JCK Jewelry portal published the opinions of jewelry retail market specialists from NPD Group consulting company, director of retail client development Deri Hanson and industry analyst Edan Golan. In the high-end jewelry market, marketers identified four trends, the online edition reported.
Managers concluded that buyers now prefer experience and emotion to expensive things and property to rent. According to U.S. analysts, such global trends are shaping the jewelry retail market.
“We’re also seeing mixed attitudes toward watches,” the company explained, “According to NPD, 2016 was the second year of declining watch sales. Of the 10 brands tracked by NPD, only Rolex showed growth.”
Edan Golan said the market has become more loyal to diamond brands. Branded gemstones accounted for 5.5% of the market last year – their market share rose to 8.7% in the last quarter alone. Branded diamonds have a higher gross margin and a higher average price.
There is also an increase in the market share of lab-grown diamonds. A few years ago, they were about 0.5 percent of the market. Now it’s 4 percent.
Not all marketers see a favorable environment in the diamond market. The other day, industry portal Rough&Polished published a translation of the Financial Times article about the new marketing campaign of diamond companies. Gem sellers hope the new slogan will open the door to the hearts of millennials, the thirty-something young people who prefer travel over diamonds.