4 Trends In Diamond Business

Diamond is undoubtedly known to be brilliant under pressure. But does this apply for Covid-19 as well? We wouldn’t deny that covid19 is an exception but with the recent grappling, most markets have intelligibly found a way to sail through.

Shift To Digital Channels

Just like every other industry, the diamond value chain is becoming more digital. But has this really changed the scenario for the diamond business? Not really. Customers still prefer to touch jewelry and rely on personal services before making a purchase. The shift of business to online stores still hasn’t proved to be as impactful. The sales online are still low compared with other luxury and consumer products. To create a meaningful shift toward digital channels, the industry needs to address several consumer concerns. One of the key concerns being trust and enhancing convenient deliveries.

Generational shifts and increased competition- With the generational shift in marketing, sales highly rely on creating campaigns that portray human emotions. With the perfect amount of storytelling attached, an increase in social media content, and catering to customization, the diamond business also has the opportunity to compete. Another useful thing is promoting sustainable practices that the customers highly value in this day and age.

Importance of Sustainability, Transparency, and Social Welfare

With the generational shift, there has been increased importance for sustainability. The younger customers have an influence on the diamond business as they are the recent decision-makers. With the increased value of transparency, customers prefer choosing to purchase jewelry with high credibility and validation. Hence, the value chains ought to take such an initiative to survive in the recent market.

Structural Changes

The covid19 crises have indeed brought structural changes in the diamond business that will help overcome the recession. Many inventories are at healthy levels and better aligned with consumer demand. The transparency and digitally-enabled supply chain were created in the rough and polished diamond segments. And there have been significant innovative new approaches to customer engagement.