Many retailers are experiencing an increase in natural diamonds and feel confident that natural diamond sales will continue to increase for the balance of 2024 and into 2025. GN Diamond, who speaks with over 4,000 brick and mortar retail stores, has also been seeing an increase in their natural, loose diamond business.
Lab diamonds will continue to be strong, however, a healthy mix in loose diamond sales between lab and natural is occurring. Whether it is an increase in loose diamond sales, diamond studs, tennis bracelets and tennis necklaces, consumers are buying. In a recent article in Instore Magazine, an encouraging 88% of consumers plan to visit stores.
With one less shopping week this holiday season, retail jewelers need to quickly replace fast sellers and stock up on finished jewelry to avoid inventory outages and shipping delays. At GN Diamond, we have taken a proactive approach with inventory management and have prepared well in advance. Nonetheless, there are still special orders to be filled which may cause a challenge to deliver before the Xmas holiday. Our advice to all is to buy now!
This momentum will carry into the holiday season and the first half of 2025. According to Facts and Figures, revenue of the jewelry industry worldwide has increased from $282 billion in 2020 to an estimated $358 billion in 2024. The forecast for 2027 is over $408 billion. At GN, we are seeing more disposable income than ever with a 40 percent increase and strongly believe all retail will do well this holiday season.
This holiday season retailers should go wide and deep on their diamond stud earrings inventory. The demand for tennis bracelets can’t be stated enough given the never-ending stacking and layering trend. There’s also been an unusual demand for straight and graduated Riviera necklaces. For engagement rings, fancy shapes in general are enjoying a surge in sales with ovals still leading in the fancy category.
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