In its most recent Global Diamond Industry Report conducted in association with the Antwerp World Diamond Centre and released in November 2019, Bain forecast U.S. diamond jewelry sales to decline by 2% and China’s by 5%, the world’s two largest markets for diamond jewelry. Jewelry market hits the skidsEnter COVID-19 and the jewelry market in general and diamond jewelry in particular face unprecedented challenges. In the Census Department’s monthly retail sales detail reporting through May, jewelry retail sales were so low and unreliable after January that it suppressed reporting in the category. This year started off strong for jewelry retail, historically the month with lowest sales, with jewelry retail sales reaching $2 billion, up 11.7% from previous year. “We’ve already seen greater demand for natural diamond jewelry through this time, and we anticipate this to build through the holiday season,” he continued.

Source: Forbes July 19, 2020 11:37 UTC