Diamond Jewelry Sales Strong, Says NDC
Industry data shows sales in the category were on the rise in recent months and surpassed pre-pandemic levels.
Based on industry data, the Natural Diamond Council found sales of diamond jewelry have been on the rise in recent months.
In the period from March to May, diamond jewelry sales were three times what they were during that period in 2020 and 30 percent higher than pre-pandemic 2019 sales.
In 2020, consumers were looking to purchase items that carried both value and meaning, said the NDC.
This year, as COVID-19 restrictions ease and social events return, the growth has continued as consumers look to celebrate.
Millennial shoppers in particular are driving the growth, said the NDC.
Engagements were on the rise throughout 2020 and into this year, sparking demand for natural diamond engagement rings.
In the United States, weddings are back on the schedule as restrictions ease on large gatherings, further increasing the demand for diamond jewelry.
“American consumers are exhibiting a voracious appetite for diamond jewelry,” said industry analyst Edahn Golan in a press statement.
“These purchases are also a far more significant share of consumer expenditure. This is testimony of our ingrained need to celebrate life."
Aside from the wedding season, the reinstatement of all types of social gatherings has given consumers a chance to dress up again and dust off their jewelry boxes.
A recent Mastercard SpendingPulse survey found overall jewelry sales more than tripled year-over-year in May as COVID-19 restrictions lifted and reopenings continued.
Sales in the category were up 203 percent year-over-year in May and up 45 percent when compared to pre-pandemic levels in 2019.
It’s inspired by antique jewelry from the Georgian and Victorian eras.
The Institute’s “Jewelers on a Mission” campaign is working to unite the industry.
That’s according to Interbrand, which just released its 2021 list of 100 Best Global Brands.
Buyers may be excited about online diamond deals, but there are uncertainties surrounding the authenticity and clarity of the diamonds.