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More Evidence Mounts For Rocketing Diamond Sales, And So Far Travel Isn’t Hurting It July 12, 2021 (0 comments)
New York, NY—Sales of engagement and wedding bands just continue to rocket as post-pandemic couples are finally going ahead with plans to pop the question or tie the knot. Image: A white gold ring from Uneek.
The latest report from CNN Newswire via WRCB-TV3 says fine jewelers nationwide have seen massive spikes in demand and sales through April and May, especially as more and more people are being vaccinated and life is starting to return to normal.
Mark Broumand, a Los Angeles-based fine jeweler told reporters, "Love is what has really propelled everything" during the pandemic.
The report does address the troubling disparities brought on by the pandemic: the millions of Americans who faced devastating economic losses, vs. those who were able to keep their jobs and work from home and save the disposable income they’d have otherwise spent. Between those funds and stimulus funds, there is a lot of money ready to go back into the economy.
And in what’s even better news for jewelers, a lot of couples are rethinking the lavish wedding. They’re opting for smaller, more meaningful gatherings—and using the leftover funds for a bigger ring or more day-of-wedding fine jewelry. Tom Moses, GIA’s chief research and laboratory officer, told CNN/WRCB that GIA is experiencing “historically high submissions for laboratory services.”
Meanwhile, David Kellie, CEO of the Natural Diamond Council, says the outlook for diamond sales remains strong and that rather than cutting into diamond sales, travel thus far has been enhancing them as couples celebrate that moment with a piece of jewelry. Meanwhile, Bruce Cleaver, De Beers CEO, has said all along that demand isn’t slowing down and people are looking to diamonds for meaning.