Mastercard SpendingPulse is a great barometer of how people spend their money through credit cards, cash and checks. They recently reported July 2021 jewelry sales jumped by over 54% compared to pre-pandemic July 2019, according to a recent article published by Instore Magazine.
“At GN Diamond we are experiencing major growth this year over 2019 pre-pandemic,” says Asaf Herskovitz, GN Diamond CEO. “We attribute this to consumers having more money to spend on luxury items since they are not travelling as often, or at all, not eating dinners out, and having larger budgets for bridal since wedding parties are smaller. In addition, governments have printed 32 trillion dollars and pumped this into the economies all around the world, with 6 trillion in the US market alone, all due to the pandemic. Also, we have learned from 9/11, when people are scared, they get engaged more than ever. People want to feel good, and they buy more luxury items like jewelry.
“In speaking with over 3,500 retailers on a weekly basis, it seems this wonderful consumer buying trend will continue throughout the holiday season and hopefully into the first quarter of 2022. While no one has a crystal ball, we are encouraged with consumer spending and are seeing different trends in loose diamonds occurring within GN,” Herskovitz continued. “For example, while loose diamond sales are strong, round brilliants are going from 57% market share to 50% with fancies gaining 7% and ovals gaining 20%. Pear shapes and emeralds are also becoming very popular once again. We have never been in a time when rounds versus fancies are 50-50.”
The new trend for finished jewelry includes stackable diamond tennis bracelets, said Herskovitz. “Whether it is similar sizes in various metals like white, rose or yellow gold or varying sizes, this has become popular. Large, graduated necklaces and straight necklaces have been selling and of course diamond studs in all sizes and qualities are the market leader in popularity.
“It is critical to have the right inventory with the right pricing and with the right long-term partner. Now, is the time to stock up! GN understands the dilemmas faced by retailers when buying loose diamonds and finished jewelry for stock. One never wants to get stuck with a ‘bad penny’ that for some reason or another just does not sell. It is with this in mind, that we offer a 100% guarantee to exchange loose for loose and finished for finished, giving retailers the peace of mind to buy for stock and removing any risk.
“GN is dedicated to help independent retailers,” Herskovitz said. “We offer convenient terms for stock purchases, free marketing for trade-shows, bridal events, social media, holiday events. Please give us a call at 800-724-8810. We are open 7 days a week.” Learn more about GN Diamond at www.gndiamond.com.