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RAPAPORT... The Diamond Information Center at JWT reported that diamond jewelry sales in the United States rose 6 percent during 2006 to $35.2 billion. Diamond jewelry sales in the United States represented approximately 50 percent of global sales.
The average retail ticket rose 9.1 percent and the number of transactions slipped by 2.7 percent the group reported.
Richard Lennox, director-in-charge of the Diamond Marketing and Advertising Group at JWT, said that 2006 was a challenging year.
"Manufacturers created innovative products that increased consumer demand and retailers presented more appealing messages than ever. Amidst a barrage of publicity, the industry seized the opportunity to tell consumers about our zero-tolerance policy on conflict diamonds under the Kimberley Process and System of Warranties," Lennox said.
Lennox concluded that JWT helped illustrated the positive role in which the industry plays across Africa.
The Journey Diamond Jewelry concept sold more than one million pieces during the second half of 2006, or a growth rate of 41 percent. Journey surpassed sales of the Past, Present and Future Three-Stone Diamond Jewelry concept.
Three-Stone Diamond Jewelry sales rose 16 percent and represented almost $3.7 billion. These pieces, which commemorate a couple's history together, experienced a 14 percent increase in average price tickets during the year.
For the third consecutive year, the Diamond Right Hand Ring experienced double-digit growth at 10 percent. While some women buy the rings for themselves, it is actually men who buy 69 percent of Diamond Right Hand Rings as a gift, often with significant involvement of the recipient. Christmas was a prime selling season for these rings.
During the Christmas season 2006 diamond jewelry sales rose 9 percent to $5.5 billion. "The fourth quarter is always essential to sustain growth and this year was no exception, with one in four pieces of non-bridal diamond jewelry being acquired for the holidays," Diamond Information Center reported.
In 2006, the total retail value for the diamond engagement ring category grew 8 percent to $6.2 billion. While the number of brides has been relatively constant, the category is growing due to increases in average price. Currently, diamond engagement rings have reached their highest average price at $3,200. Five years ago, the average price was $2,633.
Lennox expects 2007 would prove to be challenging once again, and added that, "Our goals are to capitalize on the successes of the past and to leverage the full potential of newer initiatives, all designed to present emotionally compelling ideas to consumers."
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