BAIN report & what: demand for diamond jewelry high in a decade
Last year, the sale of jewelry products with diamonds increased by 29 percent in the world., Which is the best result for a decade, it results from the latest A report of the advisory company BAIN & Company. The jewelry industry was helped by M.in. loosening of covenic restrictions and increasing savings. According to analysts, the demand for diamond jewelry will still be strong.
As the report prepared in cooperation with the World Diamond Center (AWDC) from Antwerp, the sale of diamond jewelry achieved in 2021. level $ 84 billion and was 12 percent. higher than before Pandemic 2019.
In the affected Pandemia 2020. Sales dropped by 14 percent. This was contributed to this restrictions resulting in the closure of stationary jewelry boutiques, the cancellation of wedding ceremonies and restrictions on travel, during which many customers buy jewelry. Consumer concerns about the crisis scale were also significant. However, already at the end of 2020. Reflection signals were visible.
– We expect that the demand will continue to grow in the first half of 2022. In the long run, a lot will depend on the condition of the economies and the steps taken by governments in the fight against Pandemia – said Katarzyna Wal, a senior manager at BAIN & Company.
In the United States, which are the largest market for jewelry with diamonds, the reflection of sales was the strongest and reached 38 percent. In China, which is the second largest market, growth reached 19 percent. Both markets have already exceeded sales levels listed before a pandemia by 23 percent respectively. and 6 percent.
The diamond jewelry market not only grows strongly, but is also subject to deep transformations. BAIN analysts & Company pay attention to two trends that change the shape of the market. This is a growing share of online sales and the responsible and sustainable jewelry production gaining popularity.
Pandemia definitely accelerated the development of sales in the online channel. In the United States, the share of online sales increased in 2021. up to 25 percent. from 14 percent in 2019., and in China up to 17 percent. with 12 percent. The share of social selfing, i.e. the sale of luxury jewelry via social networking sites such as Tiktok or Weibo during live reports, is also growing in China.
– Pandemia has firmly accelerated the development of online stores. 90 percent in the USA. Jebilers has an online sales platform. We observe the same phenomenon in other markets – said Katarzyna Wal.
Like clothing brands, jewelry manufacturers also try to launch products manufactured in a responsible and sustainable manner. In addition to certificates that allow customers to trace the road that precious ores and stones have traveled before they hit the store shelf, jewelry brands experiment with jewelry made of recycling materials and second -hand jewelry.
– The largest and most famous jewelry producers respond to the expectations of customers who are increasingly paying attention to where the diamonds come from, in what conditions they were produced and what is the impact of their production on the environment. That’s why tiffany & What. It has introduced recycling gold jewelry line, and Signet Jewelers, the world’s largest producer of diamond jewelry, uses both gold and recycled diamonds for production. The largest manufacturers like Alros also introduce technological solutions enabling customers to check the origin of diamonds, working with external suppliers like Israeli Sarine – said Katarzyna Wal.
Jewelry stores do not lag behind and offer high -quality second -hand jewelry. The demand for jewelry with synthetic diamonds is also growing, whose prices are falling compared to natural stones.