Discover

MID BLOG

FALLOUT FROM GLOBAL PANDEMIC CAUSES DE BEERS TO RETHINK THE WAY IT DOES BUSINESS

With the diamond pipeline impacted significantly by COVID-19 pandemic, rough diamond sales by De Beers during second quarter of 2020 stood at $56 million, about 96 percent down from the figure reported for the same three-month period a year earlier. In the opinion of RBC Capital Markets, the diamond mining company is likely to post a $100 million loss in the first half of the year.

Read More
LUXURY CONSULTANTS URGE COMPANIES TO MAKE CHANGES TO ADJUST TO THE WORLD THAT WILL EXIST POST COVID-19

The COVID-19 pandemic has provided the luxury product industries an opportunity to rethink the way the way they do business. Many of the measures necessary may have had to be instituted at some time in the future, but they are more urgent now the current crisis has accelerated many consumer trends that were already underway, notes the Milan headquartered luxury markets team of the Boston Consulting Group, in a report just released in conjunction with Altagamma, the foundation responsible for promoting Italian luxury brands

Read More
DIAMONDS HIGHLIGHT THE RETURN OF LIVE JEWELRY AUCTIONS IN NEW YORK

With many of the action houses relying more on online bidding at any other time in their history, all as a result of the COVID-19 crisis, live auctions hope to make a triumphant return to Christie’s in New York on July 29, with Christie’s Magnificent Jewels sale becoming the first live jewelry auction by a major auction house in New York since the outbreak of the coronavirus pandemic in North America.

Read More
COVID CRISIS LEADS TO LOWERING OF TENSION BETWEEN NATURAL AND LAB-GROWN DIAMOND SECTORS

Is the COVID-19 crisis precipitating a truce or at least an agreed-to modus operandi between the natural and laboratory-grown or synthetic diamond sectors. Forbes contributor Pamela Danziger seems to think so. “In a global market transformed by COVID-19, the lab-grown and mined diamond industries have called a truce as they now face a common enemy: declining consumer demand,” she suggests in an online article published by the economic journal.

Read More
300-YEAR, 35.65-CARAT FANCY PINK DIAMOND AT CENTER OF HIGH-STAKES COURTROOM DRAMA IN NEW YORK

Despite the lockdown and the increased comfort with shopping using the Internet, more than 62 percent of American consumers would still prefer to buy diamond jewellery at a physical store rather than online, according to new research published today by De Beers Group in the second of its Diamond Insight ‘Flash’ Reports, which seek to highlight the evolving consumer perspective in light of COVID-19. But there is a provider, the store environment needs to be considered safe.

Read More
DE BEERS LOOKS AT CONSUMER BEHAVIOR DURING HEALTH CRISIS, PHYSICAL STORES PREFERRED BUT FEELING SAFE IS KEY

Despite the lockdown and the increased comfort with shopping using the Internet, more than 62 percent of American consumers would still prefer to buy diamond jewellery at a physical store rather than online, according to new research published today by De Beers Group in the second of its Diamond Insight ‘Flash’ Reports, which seek to highlight the evolving consumer perspective in light of COVID-19. But there is a provider, the store environment needs to be considered safe.

Read More
AGAINST THE BACKDROP OF THE GLOBAL PANDEMIC, JUNE AUTIONS PRODUCE MIXED RESULTS

The June fine jewelry auction season, which took place against the backdrop of the COVID-19 pandemic, has produced some mixed results, but one definite highlight was the sale worth $2.12 million of a 28-carat diamond on the final day of Christie’s Jewels Online auction. This made it the most expensive jewel ever auctioned via the Internet, and it lent credence to the understanding that the auction is being inexorably changed.

Read More
CHINESE MARKET WILL CONTINUE GROWING STRONGLY BUT WILL BE FOREVER CHANGED BY COVID-19

With the lockdown largely ended, China’s market is a quickly ramping up, wrote Lian Qiang, President of the Shanghai Diamond Exchange (SDE), in a blog published by the World Diamond Council (WDC) and could even beginning growing before the end current calendar year. But, he noted, the COVID-19 pandemic impacted in unprecedented ways on China’s jewelry retail markets and their supply chains, making it likely that the industry will be forever changed.

Read More
COVID19 PLACES THE WEDDING INDUSTRY ON HOLD, BUT THE SLOWDOWN WILL LIKELY BE TEMPORARY

The anchor of the diamond market had traditionally been matrimonial jewelry. Historically, it also has been its most stabilizing factor. Economic crises come and go, but people continue to get married. However, the COVID-19 epidemic has broken some of those rules – not by reducing people’s inclination to hitch up for better or for worse, but rather by reducing their ability to do so in the proper way.

Read More
DIAMOND MINING COMPANIES SITTING ON A GLUT OF INVENTORY, PRICE STRUCTURE OF MARKET DEPENDS ON HOW THEY GET RID OF IT

For several years already diamond market analysts have been predicting an impending shortage of rough diamond supply, triggered by a consistent rise in demand for polished goods, largely from the developing markets of Asia, coupled with a lack of new diamonds scheduled to come on stream over the coming decade. In the wake of the COVID-19 crisis, however, that problem seems to have placed on the backburner, as least for now.

Read More
JEWELRY STILL SELLS ON MOTHER’S DAY, EVEN DURING THE COVID-19 PANDEMIC

Mother’s Day has traditionally offered a strong selling opportunity to the jewelry industry, but with the world caught in the grip of the COVID-19 pandemic, questions were being asked whether 2020 would prove an exception to the rule. Actual sales data is not yet available, but indications is that consumers still celebrated their partners, matriarchs and grandparents, albeit modestly as one would expect in a time of economic hardship.

Read More