- Deborah Yonick -May 12, 2022
Test Recycled Diamonds, Offer As Design Option & Extension Of The Estate Case
Over the past couple of years fashion-minded shoppers have placed an even bigger emphasis on sustainability, with fine jewelry topping their wish lists. In particular, recycled diamonds are becoming increasingly important for jewelers, as the global diamond-mining yield continues to diminish, reports Women’s Wear Daily (WWD) in August 2021.
The popularity of recycled diamonds has increased dramatically since the pandemic, with many engagement ring shoppers asking for recycled stones. Jay Moncada, owner of Perpetuum Jewels, told WWD that before the pandemic four out of 10 engagement ring shoppers inquired about recycled diamonds, and now that number is closer to seven.
Jeweler Jean Prounis of Prounis Jewelry told WWD that 100% of her custom engagement ring clients have requested recycled stones. “These diamonds are being reset over and over. It’s nice to work with what already exists — it also goes to show
- Deborah Yonick -May 12, 2022
THE PRE-OWNED JEWELRY MARKET IS BOOMING — JEWELERS SHOULD GET THEIR SHARE
Luxury goods are made to last — and the trend for purchasing pre-owned fine jewelry and watches has been on a sustained rise. Driven by growth in online sales, shifting consumer preferences, and rising concern about sustainability among younger buyers, the secondary market for hard luxury is expanding rapidly. These trends were well underway before COVID-19, but the pandemic and the economic slowdown it created have accelerated them significantly.
A MARKET WORTH OVER $22 BILLION AND GROWING
THE BCG FINDINGS
Published in September 2020, the Boston Consulting Group's report on the hard luxury market found the secondhand market for watches and pre-owned/estate jewelry is worth over $22 billion worldwide — growing at 8% annually, significantly faster than the luxury industry overall.
CONSUMER INTENT
In a BCG survey of 12,000 luxury consumers from 10 countries, 62% said they would consider buying a secondhand luxury item
- Matt Cacioppo -June 03, 2021
The Alt-Bridal Trend
With the rise of millennials came the rise of alternative and quirky bridal trends, jewelry included. Alternative bridal designs offer a certain uniqueness that is appealing to young consumers. These brides no longer want a 2 carat engagement ring. In fact, some don’t want a diamond at all! Wearing unique settings, diamond bands, or gemstone rings has become an option for those brides that either want to stand out from their peers or those that would rather spend that money elsewhere, like on a honeymoon or a home.
In a time where being socially conscious and politically aware has become trendy, today’s brides have also begun to take a company’s sustainability and social responsibility practices into consideration when choosing a ring. We now see brands like Brilliant Earth, Do Amore, Bario-Neal, Stone & Strand, and so many more creating sustainable jewelry, and thanks to social media it has never been easier for these brands to target millenials.
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