Celebrated as enduring symbols of love, commitment and longevity, diamonds continue to enthrall jewellery traders and enthusiasts all over the world, with consumer demand withstanding Covid-related challenges in the global jewellery and gemstone industry.
Diamond jewellery remains an undisputed choice for gifts and a key element of marriage, according to studies. A research report published early this year by Bain & Co said US consumers continue to view jewellery and watches among the top four gifts they would like to receive while those in China and India ranked these in the top two.
According to the report, 60 per cent to 70 per cent of those surveyed in the US, China, and India see diamonds as an essential part of engagement and marriage. Post-pandemic, majority of these consumers – or 75 per cent to 80 per cent – said they intend to spend the same amount or more on diamond jewellery than they would have before the crisis. “This indicates a strong, ongoing emotional connection with the diamond story,” revealed Bain & Co.
A De Beers report meanwhile said US consumers’ interest in diamond jewellery throughout the fourth quarter of 2020 outpaced demand for other luxury categories and apparel. Buyers view diamonds as a purchase “with emotional meaning and enduring value,” according to De Beers Group’s sixth Diamond Insight ‘Flash’ Report, published in Q1 2021.
The report also underscored the enduring allure of classic diamond jewellery pieces, with retailers reporting strong sales in this category.