Diamonds, just like gold and other luxury items, are used in jewelry all around the world due to its shine and excellence. It is also bought and hoarded by investors in most parts of the world, that is because prices of diamonds constantly fluctuate, giving the investors a chance to earn a good profit by the difference in diamond prices.
Whether you’re buying diamonds for jewelry or for investment purposes, you need to know some basics of the trends in the diamond industry, and how the prices fluctuate depending on these trends.
We can wrap up the year 2019 as a year when the industry of the lab grown diamonds finally started getting some sales. That is because the buying trends of the millennials are slightly changing. Lets take a brief look at some factors that are shaping the diamond industry in 2019.
Tech Is Being Introduced
As we move ahead into out digital revolution, the diamond industry too is witnessing new technologies being introduced to facilitate both the diamond sellers and buyers.
One such example is the new blockchain programs that have been introduced to help the buyers conveniently find out the origins of their diamond to verify its authenticity. Many giants in the diamond industryhave now join hands to invest and innovate in Fintech andblockchain to make effective ways and facilitate the end user.
Lab Grown Diamonds
2019 has proved to be a remarkable year for the lab grown diamond industry. Since lab grown diamonds are cheaper and give the same look, they have started securing a considerable part of the total diamond sales in the world.
Now many of the diamond companies around the world have started recognizing the importance of lab grown diamonds, and have established setups to start producing them in bulk amounts. These retailers also give you the choice between a natural diamond and a lab grown diamond when you visit their website or stores. A head to head comparison is all it takes for a buyer to decide what he exactly needs.
Another reason why more people are shifting towards lab grown diamonds is that the world is running out of diamonds slowly but steadily. More people who buy the diamonds just to use them in jewelry prefer these human made diamonds.
Social Media And Changed Marketing Strategies
As the years pass, people who opened their eye in the world of social media are now more likely to buy everything online, that is because they have more confidence on the reviews and likes gathered by a brands over the social media platforms. These youngsters are also following the social influencers more than ever. So, a potential opportunity for the diamond retailers here is that they can amendtheir marketing strategy to prioritize social media marketing and gain more sales from these ever-growing online platforms.
If the diamond industry considers these three factors while making their marketing strategy, they can save the natural diamond market from shrinking.
