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Diamonds High on Holiday Gift Lists

Aug 11, 2020 5:16 AM   By Rapaport News
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Consumers are showing strong interest in buying diamonds for their loved ones this holiday season, seeing a need to give something special following an uncertain year, according to a survey by De Beers.

In the US, almost 60% of men said they planned to buy their significant other a diamond for the festive season, while nearly a third of women expressed an intention to purchase diamond jewelry for themselves, the company noted in a report Monday. In China and India, 80% of men and women were “very or quite likely” to buy diamond jewelry for a partner or themselves.

“How special the recipient feels” about the gift was the most important factor for consumers in all three markets, coming in ahead of the item’s practical use. The beauty of the present was also an important element.

“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,” said De Beers CEO Bruce Cleaver.

Professionals under the age of 35 were mostly responsible for the positive figures, De Beers explained. These consumers were generally of medium affluence and working full-time; 80% of them had children living at home.

The mining company surveyed 2,800 men and women across the US, China and India, aged 20 to 65, in late June and early July. The US consumers had household incomes of at least $75,000 per year. Cleaver presented the findings during his keynote address at JCK’s Luxury virtual show on Monday.

Image: A diamond ring from De Beers’ Forevermark retail brand. (Ben Perry/Armoury Films/De Beers)
Tags: China, Consumers, De Beers, diamond jewelry, India, Jewelry, Rapaport News, retail, US
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