Lahore, Pakistan– The diamond industry has definitely had its fair share of challenges over time. Indeed, it has been accepting these difficult times and working endlessly to find different means to move forward. Like many industries, as a result of COVID-19, the diamond sector has been hit hard. This put pressure on the diamond industry to use the best approaches and initiatives to perform better and has prompted new trends.
In this article we will explain you the new trends that we have identified with an interview and research process made this year. We have discussed with different experts and jewelers around the world and we discovered the following trends.
Trends in the Diamond Industry
Below are the five(5) common trends that have become pronounced in the diamond industry in recent times:
- A More Controlled Supply Chain: The most significant problem of the diamond industry was an oversupply of diamonds from the miners. This led to more supply than the manufacturing industry could handle at a given period of time. However, the implementation of a strict and controlled chain of supply, production and inventory between the miners and manufacturers has helped to control the excess circulation of diamonds.
- Prioritize Sustainability: Diamonds appeal to customers’ emotions and make them feel good about themselves. This is why the diamond industry has put in place a lot of ways to preserve the integrity and existence of diamonds. More affordable and high-tech methods for producing diamonds using renewable energy have been developed. Diamonds are now ‘grown’ in the lab using technology to make a copy of natural diamonds. The lab-grown diamonds are easily affordable, which is leading to an increase in their demand and a slight decline in the retail price of natural-mined diamonds.
- Tracking The Source of Origin: When it comes to selling diamonds, providing your customer with the original country/place a diamond was mined puts the mind of a customer at ease. This shows it is an actual diamond, making for a conflict-free process. Most customers these days will demand source information. The future of the diamond market depends on a solid market which connects the stakeholders, miners, retailers, and consumers.
- Increase in Demand: Despite the pandemic and economic meltdown, the demand for diamonds keeps rising. Jewellers now talk about how there is a high increase in the sale of jewellery, i.e., there are more gold buyers on the market, and there is a great demand for diamonds. The e-commerce system now makes it easy for jewellers to sell their wares online. A large number of consumers are ready to buy expensive diamond jewellery online without seeing it in person.
- No Shortage in Diamond Financing: For the first time in many years, diamond investors are reinvesting their profits into the business, and there is less dependence on bank loans. There is a lot of money in circulation because of the very high demand for diamonds.
- Demand of lab grown diamond. The diamond industry is suffering an inspected consequences with the high demand of lab grown diamonds made in by humans. There are many ethical concerns that people have about the violence and poor conditions where real diamonds are exploited. Lab grown diamonds are perceived as a product that is eco-friendly and people can purchase with a lower budget rather than real diamonds.
- Prices of rare diamonds or precious stones. Many jewelers argue that the price of pink diamonds or rare stones will increase because there are unique and hard to find. Many other companies like Tiffany and Co are using rare jewelry in their collection so they can offer it to their premium clients who has high budget for sentimental and unique jewellery.
While the diamond industry has truly gone through some ups and downs recently, it has shown with current trends that the industry can survive even in times of crisis. The industry is doing its best to keep up with customers’ expectations and prove that the industry can survive future shocks. With these in mind, the diamond market is set on a journey and future of record expansion coupled with high-tech and sound ethics.
Diamonds are well known has an unique stone for sentimental and romantic relationships. “Diamonds are forever” is a famous slogan that represent a strong stone today. Nowadays there are new business providing better services and that is a clear message for the diamond industry that the demand of this service and product will increase and will be an attractive sector to be part or have a business.
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