RAPAPORT... NPD Group, a market-data analysis company, introduced a service that provides visibility into sales and inventory data across the global diamond industry.
Until now, the industry has relied on anecdotal information to gauge consumer preferences, NPD said. This has posed challenges related to pricing and product mix decisions. In addition, the lack of data has resulted in a disconnect between diamonds supplied and actual retail demand.
Diamond Tracker is the “first service” that allows industry stakeholders to look into detailed point-of-sale information, monthly sales and inventory trends, NPD claimed. It enables users to drill down into performance trends by specific diamond characteristics for both natural and lab-grown gems. It also tracks factors such as gemological labs, wholesale sources and different forms of purchase such as outright purchase, memo or recycled.
The product has “the level of depth necessary to create more focused and effective marketing, pricing, production, and purchasing plans,” Chris Casey, managing director of diamonds and diamond jewelry at the NPD, said.
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