In 2020, the average US household purchased $475 worth of jewelry, up 9.8%, an outstanding outcome of an otherwise very miserable year. This is how much Americans spend on jewelry during the COVID era.
There is an anomaly in lab-grown prices. Demand is high but prices are declining, especially for larger goods in demand for the bridal industry. Here are the dynamics, prices, retail details and changes in demand. Plus, what the actual price gap is between natural and LG: a diamond market analytics review.
Israeli banks cut financing of the diamond industry by 33%, falling below $500 million for the first time in 30 years. The decline reflected shrinking activity, reduced reliance on financing, and banks’ balking at the complications of working with diamond firms.
Going through the sales data of hundreds of jewelry retailers provides remarkable insights. For example, how much Americans really spend on their diamond engagement rings. Here is the data driven answer.
A quarterly review of the diamond market, from retail to mining. Despite the deep dive in activity in 2020, the market bounced back to make a full recovery. Lab-grown market share, financing, midstream manufacturing, rough diamond purchases, and detailed retail activity are covered.
Many businesses did not survive this challenging year. There are a lot of lessons here for everyone in the diamond pipeline and the jewelry industry. Here is a summary of the results of analyzing the activities of those businesses that succeeded in 2020 and those that did not.
Diamond supply to the US comes from all over the world. As the world’s largest diamond consumer market, the US is the country that imports the most diamonds – more than $400 billion worth of polished diamonds in the last 30 years.
Consumers should expect higher diamond prices as strong demand has been driving them up in recent months. After consumer retail purchases dropped in March and April, US retail activity surged in the summer months. This renewed demand includes jewelry and diamonds and is causing diamond prices to rise.