Dubai News Style

Brilliant under pressure: Global diamond market shows resilience in an unprecedented year

Brilliant under pressure: Global diamond market shows resilience in an unprecedented year

The diamond industry suffered during the Covid-19 crisis but fared better than the personal luxury market overall; sector is poised to return to growth in 2021

  • marzo 01, 2021
  • Tempo di lettura min.

Dubai News Style

Brilliant under pressure: Global diamond market shows resilience in an unprecedented year

While the diamond industry suffered during the Covid-19 crisis, it still managed to keep its sparkle. Lockdowns, travel restrictions and economic uncertainty pushed diamond jewelry sales down by 15 percent in 2020 with most of the decline happening in the first and second quarters. But faced with store closures, diamond retail sales pivoted online, and benefited from consumers who could not spend on travel or experiences choosing diamond jewelry instead.  Demand returned during the fourth quarter, culminating in a strong holiday season across the globe.

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