The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
6 insights on the diamond market
De Beers’ latest Diamond Insight Report shows that chain and department stores are taking diamond jewelry sales from independent retailers in the U.S. market.
London--De Beers recently released its Diamond Insight Report, a report it prepares annually the covers the entire diamond jewelry pipeline from mine to market.
While the report, which is available in its entirety as a PDF here, covers diamond sales and production worldwide, what follows here are six insights about diamond jewelry and the U.S. market specifically.
1) While 2014 was a solid year for diamond jewelry, 2015 has been more challenging.
Global diamond jewelry sales grew 3 percent in 2014, exceeding $80 billion for the first time. In local currency terms, there was growth in each of the top five diamond markets (the U.S., China, India, Japan and the Gulf Region), which account for 75 percent of global demand.
However, because of the strengthening of the U.S. dollar and the slowdown in China, De Beers expects sales to be flat in 2015 when compared with 2014.
2) The U.S. market led the way for diamond sales in 2014.
A few years ago, luxury companies were betting high on China but the economy there has slowed and the U.S. is again the market where the luxury companies, including jewelry retailers, are doing the best.
The U.S. posted the strongest year-over-year growth in diamond jewelry consumption last year, even though it is the world's most mature market. Demand here was up 7 percent, with China (6 percent) and India (3 percent) trailing.
3) U.S. demand for polished diamonds returned to pre-recession levels last year.
The U.S.’s share of demand for polished diamonds reached 42 percent in 2014, a level not seen since 2008, before the global financial crisis hit.
The report also noted that since 2009, the compound annual growth rate for diamond consumption stands at 5 percent for diamond jewelry and 6 percent for polished diamonds.
4) More consumers are asking about specific brands.
The proportion of U.S. retailers who see consumers asking for diamond jewelry brands increased from 15 percent in 2012, to 33 percent in 2013, to nearly half (47 percent) in 2014, according to De Beers (which, it should be noted, has a diamond jewelry brand, Forevermark).
5) Independents are losing diamond jewelry sales to chain stores of all sizes.
In 2015, De Beers began a study of some 42,000 unique diamond retail locations in the U.S. What it found is that chain stores now sell more diamond jewelry than independent retailers, despite
In 2007, independents made 56 percent of diamond jewelry sales in the U.S., followed by chains (small, medium and large) at 27 percent, department stores at 8 percent, discounters/membership club retailers at 6 percent and “other” at 4 percent.
Today, independents’ market share for diamond jewelry sales has shrunk to 35 percent, with chains, now at 42 percent, and department stores, now at 11 percent, taking the most away from the independents. The market share for the discounters has crept up only 1 percent, to 7 percent, while other has remained steady at 4 percent.
(The 2007 sales figures do not include online sales made in these channels, while the 2015 figures do.)
6) There is a power in having a multi-channel presence, not being just brick-and-mortar or online.
In the U.S., between only 7 and 13 percent of diamond jewelry sales are made online, and two-thirds of those come through pure-play online retailers--many of which, like Blue Nile, now have a physical presence--or the websites of large chain stores.
Independents don’t sell a lot of diamond jewelry online but use it for marketing and communications, driving foot traffic into stores.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.