International

Consumers adapting to new normal, says De Beers 

De Beers Group has released its 2020 Diamond Insight Report, which highlights new and accelerated trends in the industry with a focus on consumers adapting to the ”new normal”.

The report is based on the outcomes of monthly sentiment surveys with US consumers from March to August, and includes research undertaken during the pandemic. De Beers said that “three clear findings emerged” from the findings.

These include: consumers are adapting to the new normal, demand for diamonds continues and diamonds retain broad appeal across consumer segments.

The report also examined key macro trends that will “shape the future of the jewellery sector”, based on expert insights from guest contributors. 

De Beers added that 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, it found that technologies such as augmented reality and virtual reality, help consumers “bridge the physical and digital worlds when buying luxury goods”, and will continue to rise in prominence.

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% to $79bn (£60bn). 

This was supported by 4% growth in the US, which accounts for almost half of global diamond jewellery sales, and 3% in Japan. 

Bruce Cleaver, CEO, De Beers Group, said: “This has been a year like no other, with wide-ranging implications for diamond jewellery 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 jewellery brands and retailers can adapt and evolve their consumer engagement strategies to embrace the emerging opportunities in this new normal.”

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