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.
Editors' Picks
Sponsored by
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
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Weekly QuizJul 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
