CollectionsOct 20, 2021
See Designs From This Group of BIPOC DesignersColumnistsOct 21, 2021
Squirrel Spotting: It’s a Diamond Moment!
It’s no doubt diamond sales are booming, but why? Peter Smith explores the complicated reasons why consumers want the stones right now.
Peter Smith is president of Memoire and Hearts On Fire. He is author of three books, “Hiring Squirrels,” “Sell Something,” and his most recent, “The Sales Minute.” Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
We are in the “moment” of the diamond.
OK, full disclosure: I’m struggling to embrace the contemporary use of that particular noun, as ubiquitous as it has become of late, but if there was ever an occasion to use it, this might be it.
In the main, we have seen diamonds and diamond jewelry ascend to the fore as most retail jewelers enjoy a period of success not realized since pre-recession days. For those keeping score, we’ll call that 2007/2008.
Exactly why diamond products have become such a draw for jewelry consumers is open to debate, but the data is clear—there has been a significant shift at retail away from other products and toward diamond jewelry.
The Edge Retail Academy, a consulting and data aggregating company, reports sales of diamond products are up 40 percent for the trailing 12 months, with units showing a robust 32 percent increase.
Notwithstanding some of that trailing 12 months vs. previous 12 months data captures a couple of the early pandemic months, there can be little doubt that the importance of diamond products has increased in the past year and a half.
But why?
Related stories will be right here …
OK, full disclosure: I’m struggling to embrace the contemporary use of that particular noun, as ubiquitous as it has become of late, but if there was ever an occasion to use it, this might be it.
In the main, we have seen diamonds and diamond jewelry ascend to the fore as most retail jewelers enjoy a period of success not realized since pre-recession days. For those keeping score, we’ll call that 2007/2008.
Exactly why diamond products have become such a draw for jewelry consumers is open to debate, but the data is clear—there has been a significant shift at retail away from other products and toward diamond jewelry.
The Edge Retail Academy, a consulting and data aggregating company, reports sales of diamond products are up 40 percent for the trailing 12 months, with units showing a robust 32 percent increase.
Notwithstanding some of that trailing 12 months vs. previous 12 months data captures a couple of the early pandemic months, there can be little doubt that the importance of diamond products has increased in the past year and a half.
But why?
De Beers’ “A Diamond Is Forever” campaign signaled the ascension of diamonds as a cultural imperative in what might be one of the best examples of what psychologists call priming that we’ve ever seen.
The principle of priming is the seller of goods seeds the required behavior they seek without the customer being conscious of the subtle-but-effective messaging.
In other words, I don’t need to tell you to buy a drink at Starbucks; I just have to assault your olfactory senses with the scent of coffee and off you go.
That consistent messaging of diamonds as a cultural imperative had a profound impact that saw diamonds grow from about 10 percent of engagement rings on the eve of World War II to about 85 percent today.
Another example of priming from De Beers came in the 1980s when the company told consumers they ought to spend two months’ salary on a diamond. That primer, increased from their 1930s message of about one-month’s salary, set the expectation and framed the conversation for millions of buyers and sellers in the decades since.
Besides a collective yearning for a return to a strong and consistent campaign from De Beers, what, you may ask, does any of that have to do with the results we are seeing today with diamonds and diamond jewelry?
In short, it’s complicated.
As we witnessed after 9/11, the pandemic has had a profound impact on what people buy.
In his piece for “Consumer Neuroscience,” Moran Cerf wrote, “The common psychological response to uncertainty is a negative state with increased chances of anxiety.”
Simply put, when consumers experience anxiety in their lives, they consciously, and unconsciously, make buying decisions that reduce anxiety, not add to it. Risky purchases exacerbate the already heightened anxiety and are avoided at all costs.
Buying diamonds and diamond jewelry brings a certain order and a promise of stability not always true of other purchases.
Whether diamonds really are “a girl’s best friend” is another cultural trope up for debate, but it is likely very rare that receiving and/or wearing diamond jewelry elicits feelings of regret or disappointment.
They are, in effect, the least risky purchase one can make in a jewelry store.
The shift towards diamond products has been a boon for retail jewelers.
While we are witnessing the first uptick in foot traffic into jewelry stores in more than a decade (only because we are currently comparing traffic to what was experienced with the onslaught of COVID-19), the trend of declining foot traffic will return and the need for a higher average ticket will be paramount for retailers to continue the positive momentum of recent months.
If retail jewelers used this period to curate their core diamond jewelry assortments to reflect the tastes of their market (hint: what sells in one market tends to sell everywhere!), if they have embraced data-sharing and fast replenishment of their core diamond products—pendants, earrings, line bracelets, diamond bands and, naturally (pun, what pun?), diamonds—they will have positioned themselves to carry that momentum into the season and beyond.
Here’s to a great holiday season!
In his piece for “Consumer Neuroscience,” Moran Cerf wrote, “The common psychological response to uncertainty is a negative state with increased chances of anxiety.”
Simply put, when consumers experience anxiety in their lives, they consciously, and unconsciously, make buying decisions that reduce anxiety, not add to it. Risky purchases exacerbate the already heightened anxiety and are avoided at all costs.
Buying diamonds and diamond jewelry brings a certain order and a promise of stability not always true of other purchases.
Whether diamonds really are “a girl’s best friend” is another cultural trope up for debate, but it is likely very rare that receiving and/or wearing diamond jewelry elicits feelings of regret or disappointment.
They are, in effect, the least risky purchase one can make in a jewelry store.
The shift towards diamond products has been a boon for retail jewelers.
While we are witnessing the first uptick in foot traffic into jewelry stores in more than a decade (only because we are currently comparing traffic to what was experienced with the onslaught of COVID-19), the trend of declining foot traffic will return and the need for a higher average ticket will be paramount for retailers to continue the positive momentum of recent months.
If retail jewelers used this period to curate their core diamond jewelry assortments to reflect the tastes of their market (hint: what sells in one market tends to sell everywhere!), if they have embraced data-sharing and fast replenishment of their core diamond products—pendants, earrings, line bracelets, diamond bands and, naturally (pun, what pun?), diamonds—they will have positioned themselves to carry that momentum into the season and beyond.
Here’s to a great holiday season!
More on Columnists
The Latest
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
