Here's a quick recap of the diamond market as observed in November. The reposts are sourced from Rappaport.
As the holiday season approaches, diamond dealers have become optimistic about the sales and demand it will bring. But, unfortunately, according to several reports, this year is more disappointing than last. On the contrary, the diamond industry has seen the best two years post-covid era.
November brought huge sales of diamonds due to the upcoming wedding season. Also, Cyber Monday and Thanksgiving were the best times for diamond dealers . A record 196.7 million consumers shopped during Cyber Week and Thanksgiving, much higher than the year before.
According to the poll, Black Friday was the most popular day for in-store shopping, with 72.9 million purchasers, up from 66.5 million the previous year. According to the NRF, 63.4 million people bought something in a store on the Saturday after Thanksgiving, up from 51 million in 2021.
According to the NRF forecast, diamond sales for the entire November-to-December holiday period will grow 6% to 8% to between $942.6 billion and $960.4 billion.
November showed a crush in sales of luxury diamond jewellery. Fancy diamonds were in little demand. Instead, the sales of rough and small diamonds skyrocketed. Diamond dealers experienced stark demands for rough diamonds under 0.75 and 0.25 carats.
The diamond market forecast suggests the rise of diamond jewellery in the coming season. As the holiday season in the US and wedding season in India is approaching, diamond dealers around the world are optimistic about sales.
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