{"id":1826,"date":"2021-01-06T06:10:25","date_gmt":"2021-01-06T06:10:25","guid":{"rendered":"https:\/\/www.hk.co\/blog\/?p=1826"},"modified":"2024-07-26T06:38:51","modified_gmt":"2024-07-26T06:38:51","slug":"diamond-buying-behaviour-with-covid","status":"publish","type":"post","link":"https:\/\/www.hk.co\/blog\/diamond-buying-behaviour-with-covid\/","title":{"rendered":"How COVID-19 reshaping the behavior of customers in the diamond and jewellery industry?"},"content":{"rendered":"<p><span style=\"font-weight: 400; color: #000000;\">We all have spent most of the year 2020 in the shadow of the COVID-19 pandemic. The world seems hanged with lockdowns and social distancing, and people worldwide are still habituating with the idea of prolonged indoor stays.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Out of thousands of downsides, the COVID-19 pandemic has taught an important lesson of life that nothing matters more than the safety and security of ourselves at the end of the day.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">We all have started re-evaluating the relationship we share with our loved ones during these lockdowns and have reinforced the value of the people around us who genuinely care for us.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">However, in terms of business perspectives, the level of activities have blown hard in the market after the COVID-19 outbreak.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">If we consider the luxury diamond and jewellery industry, it was not even completely revived from the 2019 slowdown the pandemic arrived, which hit hard on the industry.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">The major diamond mining companies across the world have voluntarily lowered their level of activity, considering shutdowns of major diamond manufacturing units and anticipating the lowered demand for luxurious products in the market.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Even most global diamond and jewellery trade shows are either canceled, postponed, or held virtually (but recorded lesser activity) to contain the pandemic\u2019s transmission.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Though there\u2019s so much to discuss the consumer conduct post-COVID-19, it\u2019s important to note that some parts of the world are still under lockdown, and in others, the economic activity isn\u2019t reinstated.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">That\u2019s why it\u2019s too early to tell the extent of the consumer behavior change due to the pandemic. However, we can trace the trend of their dynamics based on the current industry insights.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Let\u2019s look at what the industry insights glean about customer behavior change post-covid globally.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Customer_behavior_insights_in_the_new_normal\"><\/span><span style=\"color: #333399;\"><b>Customer behavior insights in the new normal:<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333399;\"><strong>\u2022<\/strong> <b> <u>More rationalized purchase<\/u>:<\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">As discussed earlier, people have started feeling grateful for the things and relations they used to take for the granted post-covid. This feeling of kinship is reflecting in their luxury purchases.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">This awareness and gratitude are on top of the customers\u2019 minds. People feel more inclined to give a cardinal gift to someone they do love and care about than how they felt pre-covid.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Most consumers\u2019 eyes on buying and wearing fine jewellery symbolize their love and relation for their kin. Also, it makes them feel connected to that person.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">This behavior provides excellent potential for the diamond and jewellery business to improve their marketing prowess and re-engage with consumers during and after the crisis period.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333399;\"><strong>\u2022<\/strong> <b> <u>Relevancy matters the most<\/u>:<\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Typically, consumers desire timeless classic products when they buy diamonds or jewellery. After COVID-19, this trend has changed significantly.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">People are now looking for more meaningful and sentimental pieces, even more than quality or practical pieces to give their loved ones.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">When it comes to emotional gifts, diamonds are the first choice of all customers as diamonds or diamond jewellery are a versatile luxury that lasts forever.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Also, living through the pandemic\u2019s most challenging times, people are now more conscious and aware than ever about the environment and pitfalls of irresponsibility in society.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">For the diamond industry, this will increase customer scrutiny over supply chain practices, Kimberley process compliances, WDC System of Warranties, and the integrity of the products they purchase.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333399;\"><b><strong>\u2022 <\/strong> <u>Buy less, but Valuable<\/u>:<\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">The pandemic has moved people to more rational spending and emotional connection. Consumers are most likely to buy fewer things but invest more in the quality of the products they do purchase.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">This may lead to spending more or the same on the diamonds and jewellery over the other luxury items for investment purposes because they are more authentic and vogue than expensive.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333399;\"><b><strong>\u2022 <\/strong> <u>Safety first<\/u>:<\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">To recover from the business\u2019s severe loss due to lockdown and unresponsiveness to e-commerce, the diamond &amp; jewellery industry will have to face new social distancing and public safety issues during the upcoming festive seasons.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">This year, the holiday season shopping trend is likely to be more pronounced, as many will avoid going to the crowded shopping areas or even be forced to stay at home if predictions about an increased transmission rate during the winter come to pass.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">According to the recent De Beer\u2019s research, consumers feel the safest when they shop online. Still, they do visit the local independent jeweller to gain an understanding of the product and quality.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">To retain the business, the industry must consider more ethical and value-creating luxurious products with the best brick-and-mortar (omnichannel) approach towards sales.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Through_the_eyes_of_HK%E2%80%A6\"><\/span><span style=\"color: #333399;\"><b>Through the eyes of HK&#8230;<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400; color: #000000;\">HK doesn\u2019t deny that the diamond and jewellery industry has suffered from enormous financial roadblocks and reached a stagnant state as the post-covid scenario seems blurred.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">After facing the slowdown and the pandemic\u2019s adverse effects, the luxury industry is returning to tracks by focusing not on exponential goals but realistic goals in the coming holiday seasons.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">As the end of the year approaches, the festivals like Diwali, Thanksgiving, Christmas, and the New Year arrive in the world, which shows the signs of increasing market recovery.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">We believe that emotions and a happy state of mind play a pivotal role in buying diamonds. Currently, the fear of contagion and infection is stopping people from going out shopping.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Hence, it is crucial to adhere to all the authorities\u2019 protocols to contain the virus-transmission during the shopping to stabilize the business.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">In light of this, many countries educate people to shop safely and hold campaigns to encourage customers to shop early amidst the pandemic through various campaigns\u2014for example, the New Holiday Tradition campaign by the National Retail Federation in the USA.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">All these initiatives increased the demand for diamonds across the globe, including India, the USA, Hong Kong, and Europe. They proved that the luster of the diamond industry would never fade.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">However, we must utilize this precious time to be future-ready for the upcoming era of cutting-edge technology in the industry.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">This practice to train your people will ensure smoother operations even in the worst possible scenario besides increased business soon when things get back on track.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Are you looking forward to greeting your loved ones with precious diamonds?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><center><a href=\"https:\/\/my.hk.co\/signup\" target=\"_blank\" rel=\"noopener noreferrer\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-1720\" src=\"https:\/\/www.hk.co\/blog\/wp-content\/uploads\/2020\/10\/21-10-20-300x105.jpg\" alt=\"Browse 40,000+ diamonds inventory at hk.co\" width=\"659\" height=\"231\" srcset=\"https:\/\/www.hk.co\/blog\/wp-content\/uploads\/2020\/10\/21-10-20-300x105.jpg 300w, https:\/\/www.hk.co\/blog\/wp-content\/uploads\/2020\/10\/21-10-20-120x42.jpg 120w, https:\/\/www.hk.co\/blog\/wp-content\/uploads\/2020\/10\/21-10-20.jpg 659w\" sizes=\"(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/a><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We all have spent most of the year 2020 in the shadow of the COVID-19 pandemic. The world seems hanged &hellip; <\/p>\n","protected":false},"author":1,"featured_media":1831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[131],"tags":[],"post_folder":[],"class_list":["post-1826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diamonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying diamond | Natural diamond | Best diamond<\/title>\n<meta name=\"description\" content=\"Explore how COVID-19 is reshaping consumer behavior in the diamond industry, influencing buying trends and preferences in new ways.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID -19 Effect on Diamond Buying\" \/>\n<meta property=\"og:description\" content=\"Learn how is COVID-19 reshaping the behavior of customers in the diamond industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hk.co\/blog\/diamond-buying-behaviour-with-covid\/\" \/>\n<meta property=\"og:site_name\" content=\"Hari Krishna - 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