Retailers are reporting strong sales during the Black Friday weekend and December may prove to be even better. Whether it is the increase in loose diamond bridal sales, diamond studs, tennis bracelets and tennis necklaces, consumers are buying
“Retail jewelers need to quickly replace fast sellers and stock up on finished jewelry to avoid inventory outages and shipping delays, specifically with casting,” says Asaf Herskovitz, CEO GN Diamond. “At GN Diamond, we have taken a proactive approach with inventory management and have prepared well in advance. Nonetheless, there are still special orders to be filled which may cause a challenge to deliver before the Christmas holiday. Our advice to all is to buy now!”
What is the cause for the shortage? For starters, demand for diamonds is outstripping supplies, with demand up 50 percent and supplies down 30 percent in the global diamond pipeline, says Herskovitz. Much of this is related to workers not returning to their jobs in other countries because of vaccine and work restrictions due to COVID. In addition, many mines have shut down.
“This momentum will carry into the holiday season and the first half of 2022,” he says. “At GN, we are seeing more disposable income than ever with a 40 percent increase and strongly believe all retail will do well this holiday season.”
This holiday season GN advises retailers to go wide and deep on their diamond stud earrings inventory. The demand for tennis bracelets can’t be stated enough given the never-ending stacking and layering trend.
GN has also seen an unusual demand for straight and graduated Riviera necklaces. For engagement rings, fancy shapes in general are enjoying a surge in sales with ovals still leading in the fancy category.
This supply and demand dynamic has resulted in an increase of 15 percent in diamond prices, with prices potentially going up another 15 to 20 percent by the end of the year. Shipping goods has also become problematic.
GN Diamond offers a 100% sell through guarantee on all of their natural, loose diamonds and diamond jewelry. This takes the risk out of buying for stock now and helps to increase sales. Buyers, in general, want to buy that very same day; so not having the right inventory on hand may jeopardize a sale.
“If you need last minute marketing images please feel free to give us a call at 800-724-8810 or visit us at www.gndiamond.com,” says Herskovitz. “We are open 7 days a week and offer free overnight shipping.”