De Beers said in its 2020 Diamond Insight Report that the monthly sentiment surveys with US consumers from March to August, had provided three clear findings, namely: consumers are adapting to the new normal, demand for diamonds continues, and diamonds retain broad appeal across consumer segments.The company’s consumer research undertaken during the Covid-19 pandemic highlighted new and accelerated trends as consumers adapt to a new normal.
The report also pointed to key macro trends that will shape the future of the jewellery sector, such as the importance of building trust with consumers in a virtual world, and providing a seamless ‘phygital’ experience that embraces social media commerce. It noted that the ‘try on’ component would be a key part of the purchasing journey as consumers bridge the physical and digital worlds when buying luxury goods.
Bruce Cleaver, CEO, De Beers Group, said: “This has been a year like no other, with wide-ranging implications for diamond jewellery retailers all around the world. It was only fitting that this year’s Diamond Insight Report takes a holistic view of how the pandemic has shaped the consumer psyche in 2020 and, most importantly, how diamond jewellery brands and retailers can adapt and evolve their consumer engagement strategies to embrace the emerging opportunities in this new normal.”
The report also includes a diamond value chain dashboard based on 2019 data, which found that global consumer demand for diamonds grew slightly in 2019, up by 0.5% to $79 billion. This was supported by 4% growth in the US, which accounts for almost half of global diamond jewellery sales, and 3% growth in Japan. The strong growth in the US and Japan in 2019 was dampened by the impact of currency exchange rates in other markets, it added.
Caption: © De Beers