Lab-grown diamond sales on the riseFor retail jewelers the best Christmas season is the one that ushers in strong sales into the next year. At press time (early December), industry prognosticators and economic forecasters indicated holiday season diamond jewelry sales will be better compared to 2018 with good sales ahead in 2020 based mainly on favorable consumer and economic indicators.
In other diamond forecast news, industry experts are also predicting a drop in the sourcing of mined diamonds. While the numbers of diamond rough carats coming from mines are on the decline, it is predicted more lab-grown diamonds will be entering the market.
The number of lab-grown diamond producers has been increasing in recent years. With a large number of mainly Indian newcomers, industry experts differ in their outlooks as to the level of lab-grown diamonds not just entering the market but claiming market shares for the foreseeable future.
But sourcing diamonds may not be a matter for mined or lab-grown. The secondary market for diamonds has been lucrative for a number of years with Baby Boomers (those born between the years 1946 and 1964) retiring at a rate of 10,000 per day. Factor in a divorce rate of 3.2 per thousand in the US, and American consumers have created a lucrative supply of what many call “the ultimate in green ‘recycled’ diamonds.”
Of the three diamond forecast issues, news for diamond sales in 2020 is looking very favorable. The 2019 holiday sales at press time indicate a very strong start to the Christmas season. For starters, last Christmas was hampered by talks of recession. Coupled with the 35-day government shutdown that began on December 22, 2018 and it’s no wonder many retailers and industry experts proclaimed it a “disappointing” season.
Read more about the Diamond Forecast 2020 on the Southern Jewelry News website HERE