As we maximize the fruits of 2018 for Abe Mor and the broader diamond industry, we’re revisiting the most influential news stories of 2017. Here are the five foremost takeaways—and the stories that support them. We wish you a most prosperous 2018!
—Our sugar daddy is back.
We could all benefit from the massive marketing budget of De Beers, which spent more on advertising in 2017 than it had since its monopoly was disassembled in 2008. The $140 million spend is likely to increase overall consumer demand into this year. (Bloomberg)
Diamond producers invest more than $50 million annually to promote diamonds. Stay on top of the association’s website to capitalize on these promotions. (Diamond Producers Association)
—The buying power of women is on the rise.
Single women are buying diamonds at a rapidly growing rate, and major industry stakeholders, including The Diamond Producer’s Association and De Beers, are shifting their marketing strategies accordingly. (Forbes)
As women get married later, they’re buying more diamonds themselves. (De Beers)
—The forecast brightens for mom-and-pops.
Small retailers grew 50% faster than their giant counterparts in 2017. Amid evolving consumer preferences, they’re able to provide unique, personalized experiences and maintain a nimble strategy. (Bloomberg)
Stock value plummeted by nearly 50% last year for Signet, which counts Kay, Jared and Zales among its retail brands. Along with declining mall traffic, the company’s 3,600 stores are feeling the heat from smaller retailers. (CNN Money)
Consumers prefer the specialization and personal service of smaller retailers. Consequently, national big-box stores are facing a “retail apocalypse.” (New York Post)
—Synthetics, cultured diamonds, fake diamonds—whatever you call them, they’re here to stay.
Speculation continues to grow around the impact of man-made diamonds on natural stones. But one industry expert remains confident that “the distinct value and exclusivity of natural diamonds will shine through in the long run.” (Forbes)
—The Bitcoin bubble may soon burst, but the real story is the Blockchain technology behind it.
Blockchain is creeping into industries across the spectrum, and the diamond industry is no exception. Suppliers are using the technology to track and verify a diamond’s journey from the mine to the finger. (Forbes)