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.
Editors' Picks
Sponsored by
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
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
Weekly QuizAug 29, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesPlans for dining out, booking vacations, and buying big-ticket items were down.
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil CampaignThe Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 YearsThe family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
