Post COVID, Gen Zs nearly quadrupled their spend on jewelry in 2021. Those residing outside urban areas and, for the first time, Americans that identify as Asians, were top spenders on jewelry in 2021. These three demographics shaped jewelry demand across the US.
Insights Into the Diamond Industry
Our latest insights, expert analysis and thinking on the topics that matter most in the diamond industry.
Jewelry Demand Sinks 11% in October, But Do Not Fret!
The annual forecast with the monthly analysis: Most jewelry retail sales figures were in the red in October on a year-over-year basis. However, US jewelry demand is still relatively high, reflecting ongoing elevated consumer interest in the category.
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The Lab-Grown Diamond Contradiction
The lab-grown diamond contradiction. Demand is rising, but prices are falling. They are hot in the US, but not sweeping the rest of the world. It’s a technologically-driven product catering to a young crowd and striving to follow in the footsteps of a centuries-old product, while enthusiastically adopting many of its ills.
These are the issues, with figures and findings that support this view.
How Much Jewelry was Sold? A Massive $11.5B Less Then Believed
How much jewelry sold in the US is a crucial question. It impacts planning and financing. Revised US government estimates just shaved off $11.5 billion worth of sales. No small matter. Here are the figures, plus a forecast for 2022.
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Botswana: We Must Go Beyond Upstream. Cleaver: De Beers to Invest $10-11 Billion to Expand Business
Botswana’s Minister Moagi and De Beers’ CEO Bruce Cleaver in an interview speak of the challenges in renewing their contracts and the impact of lab grown. They debunk some sustainability claims and discuss the importance of empowering the people of Botswana, changes in KP, a flat production forecast, and what role smart mining may play in the future.
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De Beers and ALROSA Market Share 2021
The major diamond-mining companies increased their market share in 2021. The sole exception was Rio Tinto, which closed Argyle. This year, it is ALROSA that is expected to lose market share. Although rough diamond supply to the market decreased in volume compared to 2019, total value increased.
First Half of 2022: Jewelry Sales Rose, Average Value Soars
In the first half of 2022, US jewelry sales rose year over year. However, sales waned until they fell behind in June. And yet, spend per item is rising.
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Global Diamond Production +12% in 2021 – But Really Declining
Global diamond production increased 12% to 120 million carats in 2021. And yet, last year’s production fell short compared to 2019 and was one of the lowest production levels in more than a decade. There are reliable reports of smuggling out of some diamond-mining countries.
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Lab Grown: All Fears Materialized
In 2018, De Beers launched Lightbox Jewelry, a lab-grown-set jewelry collection with an unstated primary goal of disrupting the lab-grown market through devaluation and separation. Divide and conquer is an age-old battle strategy, but in this case, it didn’t work as well as hoped for. Surprisingly, not only is the natural diamond industry seeing its fears materialize. So also is the lab-grown industry. Following is the sum of all their fears.
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Brace Yourself, The Decline is Here
After two very buoyant years, the softening everyone knew would hit has finally arrived. It’s not just the slowdown in China, the second largest consumer market, but the US is feeling it as well.
