Diamond Sales Set for Resurgence – De Beers

RAPAPORT… Both male and female US consumers are more likely to purchase and receive diamond jewelry over the next six months than they did during prior coronavirus waves, according to a De Beers survey.

Women are also wearing more diamond jewelry than over the last few months, particularly engagement rings and necklaces, the survey found.

Two-thirds of Americans said they were more inclined to give a significant gift to someone they loved now, compared to how they felt before Covid-19, while 77% of those in a relationship felt that way. Diamond rings were the most popular jewelry item to be purchased, picked by 36% of respondents. Some 30% chose a diamond necklace, and 22% would buy stud earrings.

De Beers also used its recent surveys to forecast upcoming fall and winter jewelry trends through a partnership with UK-based fashion-trend consultancy group Adorn Insight. The two identified three key trends that were influenced by the Covid-19 pandemic: an enhanced appreciation for craftsmanship and bespoke design, a greater desire for designs and materials that reference the natural world, and a preference for investing in timeless pieces.

”The pandemic has accelerated some trends that were already underway, such as the desire for craftmanship, authenticity and sustainability, while also generating increased consumer interest in the enduring beauty of the natural world and in classic designs that will stand the test of time,“ said De Beers CEO Bruce Cleaver. “Diamond-jewelry retailers will no doubt be interested in considering how these trends can feature in their upcoming collections, marketing and merchandising.”

De Beers surveyed 500 Americans over 18 for its fourth Diamond Insight “Flash” Report, which was completed August 23.

Image: A customer trying on an Adonis Rose diamond ring at De Beers Jewellers in Shanghai, China. (De Beers)