Diamond Prices Rise with End Stages of COVID-19 Outbreak

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.

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.

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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.

Diamond Jewelry Market: Overview

  • Diamond jewelry is a type of luxury jewelry. It usually comes with a combination of precious metal settings such as gold, silver, and platinum. Over the years, design and pattern of diamond jewelry have evolved across different parts of the world. Diamond jewelry design is influenced by the local culture, consumer preference, and availability of technology. Traditionally, natural diamonds were largely incorporated in diamond jewelry, which is generally high priced and popular among the high-income population. However, the introduction of lab-grown diamonds has allowed jewelers to offer reasonable diamond jewelry for the middle class population.
  • The fineness and beauty of diamond jewelry is largely affected by the 4 C’s of diamonds, which include its clarity, carat weight, color, and cut or shape. Most common diamond shapes preferred in diamond rings and earrings include oval, round, princess, pear, and heart. All the 4 C’s are considered while deciding the selling price of any diamond jewelry. In terms of value, the global diamond jewelry market is anticipated to expand at a CAGR of ~3% during 2020-2030.

Preference for Diamond Jewelry to Celebrate Special Occasions: A Key Driver of Diamond Jewelry Market

  • Rapid expansion of the middle-class population and changing consumer preferences toward fashion and clothing are estimated to drive the demand for diamond jewelry during the forecast period
  • The style conscious young generation is increasingly investing in branded jewelry and accessories, and are always seeking diversified product offerings. In developed countries such as the U.S. and the U.K., diamond rings are widely preferred as engagement and wedding rings. Oval-cut diamonds and platinum setting rings are the major trends in the U.S. market.
  • Key brands operating in the global diamond industry offer a wide range of diamond jewelry designed for special occasions such as Valentine’s Day, wedding anniversaries, and birthdays. Furthermore, modern consumers prefer diamond jewelry as a special gift to their loved ones. Special family events, mother’s day, promotions, and academic achievements are often celebrated by gifting diamond jewelry in developed countries. In emerging economies, the demand for diamond jewelry is expected to grow during festivals and wedding functions.