond jewelry purchases in 2021, starting with the Lunar New Year and Holidays lovers, and at the same time growth during the second half of the year and the holiday season.

Bain and AWDC expect that demand for diamond jewelry and rough diamonds will continue to grow in the first half of 2022.

“The market anticipates a strong festive season – bolstering consumer confidence in major markets – and limited rough supplies,” they said. “Over the medium term, demand for diamonds could be impacted by government policies around economic stimulus and travel restrictions, including closures due to the ongoing epidemic situation. Even so, in 2022, the market is expected to demonstrate growth above pre-pandemic levels and return to historic growth rates in 2023–24”.

The US recorded the highest growth in diamond jewelry sales last year, up 38% from 2020 and 23% from 2019. The report notes economic stimulus packages, employment figures Boosts, stock market spikes and high levels of vaccinations, have boosted consumer confidence.

Ninety percent of jewelry retailers are now equipped to do e-commerce, and the digital market share reaches 23 percent by 2020, it noted.

Digital sales also underpin a 19% increase in diamond jewelry sales in China in 2021 as retailers enter the market online and promote the jewelry on social media. . “Live-streamed sales on social networks, such as Weibo and TikTok, have supported growth; jewelry makes up 20% of online sales,” the report notes.

Meanwhile, Europe has only recorded a partial recovery, with diamond jewelry sales still 5% below their pre-pandemic levels last year.

Expanding categories aimed at addressing consumers’ growing interest in sustainable jewelry also boosted diamond jewelry retailers’ fortunes, flagging other trials, according to the report. each other with recycled and used jewelry and note that “lab growth diamonds continue to move into a distinct, more affordable jewelry category. “

It refers to the new product line of Tiffany & Co. Made from recycled gold and the Signet collection revolves around recycled gold and recycled diamonds.

“Diamond advertising also went up a notch,” the report notes, mentioning Big Tiffany Campaign Starring BeyoncéJay-Z and the 128.54-carat Tiffany diamond to star in the About Love campaign, as well as the diamond jewelry featured in the movie “House of Gucci.”


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https://wwd.com/accessories-news/jewelry/diamonds-roar-back-above-pre-pandemic-levels-1235063320/ Diamond jewelry sales soar back above pre-pandemic levels – WWD


DevanCole is a Interreviewed U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. DevanCole joined Interreviewed in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing: devancole@interreviewed.com.

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