11-11-2020
De Beers’ latest 2020 Diamond Insight Report indicates that consumers are adapting to the new normal and demand for rough and polished diamonds is growing.
Despite the diamond market is recovering, De Beers expected the growth might not be linear and will extend well beyond 2020 as the impact of COVID-19 on the global economy and the second wave of lockdowns in the fourth quarter have further harmed consumer spending.
CEO Bruce Cleaver said how diamond jewellery brands and retailers can adapt and evolve their consumer engagement strategies to embrace the emerging opportunities in this new normal is vital.
Seamless ‘phygital’ experience has become the key to sales during the Covid-19 pandemic as there is a growth in the use of online channels for browsing and purchase among global customers. Technologies such as augmented reality and virtual reality that help consumers bridge the physical and digital worlds when buying luxury goods, particularly those where the ‘try on’ component is a key part of the purchasing journey, will continue to rise in prominence.
Alrosa’s sales results echo De Beers’ survey. In October, revenues generated from rough and polished diamonds totalled $310 million. “In October, demand for rough and polished diamonds continued its gradual recovery, a trend seen since August, as cutters and jewelry retailers replenished their stock of end products and raw materials before the festive season,” said Evgeny Agureev, Alrosa deputy CEO.
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