According to recently published research from the De Beers Group, 25 per cent of all diamond jewellery sales in the US in 2021 were completed online.
Per the Diamond Insight Report, that figure sat at just 14 per cent in 2015. By volume, diamond jewellery sales reached 31 per cent in 2021, compared with 18 per cent in 2015.
De Beers senior vice president of strategy and analytics Esther Oberbeck said retailers must adjust to these new market conditions or risk falling behind.
“Key trends that are already making their mark on the diamond industry, having been accelerated by the pandemic, new technologies and evolving consumer expectations as Gen Z comes of age,” she said.
"The convergence of these trends means the diamond industry must prepare for a future where new, digital-native and socially-conscious consumers expect to engage with brands and retailers in fundamentally different ways to the generations that have come before them."
Unsurprisingly, online purchasers were higher than average among ‘Gen Z’ consumers, responsible for 42 per cent of total sales.
The research was based on a survey of 18,000 consumers and also found that brand jewellery has significantly improved in market share, accounting for 80 per cent of sales by value in 2021.
Source: debeers - jewellerymagazine