The intention to purchase diamond jewellery during the upcoming festive season was high across all markets, according to a study conducted by De Beers.
The report noted that about 60% of men surveyed in the United States said they intend to purchase diamond jewellery for a significant other, while nearly a third of women intend to purchase for themselves.
In China and India, over 80% of both men and women were very or quite likely to purchase diamond jewellery for a significant other or for themselves.
“This research, undertaken in three of the largest consumer markets for diamonds, highlights a number of important insights for diamond jewellery retailers as we enter the key end-of-year selling season,” said De Beers chief executive Bruce Cleaver while sharing the insights during his keynote address at the Luxury by JCK virtual forum.
“While it clearly demonstrates that consumer desire for diamonds is as strong as it has ever been, holiday communications to consumers should focus on the power of diamonds, as inherently beautiful miracles of nature, to convey emotional meaning, gratitude for loved ones and expressions of self-reward – all of which bring joy and positivity in a time when it is desperately needed.”
De Beers said consumer interest gravitated towards classic pieces in every market, with simple solitaires the main preference.
However, a subset of consumers – largely those who felt their lives were returning to normal and with higher household incomes – were more interested in experimenting beyond classic designs, showing a greater interest in diamond jewellery brands.
The research, which surveyed 2,800 men and women aged 20 to 65 with household incomes of at least $75,000 in the US and a similar demographic in China and India, looked at a range of consumer indicators, including how they were feeling in the current environment, gifting intentions for the holiday season and preferences for engaging with brands and retailers over the coming months.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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