11 Jun 2020

As consumers in the United States (US) reassess their purchasing behaviour in light of the COVID-19 pandemic, gifts that are meaningful and retain value will be priority, says a new research undertaken over the past nine weeks by De Beers Group.

A media release from De Beers says diamonds are seen as a top gift for symbolising intimacy, connectedness and love among both men and women.

It says the primary desire for purchasing diamonds is a reflection of gratitude and acknowledgement during the current crisis.

 “While consumer confidence and spending has been significantly impacted in the US, this research highlights that diamonds will nonetheless have a unique role to play in people’s lives in post-lockdown world as they seek to celebrate their most meaningful relationships,” says the CEO of the De Beers Group, Mr Bruce Cleaver.

The release further says 90 per cent of respondents said that choosing gifts that hold value over time would be an important consideration this holiday season, and that more people choose diamonds as the top choice for a gift of this nature from a list of luxury items, including designer clothing and accessories, electronic devices, furniture or other jewellery.

The release says around two-thirds of consumers polled indicated their personal finances had not been affected by COVID-19 whilst three-quarters said the pandemic  had not impacted their likelihood to purchase diamond jewellery.

The release says the majority of respondents continued to wear their diamond jewellery during the lockdown because it made them ‘feel connected to someone.’

The release says consumers felt safest shopping for jewellery online. However, it says they clearly distinguished local independent jewellery as the best source for knowledge and product quality as well as being the safest of all the physical outlets for jewellery shopping.

It says consumer preference for travel continues to show a declining trend, with 39 per cent of consumers saying it will be seven to 12 months before their travel spending stabilises.

It further explains that the findings are the first in a series of diamond insight ‘flash’ reports that the De Beers Group will publish to share insights regarding the evolving consumer perspective and what it means for diamonds as the world passes through the stages of the COVID-19 crisis. Ends