Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
SurveysAug 14, 2020
5 Things to Know About De Beers’ Holiday Insight Report
The survey sheds light on consumer sentiment in the U.S., where people will be shopping, why simple solitaires are so appealing right now, and more.
A “Unity” ring in 18-karat yellow gold featuring an oval center stone from De Beers-owned brand Forevermark. A recent De Beers survey found some higher-income consumers who feel life is returning to normal after the COVID-19 lockdowns are interested in diamond jewelry brands.
New York—Consumer sentiment may be on shaky ground but demand for diamond jewelry is steady, one of the world’s largest diamond miners said in reporting results from a new survey.
De Beers Group CEO Bruce Cleaver shared findings from its Diamond Insight Global Sentiment Report during a keynote address at a Luxury by JCK virtual forum earlier this week.
The report takes a look at what the holiday season may have in store for the diamond trade amid COIVD-19, compiling consumer research from the United States, China and India.
The researchers surveyed 2,800 men and women ages 20 to 65 with household incomes of at least $75,000 in the U.S. and a similar demographic in China and India.
The report considered a range of consumer indicators, including how they felt in the current environment, what they planned to gift this holiday season, and how they prefer to engage with brands and retailers over the coming months.
Here are five takeaways.
1) Diamond jewelry is on shopper’s minds this holiday season.
Consumers across all markets are planning to buy diamond jewelry this holiday season, said the De Beers report.
In the U.S., 60 percent of men surveyed said they plan to purchase diamond jewelry for a significant other.
Nearly one-third of women surveyed plan to purchase for themselves.
In China and India, more than 80 percent of men and women said they were likely to buy diamond jewelry for a significant other or for themselves.
Professionals under 35, who tend to be consumers of “middle affluence” who work full-time, showed especially high levels of intent and expectation to buy diamond jewelry, the report found.
More than 80 percent of shoppers in this group have children at home.
“For this group, the engine of life continues; amongst Indian and U.S. respondents particularly, positivity, not stability, is ranked as their No. 1 need,” said the report.
As for where customers will be shopping, the report found shoppers plan to browse and shop both online and offline “regardless of retail channel, from large chains to local independents, with a slight preference for offline purchases in most channels.”
2) Connecting with past customers is key.
More than 80 percent of shoppers planning to buy diamond jewelry this holiday season have bought some, either for themselves or others, in the past two years.
“This is an important reminder that in an industry based on personal connections and relationships, we should give time and attention to our past customers,” said the report.
Cleaver
said this year has been a reminder not to take anything or anyone for granted.
“While the external environment remains uncertain, in this unprecedented moment in time, we have the unusual opportunity to build even more lasting and meaningful connections with consumers at the culmination of a year when we’ve all been reminded that we cannot take our precious relationships, or even human connections, for granted,” he said.
3) Consumers are drawn to classic jewelry pieces.
De Beers’ report found that in every market, consumers were interested in classic pieces of jewelry, particularly simple solitaires.
“With so much uncertainty and change around us, timeless classics such as diamond solitaire earrings, necklaces and rings have strong appeal as proven designs,” said the report.
A subset of consumers with higher incomes who feel life was returning to normal were looking past the classics and leaning toward diamond jewelry brands.
De Beers said this finding highlighted “the critical role that brands play in de-risking design innovation by adding a critical level of trust and reassurance to the shopping experience.”
4) Consumer sentiment in China is ahead of other key markets.
Consumers in all markets are still feeling unsettled amid the COVID-19 pandemic in terms of their financial, health, educational and social situations.
However, the report found that more consumers are adjusting to a new way of life.
In China, 85 percent of those surveyed said they are either settled into a new routine that now seems familiar, or feel their life is returning--or even has returned fully--to normal.
In the U.S., 65 percent of those surveyed said the same. In India, 63 percent said they were on the path to or had reached normalcy.
Though consumer sentiment in the U.S. and India is behind China, it is on the mend. A majority of those surveyed said they were moving toward feeling settled in a new routine.
5) Consumers are open to hearing about diamonds, even now.
Purchasing diamond jewelry may understandably not be top of mind for every consumer amid the COVID-19 pandemic.
However, the report found a majority of respondents still wanted and expected to hear about diamonds via marketing initiatives.
Those most open to hearing about diamonds were the consumers who felt most comfortable with their new routines.
The report stressed the need to invest in health and safety measures, like social distancing and wearing masks, to make customers feel safe and comfortable in a retail environment.
The respondents who felt the most uncertain about their situation still didn’t reject the idea of hearing more about diamond jewelry.
“While the external environment remains uncertain, in this unprecedented moment in time, we have the unusual opportunity to build even more lasting and meaningful connections with consumers at the culmination of a year when we’ve all been reminded that we cannot take our precious relationships, or even human connections, for granted,” he said.
3) Consumers are drawn to classic jewelry pieces.
De Beers’ report found that in every market, consumers were interested in classic pieces of jewelry, particularly simple solitaires.
“With so much uncertainty and change around us, timeless classics such as diamond solitaire earrings, necklaces and rings have strong appeal as proven designs,” said the report.
A subset of consumers with higher incomes who feel life was returning to normal were looking past the classics and leaning toward diamond jewelry brands.
De Beers said this finding highlighted “the critical role that brands play in de-risking design innovation by adding a critical level of trust and reassurance to the shopping experience.”
4) Consumer sentiment in China is ahead of other key markets.
Consumers in all markets are still feeling unsettled amid the COVID-19 pandemic in terms of their financial, health, educational and social situations.
However, the report found that more consumers are adjusting to a new way of life.
In China, 85 percent of those surveyed said they are either settled into a new routine that now seems familiar, or feel their life is returning--or even has returned fully--to normal.
In the U.S., 65 percent of those surveyed said the same. In India, 63 percent said they were on the path to or had reached normalcy.
Though consumer sentiment in the U.S. and India is behind China, it is on the mend. A majority of those surveyed said they were moving toward feeling settled in a new routine.
5) Consumers are open to hearing about diamonds, even now.
Purchasing diamond jewelry may understandably not be top of mind for every consumer amid the COVID-19 pandemic.
However, the report found a majority of respondents still wanted and expected to hear about diamonds via marketing initiatives.
Those most open to hearing about diamonds were the consumers who felt most comfortable with their new routines.
The report stressed the need to invest in health and safety measures, like social distancing and wearing masks, to make customers feel safe and comfortable in a retail environment.
The respondents who felt the most uncertain about their situation still didn’t reject the idea of hearing more about diamond jewelry.
More on Surveys
The Latest
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
