Consumer Desire for Diamonds as Strong as Ever, says De Beers Boss
August 13, 20
(IDEX Online) - The desire for diamonds is as strong as ever says De Beers boss Bruce Cleaver.
He was launching the company's latest Global Sentiment Report, an assessment of consumer confidence in the wake of COVID-19.
The report, based on 2,800 people in the USA, China and India, revealed that that sentiment was improving as consumers adjusted to the 'new normal' and were considering end of year purchases.
Mr Cleaver, CEO of De Beers Group, speaking in a keynote address at the Luxury by JCK virtual forum, said: "While (the research) clearly demonstrates that consumer desire for diamonds is as strong as it has ever been, holiday communications to consumers should focus on the power of diamonds, as inherently beautiful miracles of nature, to convey emotional meaning, gratitude for loved ones and expressions of self-reward - all of which bring joy and positivity in a time when it is desperately needed."
The report found that in the US almost 60 per cent of men surveyed said they intend to purchase diamond jewelry for a significant other during the upcoming festive period.
Consumers in all three markets ranked 'how special the recipient feels' above 'how useful/practical it is'.
In every market, consumer interest gravitated towards classic pieces, with simple solitaires the main preference.
The majority of consumers surveyed said they want and expect a dialogue with diamonds this season, even those who remained uncertain about the current situation.
The men and women surveyed were aged 20 to 65 with household incomes of at least $75,000 in the US and a similar demographic in China and India (RMB15,000 per month in Tier 1 cities, RMB10,000 per month in Tier 2 cities and RMB7,000 per month in Tier 3 cities in China, and INR200,000 per month in India).