The COVID pandemic may have put the Australian economy to a grinding halt but when it comes to jewellery trade, sales aren’t even on a low. In fact, fine jewellerysales according to Jeweller Magazine, have gone up by 20 percent especially in October and November of 2020. “Diamond-set pieces in precious metals” according to the online magazine have been the “leading product category” as customers set their eyes towards investments that will last longer alongside a pandemic that has made people more worrisome for their future.
Some jewellery shops have experienced increase in sales by up to 26 percent with diamond rings (Argyle pink diamonds in particular) being the most popular. Some speculate that the closure of the Argyle diamond mine has driven this demand. Earrings and pendants have also seen a sales increase, whether diamonds or non-gemstone ones like gold jewelleries. The Christmas season has also helped increase sales of jewellery stores last year.
In the 2020 State of the Industry Report for Jewellery Chain Stores in Australia, it reported a shocking revelation impacted by the pandemic. While fine jewellery chain stores remained resilient with only 12 percent of stores closing since 2010, “90 percent of fashion jewellery chain stores operating in 2010 have closed by 2020.” The report cited possible online competition and rent increases. Fine jewellery chain stores on the other hand, are growing in numbers.
What’s keeping fine jewellers afloat are diamond engagement rings which remains to the most popular product in this market. Some online articles estimate that an Australian would spend somewhere around AUD10, 000 for an engagement ring. Some would spend drastically less opting for more simple rings while a couple would go the extra mile for as much as over AUD100, 000. With engagement rings tied around relationships and marriage, as opposed to fashion jewellery (with no traditional customs to keep it alive), fine jewellery stores manage to even thrive amidst a global pandemic.
In the end, what this teaches us is the importance and relevance of owning fine jewellery. While many see this as a way to “express their excess”, it is actually an investment made in gold, silver and diamonds. These three can withstand any crisis based on their stable value. Even cash does not match the kind of stability these offer. On another note, it also carries a symbolism in cultural traditions. Fine jewellery are not just decorative, they are also culturally significant and has a special value that can never be matched with a price.
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