A joint effort between Bain & Company and the Antwerp World Diamond Centre (AWDC), the annual report found that revenues in the diamond mining segment bounded 62 percent in 2021.
It credited an “urge for emotional gifting, increased savings and expansion of stores into additional cities” for the boost in diamond jewelry purchases in 2021, kicking off with Chinese New Year and Valentine’s Day and gaining momentum in the second half and the holiday season.
“The market anticipates a strong holiday season — strengthening consumer confidence in major markets — and limited supply of rough diamonds,” they said. “In the medium term, demand for diamonds could be affected by government policies surrounding economic stimulus and travel restrictions, including lockdowns due to the ongoing epidemic situation.
Ninety percent of jewelry retailers are now equipped to do e-commerce and the digital share of market reached 23 percent in 2020, it noted.
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