New research by diamond retailer Samer Halimeh NY reveals that London has become the premier city in the world for diamond retailing and it is now essential for luxury diamond retailers to have a shop/ brand presence in the capital.
Using data from McKinsey & Co and Bain & Company, alongside information from Samer Halimeh NY sales and client records, the research in a report titled The Global Diamond Retail Market highlights that London is now becoming the up-and-coming destination for luxury shopping.
In 2016 London ranked second in the world as a luxury shopping destination with sales amounting to £12.1 billion. Central Prime Locations such as New Bond Street in Mayfair and Sloane Street in Knightsbridge have placed London in the top realm for luxury retailing. Ranking second only to New York, which saw £24 billion of sales, London is rapidly rising in popularity as a luxury retailing destination.
In comparison, Paris had £11.6 billion sales, Ginza in Tokyo had £8 billion and Seoul in South Korea had £7 billion. Also ranking in the top worldwide locations for luxury shopping was Hong Kong with £6.2 billion sales and Beijing with £6 billion. Traditionally affluent shopping locations such as Las Vegas and Los Angeles ranked lower down the list having £5.7 billion and £5.3 billion sales respectively. Rome and Milan, commonly referred to as fashion capitals of the world, also ranked lower down the list with £4.4 billion and £4 billion sales.
London’s location between New York, the Middle East and Moscow has resulted in foreign ultra-high net worth individuals flocking to the capital to take advantage of the multiple shopping and investment opportunities. Money coming in from these locations is boosting London’s luxury jewellery and diamond markets.
In addition, China’s Golden Week, a week long national holiday in January or February each year, sees millions of people travelling abroad. An estimated two million Chinese people travelled abroad in 2016 to celebrate the holiday, with London being amongst the most popular destinations. Arab buyers from the Gulf are also flocking to London to take advantage of the diverse luxury goods market. Each year there are over 452,000 visits to the UK from Gulf Cooperation Council countries.
Samer Halimeh, founder and chief Executive of Samer Halimeh NY, comments: “Due to the growing diamond market and consumer demand in London, Samer Halimeh NY have recently opened a flagship store in the heart of Knightsbridge, alongside the headquarters in New York. Following the growing markets and investment opportunities in Asia and the Middle East Samer Halimeh NY are planning future retail concepts in Hong Kong and New York after previous success in Riyadh and Kuala Lumpur, as well as the ongoing pop-up boutiques in Cannes, Monte-Carlo and Courcheval. By opening in new locations, we will be meeting the growing demand from collectors, investors and ultra-high net worth buyers.”