De Beers Group today released its 2020 Diamond Insight Report, collating key findings from the company’s consumer research undertaken during the Covid-19 pandemic and highlighting new and accelerated trends as consumers adapt to a new normal.
Based on the outcomes of monthly sentiment surveys with US consumers from March to August, three clear findings emerged: consumers are adapting to the new normal, demand for diamonds continues and diamonds retain broad appeal across consumer segments.
The report also looks at key macro trends that will shape the future of the jewelry sector, based on expert insights from guest contributors. The importance of building trust with consumers, particularly in a virtual world, and providing a seamless ‘phygital’ experience that embraces social media commerce were recurring themes. In addition, 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.
Bruce Cleaver, CEO, De Beers Group, said: “This has been a year like no other, with wide-ranging implications for diamond jewelry retailers all around the world. It was only fitting that this year’s Diamond Insight Report takes a holistic view of how the pandemic has shaped the consumer psyche in 2020 and, most importantly, how diamond jewelry brands and retailers can adapt and evolve their consumer engagement strategies to embrace the emerging opportunities in this new normal.”
The report also includes a diamond value chain dashboard based on 2019 data, which found that global consumer demand for diamonds grew slightly in 2019, up by 0.5 per cent to US$79 billion. This was supported by four per cent growth in the US, which accounts for almost half of global diamond jewelry sales, and three per cent growth in Japan. The strong growth in the US and Japan in 2019 was dampened by the impact of currency exchange rates in other markets.
The De Beers Group 2020 Diamond Insight Report is available to download here. Explore the Diamond Value Chain Dashboard, which charts the performance of the industry in 2020 and provides an outlook for the year ahead.