In 2021, the diamond industry saw significant growth due to eager consumers ready to spend extra cash coupled with the accessibility of diamond jewelry, as opposed to experience-based luxury spending.
, strong demand drove prices and profit margins, ultimately reversing the industry’s 2020 performance, which had been stunted due to the pandemic and its collateral effects.In 2020, diamond jewelry sales fell 14 percent and rough diamond sales declined 31 percent, however by 2021, revenue increased 62 percent in the diamond mining segment, 55 percent for cutting and polishing and 29 percent for diamond jewelry retail, rising above pre-pandemic levels.
Production of rough diamonds is expected to hit 120+ million carats in 2022 but is unlikely to reach pre-pandemic levels within the next five years. From a buying standpoint, there was no shortage in diamond financing. With more liquidity, diamond buyers shifted to cash sales and decreased their reliance on bank loans, reinvesting their profits into the business.
As pandemic restrictions relaxed and wedding demand increased in 2021, diamond jewelry sales rebounded. In India, diamond jewelry sales rose 16 percent in 2021 after a 25 percent drop the year prior. In Europe, diamond jewelry retail grew 18 percent but remained 5 percent below pre-pandemic levels.In 2021, diamond jewelry retailers expanded their assortments to address a growing trend of sustainable jewelry. In addition to using recycled and pre-owned jewelry, brands retailers have increased traceability and transparency.
Blue Nile relaunched myGemma, a collection of pre-owned, high-quality engagement rings, while French conglomerate Kering invested in pre-owned luxury ecommerce platform Vestiaire Collective .
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