The notable impact of the coronavirus outbreak was experienced in the diamond jewelry market. As diamond prices rise with the end stages of the COVID-19 pandemic, diamond companies have commenced their mining and trading activities, owing to changing customer perspective toward COVID-19. As such, companies have been seeing financing health provisions in communities around its mines in Russia and other parts of the world.
Potential coronavirus vaccines are being publicized, and predicted to revive growth of the diamond jewelry market. Notable events such as the India International Jewelry Show (IIJS) is expected to be held in April 2021. Companies are increasing efforts to remain fully-operational at mines by offering regular coronavirus tests to workers.
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Branding Plays Major Role for Big, Small Business Owners
Branding has become an important factor for both big and small players in the diamond jewelry market. However, branding comes, along with high marketing costs, which affects the business of small business owners, since this cost then reflects upon the retailor and ultimately the consumer. Hence, small companies in the diamond jewelry market are demonstrating superior value in their products and designs in order to compete with established and branded companies in the market.
Small business owners are focusing on educating the audience about cut, color, clarity, and carat weight, which are common in all diamonds, irrespective of a branded company offering diamond jewelry. Even branded companies need to be cautious about claims made by the company, in case a consumer feels betrayed if a branded diamond fails to hold its value.
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Innovative Designs, New Trends Boost Growth of Diamond Jewelry Market
Hoop earrings and chain jewelry are new trends in the diamond jewelry market. Colorful and statement jewelry have been popular choices for buyers during and post the COVID-19 lockdown, thus giving many resellers the opportunity to scale their business through YouTube and social media platforms. Innovative designs in artistic jewelry are grabbing the attention of high-end consumers.
Rings made entirely of diamond, new ways of cutting diamond, and research expenditure for knowing the diamond’s origin are forming a part of the company’s marketing and business activities. For instance, luxury jeweler Shawish from Switzerland introduced its 150-carat diamond ring entirely made from diamonds.
Cutting Robots Likely to Maximize Diamond Production Capacities
The diamond jewelry market is predicted to reach the revenue of US$ 97 Bn by the end of 2030. 3D jewelry printing is a fast growing phenomenon in the market landscape, owing to its advantage of mass production. However, there is lack of skilled craftsmen for 3D jewelry printing who can manually refine and perfect designs.
Cutting innovations on the other hand are seeing the emergence of robots such as Fenix used by Baunat— a Belgian brand, which offers high quality diamond jewelry capable of cutting any diamond. Thus, big and small players in the diamond jewelry market intending to capitalize on incremental opportunities can plan investments in cutting robots to virtually cut any diamond that are not in the scope of manual cutting.
Synthetic Diamonds Pose Threat to Real Diamonds
Due to scarcity of real diamonds, synthetic diamonds are posing as a threat to the sales of real diamond jewelry. Since synthetic diamonds cannot entirely replace real diamonds, companies in the diamond jewelry market are taking advantage of the fact that real diamonds are rare in order to secure a high price for their product offerings.
Apart from India, manufacturers are now tapping into mining opportunities in countries of Africa, Australia, and Canada. Innovations in high jewelry such as round-cut diamonds and removable diamond sets are grabbing the attention of consumers. Artistic jewelry has become a recurring trend in the diamond jewelry market.
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