Strong pent-up demand for fine coloured gemstone and diamond jewellery is emerging across leading Asian and US markets, senior industry executives said.
Speaking at a panel on the state of the industry at the September 2021 edition of Vicenzaoro, Jerome Favier, CEO of Damiani, and Nicolò Rapone, Senior Director, Operations of Bulgari, spoke of strong demand for coloured gemstone and diamond jewellery in Asian markets, notably China and South Korea.
The inability of many Chinese luxury shoppers to travel due to the pandemic, was driving up domestic demand for fine jewellery, panellists said.
Stephen Lussier, Executive Vice-President, Consumer Markets, De Beers Group, spoke of a sharp increase in diamond jewellery demand in the United States this year, compared with 2019 pre-pandemic levels.
The recovery in demand followed a period at the height of the pandemic when mines were shut and activity in manufacturing centres had slumped, he added.
Lussier said the outlook for demand for luxury brands was positive as consumers sought to spend saved disposable income, with confidence aided by buoyant stock markets and a marked desire to give meaningful gifts to loved ones.
“Brands will grow strongly. Purposeful brands will grow even faster,” Lussier said.
He added, “If you don’t know how to sell through e-commerce, you have a big problem. Consumers have not given up their attraction to e-commerce.”