Image credit: Mohamed Hassan (Pixabay)
(diamonds.net) - In these unprecedented times, it would be foolish to make predictions about diamond-jewelry sales growth. We simply won’t have any indication about the true state of consumer demand until at least three months after retail has reopened for business. E-commerce has been the one bright spot, emerging as the most effective avenue for making sales in the last two to three months. That online trend and others are likely to linger. Fundamental changes to the way society functions have taken place during the social and economic lockdown. People have been forced to be more remote, accelerating the digitization of society. Yet they also seem to have gained a renewed perspective on what is important in their lives. These developments are contributing to a new normal in the way individuals interact and businesses operate. The changes impact the entire diamond and jewelry supply chain, beginning with retail and filtering through the polished wholesale, diamond manufacturing and mining sectors. The industry needs to understand these trends so it can effectively navigate the recession. It must emerge looking significantly different than it did at the beginning of the crisis, or else face losing market share in the luxury space.
