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SourcingApr 22, 2016
NPD Group Launches Diamond Tracking Service
The company now is providing the industry with market data regarding diamond sales gathered from both independent retailers and large chains.
Port Washington, N.Y.--The NPD Group now is providing the diamond industry with market data regarding diamond sales at retail to give clients the ability to analyze market trends.
The new Diamond Tracker Service will provide the diamond industry with detailed point-of-sale information and monthly sales and inventory trend information, including information about quantities of diamonds sold, pricing and inventory levels.
The data also separates trends by specific diamond characteristics for all types--natural and lab-grown--and all diamond attributes like the 4Cs, and tracks market characteristics such as wholesale source, form of purchase and more.
The data given to The NPD Group comes directly from the store management software systems of independents as well as chains.
Up until now, the NPD Group said, the diamond industry has had to rely heavily on “trade-level anecdotal information” to gauge consumer preferences and shopping habits, posing challenges related to pricing and product mix decisions at retail and resulting in a disconnect at the manufacturing level between diamond supplies and actual retail demand.
This creates issues inventory imbalances and “volatile” wholesale pricing corrections, NPD Group said.
“We are excited to introduce detailed information and insights into the diamond market, to help NPD’s clients make fact-based decisions when buying and selling diamonds,” said Chris Casey, managing director of diamonds and diamond jewelry at NPD. “Our information gives the level of depth necessary for members of the diamond community--mining companies, manufacturers and dealers, financial analysts and retailers--to understand and leverage trends, and create more focused and effective marketing, pricing, production and purchasing plans.”
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