De Beers Group has revealed it has high expectations for diamond sales during this year’s Christmas period in spite of the downturn in retail so far.
Group CEO Bruce Cleaver, during his keynote speech at the recent Luxury by JCK virtual forum, reported the findings of a company survey of international consumers.
The survey quizzed 2,800 men and women aged 20-65 with household incomes of at least $75,000 (£57,300).
It found that, in China and India, over 80% of both men and women were very or quite likely to purchase diamond jewellery for a significant other or for themselves.
Meanwhile, 60% of US men said they intend to purchase diamond jewellery for a significant other, while nearly a third of women intend to purchase for themselves.
The discrepancy between Asia and the US perhaps reflects the respective timeframes of COVID-19 in those areas.
Despite this, customers in all three countries were interested in both online and traditional retail opportunities, and said that the measures a shop took to make its premises safe were of high importance.
Furthermore, consumers in all three markets felt that “how special the recipient feels” was the most important factor in gifting this year, above “how useful/practical it is”.
Meanwhile, over 80% of those intending to purchase diamond jewellery during the 2020 holiday season had either self-purchased or gifted diamond jewellery in the past two years, the survey indicated, highlighting the importance of connecting with past customers.
There was also a strong interest in classic designs over any other kind of jewellery.
Promisingly, only 8% of consumers in the US and 4% in China felt their financial situation was deteriorating.
Cleaver said: “This research, undertaken in three of the largest consumer markets for diamonds, highlights a number of important insights for diamond jewellery retailers as we enter the key end-of-year selling season.
“While the external environment remains uncertain, in this unprecedented moment in time, we have the unusual opportunity to build even more lasting and meaningful connections with consumers at the culmination of a year when we’ve all been reminded that we cannot take our
precious relationships, or even human connections, for granted.”