Are people buying diamonds now?

[WillyDiamond]

Sure, this site is full of buyers. Look at the buyers asking advice of the forum. I get that.
We make up a small percentage of the population of diamond buyers.
We have a pandemic out there. People are really not going anywhere (in general). This means we don’t show off diamonds in public so much.
Weddings are postponed, special events are postponed ( I was supposed to have a big bash for my birthday this year, but that went south).
I am also a watch enthusiast and FYI the hard to get Rolex pieces are impossible to find at AD’s and going for big premiums in the grey market. Who would have known?
I am just wondering, what are you hearing?

 

[Big Fat Facets]

yes, people are still buying diamonds. i think this rings extra true for those that wear diamonds (nice timepieces) for themselves

sure there are those that wear nice things for others to see and admire but for those that enjoy wearing nice things for themselves, the buying continues even in lockdown, shelter in place and physical distancing

the rolex professional models have always been more challenging to come by than the non-professional classic models. however, it seems, even more so in the last several years

ive heard some rumors and speculation ...

 

[Rhea]

I think so, and maybe even moreso online.

We have 2 friends who had post-poned weddings and they both got married with their 30 person limit when we were allowed to have weddings again in July (they were all cancelled from March - July). We don't know when this will end and people want to get on with their lives.

 

[MeowMeow]

At least at my family jeweller's yes. It took a few weeks for a CAD to come back that usually only took a few days pre COVID. My favourite lady there was telling me that they were/are having a Christmas-like rush as far back as late July. She was super surprised. How much of it is clients that love them trying to support their favourite jeweller so they don't go out of business and how much is boredom shopping and early Christmas shopping though is unknown to me. Just what I was told.

 

[nala]

Due to a cancelled vacation, my sister and her hubby finally got her ring—after 29 years of marriage. An ACA. I also have a good friend who is planning an intimate wedding after living together with his SO for 15 years—and he is finally getting her a ring. So I think this pandemic is allowing for couples to celebrate with diamonds. Also. I recently upgraded and why? Cancelled plans helped to fund it.

 

[RunningwithScissors]

Here's what I've seen in the art market. (Okay, so its not jewelry, but art is like jewelry in that it is a luxury item that you can't eat, drive, sit on, etc.)

A few well-known galleries have closed/are closing because their sales are down about 1/3, and their profit margins were narrow to begin with. A few well-known art magazines have ceased production because artists and their galleries are purchasing fewer ads (which is how magazines makes money.)

However, many of my artist colleagues and I are still selling decently well, but online, directly from us to the clients, or through online art clearinghouses like Saatchi.com and not through b&m stores as was the traditional model. So the selling model seems to be very different, and businesses involved in the old model are collapsing. But things are still selling, product is still moving.

A lot of people are buying decorative items in general right now. In the arts, collectors seem to want to "feather their nests" (decorate their living spaces) because they are spending so much time in them. People are bored, they are stuck at home and want that "pick-me-up" of shopping/buying something pretty.

I personally have been obsessing over new jewelry pieces more these last six months because wearing them around my house, and planning for my collection is one of the few things that bring me joy and mental stimulation during the lockdown.

There are a lot of people with cancelled plans (like what Nala posted) who now have those extra funds to put into a special material item because they can't or don't feel comfortable traveling.

Also, a lot of people are finding the cost of living to actually be lower (and can save more) during the pandemic. Yes, many are out of work so the opposite is true for them. But those of us still working and earning about what we did pre-pandemic, have extra funds because of the services we've cancelled (gym memberships, etc) and the activities we no longer do (haircuts, dining out at restaurants, travel, cosmetic procedures, attending birthday parties, going to the mall, etc.) And for many, there are no more commuting costs (gas, car maintenance, lower car insurance because we aren't driving, expensive work clothes, dry cleaning bills, etc.)

Anyway, this is just what I've observed in my industry, which isn't jewelry, but is a related field.

 

[Texas Leaguer]

Most B&M retailers across many industries have for years been dabbling in creating an online presence and in learning how to leverage e-commerce. Some have been very successful, but many have failed to find a way to evolve their businesses away from local walk-in. Though it has been obvious to most of them for years that to compete in the future they would need to develop effective strategies in the online channel,now with a pandemic it has suddenly become an existential crisis.

Many jewelers, like many businesses in other industries, will not emerge from the current crisis. Consumers have been funneled online to do their shopping and have discovered new and better ways to buy. Online shopping was gaining steam steadily over the years, but is now spiking due to Covid. This will result in a permanent shift in buying habits of a significant number of consumers.

Will you keep using Instant Cart going forward for at least some of your grocery shopping? I know I will.

 

[Rockdiamond]

Great points Bryan- it's sad that so many local retail businesses simply won't be able to do what it takes to compete online.
We needed a "mason box" today...it's a special box that you need to use when sending a high value item, USPS Registered mail.
There's an ancient stationery store on 47th street- across Fifth Avenue, and the east side ( so it's not in the middle of the "michigas" of 47th st)
It's the diametric opposite of Staples. Kind of like stepping back in time- messy shelves full of dusty pens and pads. Of course, I found my mason box....and speaking to the (really old) owner, he told me they haven't paid rent since March. I know they'll be gone soon enough.., and it's sad.

Unlike @RunningwithScissors - the majority of my artist friends are musicians...and there's no such luck as selling their talents online.....it's also very sad for musicians and performers in general.....
But in terms of people buying diamonds....on this side of Fifth avenue....."michigas" is a good word- it's crazy.
I wouldn't say sales are greater than a year ago- but there are less diamonds on the market so it seems busier in a weird way.
Seem like the divide between those who have tons of disposable income, and those struggling to pay rent has widened considerably.....

 

[free-user]

Like many people i have been financially affected by covid. I ended up with a 2nd job to supplement my main job. In return I make more money and can spend more. I upgraded my wife's diamond...

 

[MillieLou]

Yes, two new engagements at my work, both with diamond rings. People are spending more, if anything, as they can't go on holiday, go to restaurants etc as easily.

 

[dk168]

I am still having jewellery items made, some involving earth-mined diamonds, yes.

DK

 

[Kh0117]

yes, people are still buying diamonds. i think this rings extra true for those that wear diamonds (nice timepieces) for themselves

sure there are those that wear nice things for others to see and admire but for those that enjoy wearing nice things for themselves, the buying continues even in lockdown, shelter in place and physical distancing

the rolex professional models have always been more challenging to come by than the non-professional classic models. however, it seems, even more so in the last several years

ive heard some rumors and speculation ...

My husband asked me why all of sudden I wanted to upgrade my ring when I don’t go anywhere. I had to remind him that it didn’t really matter who saw my ring and that it’s me I’m trying to please. I don’t care if we stay on lockdown for another 6 months, I buy for myself and not for people to see.

 

[Austina]

We’ve had 6 trips cancelled (and refunded) this year, so I could’ve bought more jewellery, but instead I’m having Invisalign, same price as a nice pair of diamond studs.

 

[AprilBaby]

We had vacations canceled so that money went to a bigger engagement ring for my 40th anniversary.

 

[Tartansparkles]

Slightly OT but with regards to shopping online I think we'll go full circle for luxury items. I believe people want to experience what they are buying, especially when it comes to art and gifts and nice 'stuff' in general. Shopping online is convenient, I probably did so more than most pre-pandemic, but it's souless and right now I'm actually craving the real life experience of buying in a B&M shop.

 

[Texas Leaguer]

Slightly OT but with regards to shopping online I think we'll go full circle for luxury items. I believe people want to experience what they are buying, especially when it comes to art and gifts and nice 'stuff' in general. Shopping online is convenient, I probably did so more than most pre-pandemic, but it's souless and right now I'm actually craving the real life experience of buying in a B&M shop.

I think you are not alone. The B&Ms that are really dedicated to creating a great customer experience will always have a place. However, even they need to make sure their online presence is top notch.

Customers want it all, and they expect a high quality online experience from the vendors they shop. More often than not, that is where they start their search. If the online experience is lackluster, they may never even enter the store.

 

[Big Fat Facets]

@Tartansparkles

i really do hope that b&m can remain and regain foothold. looking so grim for them though.
barneys new york closed it's doors several years back and more recently, neiman marcus declaring bankruptcy. brooks brothers, america's oldest retailer, is no more. it is a sad state of affairs for b&m retailers. just hope it isn't the beginning of the end ...

when the world is right again, i do hope to have stores to visit and shop at

 

[MamaBee]

We’ve had 6 trips cancelled (and refunded) this year, so I could’ve bought more jewellery, but instead I’m having Invisalign, same price as a nice pair of diamond studs.

 

[Mlh]

Blue Nile is opening B&M stores.

 

[MissGotRocks]

We had vacations canceled so that money went to a bigger engagement ring for my 40th anniversary.

AprilBaby, have we seen this upgrade?

 

[MrsBlue]

Though it has been obvious to most of them for years that to compete in the future they would need to develop effective strategies in the online channel,now with a pandemic it has suddenly become an existential crisis.

I would like to print this quote on a large piece of paper, crumple it into a ball, and fling it at my former supervisor's head.

 

[Titan7]

I think you are not alone. The B&Ms that are really dedicated to creating a great customer experience will always have a place. However, even they need to make sure their online presence is top notch.

Customers want it all, and they expect a high quality online experience from the vendors they shop. More often than not, that is where they start their search. If the online experience is lackluster, they may never even enter the store.

And WhiteFlash delivers in spades! Brittany and Vera are the Best!

 

[AprilBaby]

AprilBaby, have we seen this upgrade?

Look in the MMD forum

 

[monipod]

I suppose every area/country will differ. I’m lucky to be living in an Australian state with virtually no cases of corona so we have very few restriction except people can’t come in or go out without hassles lol This has meant a lot of us are spending travel money on other things. My jeweler said he has been flat out with jobs once things settled down.

 

[maryjane04]

I suppose every area/country will differ. I’m lucky to be living in an Australian state with virtually no cases of corona so we have very few restriction except people can’t come in or go out without hassles lol This has meant a lot of us are spending travel money on other things. My jeweler said he has been flat out with jobs once things settled down.

Oh how lucky for you! Over here on the east coast things are a little different. We are divided. All the metro jewellers have been closed and who knows when they are able to be reopened. A lot can do zoom/online appointments. Lucky I have a regional jeweller who is still open and really good at doing phone consultations.

I do notice online though lots of people are buying diamonds still. Looking on Instagram in particular, business is as busy as ever for some jewellers. The fact that we can't travel means more to spend on bling.

 

[monipod]

Oh how lucky for you!

I do notice online though lots of people are buying diamonds still. Looking on Instagram in particular, business is as busy as ever for some jewellers. The fact that we can't travel means more to spend on bling.

Yes we are so, so lucky in WA. A lot of businesses were hit hard initially but those that survived are reaping the hard border benefits. Restaurants and other service industries are pretty busy! For me, the slightly stronger Aussie dollar convinced me to buy an Asscher

 

[maryjane04]

Yes we are so, so lucky in WA. A lot of businesses were hit hard initially but those that survived are reaping the hard border benefits. Restaurants and other service industries are pretty busy! For me, the slightly stronger Aussie dollar convinced me to buy an Asscher

Can you imagine if our exchange rate was 1:1 LOL all hell would break loose. We would be pouring our money into USA for diamonds hahaha (not like we aren't already).

 

[Missy]

Slightly OT but with regards to shopping online I think we'll go full circle for luxury items. I believe people want to experience what they are buying, especially when it comes to art and gifts and nice 'stuff' in general. Shopping online is convenient, I probably did so more than most pre-pandemic, but it's souless and right now I'm actually craving the real life experience of buying in a B&M shop.

Yes, this. I enjoy online shopping but IMO it doesn't compare to the in store experience. I enjoy the convenience of online shopping but for me, it will never replace being in person and touching and feeling and seeing the object of my desire IRL.

Will you keep using Instant Cart going forward for at least some of your grocery shopping? I know I will.

No, when the pandemic is over, if there are B&M stores that survive I will happily shop there in person. I like feeling the fruit and seeing the produce and checking the dates and knowing I am purchasing the best I can. I am not a fan of instacart except for certain instances ie when my DH had TKR surgery and I ordered from Instacart that entire time for convenience and during this pandemic. Though we do most of our shopping in person at the stores right now. That might change should our circumstances change and I appreciate having the IC option for sure.

I have a favorite antique jewelry shoppe that I love to go to and see the beautiful pieces in person. Try them on and admire them and decide if they must become part of my jewelry wardrobe. Shopping there online isn't the same pleasurable experience. It just doesn't compare (for me).


For this consumer, online shopping (be it food or bling or furniture or clothes etc) will not completely replace in person shopping. As long as there are brick and mortar stores still standing I will be there when I can safely do so.

 

[Missy]

We’ve had 6 trips cancelled (and refunded) this year, so I could’ve bought more jewellery, but instead I’m having Invisalign, same price as a nice pair of diamond studs.

That is a great investment. Your teeth will outshine any diamond studs you could have gotten IMO. Well done @Austina.

 

[RunningwithScissors]

Slightly OT, but just so you all know...

When you purchase a painting at an art gallery, the gallery gets 50% of the sale and the artist who produced the painting gets 50%. That's the industry standard.

When you buy art directly from the artist (from their website or social media) the artist gets 100% of the sale.

Let's say you buy a painting at a gallery that costs $2,500.
Artist gets $1,250
Minus their supplies -$200
Minus framing -$500
Minus shipping to the gallery (our galleries are usually in other states) -$100
Minus shipping crate -$50
Minus income taxes -$50

Total artist received for 1 months of work to create the painting: $350 (that's $2.18/hr)

If you buy that same painting from the artist directly, the artist receives a net profit of: $1,750

Sooooo, if you really want to support the arts, don't be so quick to dismiss buying online from an artist.