When the Pandemic started, the diamond trade was severely affected by lockdowns. As weddings and engagements were postponed, it created a number of uncertainties.
As such, the diamond industry was also in an extreme fear mode, not knowing what to expect. Not just physical stores, online diamond retailers were also affected and had to cut back on ad spending.
However, as Rapaport reports, the trend is reversing. November particularly saw an increase in demand for diamonds and fine jewelry. China’s recovery helped this uptrend, so did the Diwali festival in India.
More specifically, Indian diamond factories have now returned to 70% capacity, while De Beers was able to sell $450 million worth of diamonds in November.
Since the Pandemic is still unfolding, retailers that have a strong online presence is taking full advantage of this recovering demand, while brick and mortar stores are struggling.
As demand returns to pre-pandemic levels, suppliers are also now struggling to replenish their inventory. The demand is also shifting from high quality and round diamonds to oval and cushion cuts due to their unique shapes as well as lower prices, which makes it extra difficult for suppliers to forecast the changing demand.
As diamond buying shifts to online, consumers need to educate themselves and learn more about the 4Cs of diamonds. Using Petra Gems’ free guides and instructions could be a game-changer for end-users/consumers as they shop for diamonds online.
The key challenge for consumers will be to distinguish between reliable companies versus those who sell low-quality diamonds and jewelry for a much higher price. Learning about GIA 4Cs (Carat weight, Cut, Clarity, and Color) as well as best diamond certification/grading labs and fluorescence could be very helpful. In addition, online platforms also offer individuals the flexibility to compare prices on several websites prior to making a purchase – which makes buying diamonds a hassle-free experience.
In conclusion, as consumer demand returns and shoppers return to jewelry stores, aim for high-quality stones that are graded either by the Gemological Institute of America (GIA) or the American Gem Society Labs (AGSL). For budget shoppers, considering lab-grown diamonds or moissanite might also serve as available options.
Company name: Petra Gems
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