EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
SourcingSep 18, 2017
7 Facts from De Beers’s 2017 Report on Diamonds
It provides insights into who is buying diamond jewelry, what they are buying and why.
These 18-karat yellow gold “Rae” studs from Jade Trau feature two oval-cut diamonds weighing 0.30 carats ($1,900). De Beers’s study shows that in the United States, earrings are second only to rings in terms of the type of jewelry women buy for themselves.
New York--Much of what’s contained in De Beers’s 2017 Diamond Insight Report was foreshadowed by company executives at the annual Forevermark breakfast held during the Las Vegas jewelry shows back in June.
There, Forevermark U.S. President Charles Stanley and Stephen Lussier, Forevermark’s London-based global CEO, shared some details about Forevermark’s plans for the fourth quarter, announcing that this year, the diamond brand’s major marketing push for the year will be women-centric.
Why? Because women today are buying more diamond jewelry for themselves as they gain power, position and money in the workforce, and they also are exerting greater influence over those pieces bought as gifts for them.
Here are seven insights from De Beers’s research about their rising purchasing power in the fine jewelry segment, who’s buying, where they’re buying and more.
1. The U.S. was the main growth market for diamond jewelry sales in 2016 and accounts for nearly half of all demand worldwide.
De Beers said consumers spent $41 billion on diamond jewelry in the U.S. last year, up from $39 billion in 2015, a 4 percent year-over-year increase. Stable macro-economics, wage growth, a strong stock market and improved consumer confidence were the reasons for the increase in demand.
Globally, demand was essentially flat in 2016, totaling $80 billion, compared with $79 billion in 2015.
2. The amount of diamond jewelry women buy for themselves is on the rise.
In 2005, self-purchased diamond jewelry (excluding any bridal jewelry) represented 23 percent of all diamond jewelry bought in the U.S. market. That number rose to 24 percent in 2011, 27 percent in 2013 and 33 percent in 2015, according to De Beers’s research.
Women’s spending power has increased, and they are buying more diamond jewelry for themselves.
3. Even when they’re not buying, they have input.
In the U.S., women influence the purchasing decision behind gifts of diamond jewelry in 42 percent of the cases.
A number of jewelers interviewed for National Jeweler’s 50 Jewelers/50 States series have made a similar observation about the bridal-buying process today, remarking on the number of couples who now come in together to pick out engagement rings.
4. Married women buy more diamond jewelry for themselves than single women.
The most popular type of jewelry they purchase is the ring, followed by earrings.
The average price of what they buy is $1,300. That is slightly less than the average price of all diamond jewelry acquired for women, including gifts, which is $1,400.
5. The factor
that most often gets U.S. women buying is price.
Finding something on sale at a “very good” price motivates women in the U.S. to buy diamond jewelry more than anything else.
After price, the top motivators among U.S. women are: to treat themselves, to acquire a design that’s unique or unusual, to celebrate personal milestones and to celebrate relationship milestones, like engagements and wedding anniversaries.
6. Most of these purchases are made on impulse.
But among those for which prior research was done. 72 percent of that research took place online. Stores visits (23 percent) and magazines/advertising/celebrity endorsements (31 percent) were other avenues used for pre-purchase research.
7. The jewelry buying experience is too “serious.”
The report used information gleaned from “Female Tribes,” a rolling study conducted by J. Walter Thompson Planning Head Rachel Pashley. (JWT is the same firm that used to handle De Beers’s U.S. marketing and advertising, including the iconic “A Diamond Is Forever” campaign.)
Among Pashley’s observations: the jewelry buying experience is too “serious;” retailers need to find a way to make it fun and self-gratifying, and they should learn from the experiential approach taken by skincare companies.
“Give women permission to reward themselves,” she says. “Above all, ensure your communications embrace the possibilities, not the responsibilities, of being a woman.”
Finding something on sale at a “very good” price motivates women in the U.S. to buy diamond jewelry more than anything else.
After price, the top motivators among U.S. women are: to treat themselves, to acquire a design that’s unique or unusual, to celebrate personal milestones and to celebrate relationship milestones, like engagements and wedding anniversaries.
6. Most of these purchases are made on impulse.
But among those for which prior research was done. 72 percent of that research took place online. Stores visits (23 percent) and magazines/advertising/celebrity endorsements (31 percent) were other avenues used for pre-purchase research.
7. The jewelry buying experience is too “serious.”
The report used information gleaned from “Female Tribes,” a rolling study conducted by J. Walter Thompson Planning Head Rachel Pashley. (JWT is the same firm that used to handle De Beers’s U.S. marketing and advertising, including the iconic “A Diamond Is Forever” campaign.)
Among Pashley’s observations: the jewelry buying experience is too “serious;” retailers need to find a way to make it fun and self-gratifying, and they should learn from the experiential approach taken by skincare companies.
“Give women permission to reward themselves,” she says. “Above all, ensure your communications embrace the possibilities, not the responsibilities, of being a woman.”
More on Sourcing
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
