Inside the Fine Jewelry Trend – WWD

Diamonds are seeing surging reputation in nations which might be rising from lockdowns with the rollout of vaccines.

Giant-volume retailers like Blue Nile are reporting strong diamond sales with common buy costs growing by double-digits. And public sale homes like Sotheby’s and Christie’s, which within the years earlier than the pandemic had struggled to promote white diamonds, at the moment are doing so at document numbers. Final week, Sotheby’s set a document when it offered a 100-plus-carat flawless diamond for greater than $12 million — totally paid for with cryptocurrency.

All in all, it appears that evidently the worldwide demand for diamonds — a minimum of amongst customers of sure affluence — is reaching a brand new excessive.

Pure Diamond Council chief govt officer David Kellie, who leads the business group chargeable for selling the virtues of naturally sourced stones, significantly amongst younger customers as lab-grown stones see elevated reputation — says a lot of this new demand is the results of feelings skilled throughout the crises of the final 18 months.

“All areas of the diamond jewellery market appear to be very sturdy. They’ve been actually since first popping out of the primary lockdowns final Could,” he mentioned.

“We spent quite a lot of analysis and time wanting into why it’s so sturdy so as to predict whether or not that is only a short-term response or longer-term development available in the market. Just a few issues firstly across the worth of diamonds, there’s a a lot heightened sense of emotional connection between individuals and diamonds that’s completely different from luxurious items. It’s primarily based on a long-term connection. I do suppose individuals see diamonds as an funding of long-term worth fairly than a short-term endorphin rush that one will get when they’re usually buying merchandise.”

Now with reopenings seen broadly throughout North America and Europe, in addition to elements of Asia, the NDC is betting on the second half of the 12 months to proceed fueling momentum round diamonds.

“We may have a brand new marketing campaign that’s celebratory in regards to the worth of diamonds. We predict individuals will probably be in celebration mode. Final 12 months was about relationships and we wish to imagine that the remainder of this 12 months will nonetheless be about relationships, however now within the context of journey, pleasure and enjoyable. The temper of the worldwide viewers is that now could be the time to come back out and love life and have a good time what we’ve been by the final 18 months,” mentioned Kellie, who thinks this normal local weather will strongly profit the diamond business.

“I believe our business features a sturdy private connection that’s backed by brick-and-mortar shops and conventional strategies of selling with sturdy, impartial retailers which have relationships with shoppers. Now what COVID-19 has completed is speed up how we praise that with enhanced digital experience,” mentioned Kellie of strengthened retail infrastructure within the diamond business popping out of the pandemic.

The NDC is seeking to push two new initiatives over the subsequent six months. There will probably be a spotlight round selling recycled diamonds in addition to a marketing campaign that includes designers who take part within the NDC’s Rising Designers Diamond Initiative program.

When corporations that promote lab-grown diamonds tout their merchandise as a extra eco-friendly various to mined stones, the NDC has strongly pushed again — as was the case when Pandora made the switch to an all-lab-grown agenda in May. Whereas the NDC says that mined diamonds present necessary financial advantages for the areas during which they’re discovered, recycled diamonds may maybe be probably the most sustainable choice.

“We’re seeing much more exercise round recycled diamonds, which for us is one thing we do wish to promote as a result of it reinforces the everlasting worth of diamonds,” Kellie mentioned. “Whether or not it’s a person stone from a set that needs to be transformed or a diamond that’s been handed down — individuals wish to maintain onto the worth and sentiment of the stones. For us this can be a energy that’s distinctive to diamonds.”

However Kellie added to not anticipate a diamond market buying and selling app just like Poshmark or eBay anytime quickly as a result of recycled diamonds “are extra about individuals wanting to maintain the stones round and move them by generations. So it’s extra about creating a brand new piece of knickknack from a household stone than it’s buying diamonds or jewellery on the secondhand market.”

Kellie says the NDC is dedicated to diversifying the design group that works with diamonds. The excessive stage of capital required to jump-start a fine jewelry line has lengthy been a barrier for entry. In January, the NDC began the Emerging Designers Diamond Initiative with Lorraine Schwartz that gives mentoring and underwrites diamond provides on credit score for designers of colour so as to assist them decrease jewellery enterprise prices.

“We all know the energy of our business is the way it’s multigenerational and which means expertise — however that’s each a energy and a weak spot. It’s not as accessible to individuals with out these connections. The extra we will encourage and develop expertise, the higher. Diamonds converse to completely different audiences all all over the world and variety is vital to our long-term success,” he mentioned.

Strong Diamond Market Fueled by Post-lockdown Emotions, Says NDC

Huynh Nguyen

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