September 2020 - Lab Grown Magazine

September 2020 | The Lab Grown Diamond Resource Book 18 To advertise call (888) 832-1109 | September 2020 19 By Liam O’Connell, 19 August 2020. (Photo: Liam O’Connell) Covid-19—indicate that diamond sales of all types are looking “quite grim.” But this in- dustry is extremely resilient and smart. Close Covid;We’re open. January’s jewelry retail numbers were strong. The first month of any new year is typically the lowest retail revenue period, yet according to Liam O’Connell of Statista, January 2020 jewelry sales reached $1.981M, up from $1.836M the same month last year. The U.S. Census Department monthly retail reporting numbers through May were so low and unreliable that it temporarily sup- pressed reporting in the jewelry category after a deep drop at January’s close. But the summer has turned up the sales heat. Based on June 2020 data by The Edge Re- tail Academy, National Jeweler reported that independent jewelry retailers out-performed revenue expectations by 2% compared to June 2019. In fact, year-on-year, diamond jewelry accounted for a 12% revenue increase. June’s jewelry data showed the average con- sumer spend was $432, up from $345 in the same period last year.This confirms reports of modest returns, particularly for independent doors leveraging online and inventive offline Covid-combating sales tactics. These numbers are especially encouraging when reviewing the recent Bain & Com- pany down-market findings, the Antwerp Diamond Center’s dismal Global Diamond Industry Report and the Bureau of Economic Analysis that showed jewelry consumption down 19% when comparing January to May 2020 with the same period in 2019. InMarch 2020,De Beers launched a week- ly quantitative survey collecting data on the attitudes, and expectations of U.S. consumers. Once a month they look at diamond-specific attitudes, consumer and retail. One of its most recent releases, entitled In- Store Experience Still Preferred for Expert Ad- vice and Personal Attention , reported that 62% of consumers prefer to buy diamond jewelry at their local independent jeweler rather than online, providing that the environment in the store is safe (i.e. masks, hand sanitizer, etc). Communication Camaraderie The goal of this story encompasses one word: Unity .Without unity, our industry will implode. With unity, we’ll rise. Yet, we stand divided, alone in each corner. But alone isn’t working, especially in these troubling times. If you believe one must suffer chaos to gain construction, the diamond industry should have built the world’s tallest tower by now. Instead, its boots are on the ground, grasping rope and playing tug-of-war. Both sides will get very muddy unless we simultaneously let that dividing rope fall. In Part Two, we talk to leaders from AGS, GIA and IGI about LGD grading and nomenclature. Hopefully, this will help us gain clear and con- sistent verbiage of how the two sides must speak together as one. ■ Dan Scott is a brand architect at Luxe Licensing, a NYC- Metro brand and marketing agency. Clients include Harry Winston, Chanel, Gucci and JCK Virtual, as well as up-and-coming fine jewelry and demi-fine brands. Dan welcomes conversation and can be reached at dans@luxelicensing.com or at luxelicensing.com .