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
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
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.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
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.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
