Many industries have faced significant hits during the coronavirus pandemic, requiring many businesses to shut down or make drastic decisions to stay afloat. The jewelry market is actually doing quite well during the pandemic, as many people are investing in jewelry even in the middle of a pandemic. Now is a time when it is really showing the differences in income, while many are struggling and yet you still see the rise in purchases for diamond rings, gold necklaces, and so much more. If you do have the resources to invest, it may be smart for you to do so as well if you can! (Image Credit: Freepik)
Reasons the jewelry market is doing well during a pandemic:
The Lucky Ones who Didn’t Lose Their Jobs have Nothing to Spend their Money On in Lockdown and Choose to Invest.
Having disposable income during everyday life means having options of where you want to spend it. Nowadays, people are not spending money on many ‘normal’ activities, such as exercise classes, eating out, traveling, and so much more. This means that for those who are still employed and do have a disposable income to spend, some are choosing to invest in items now that will last them years to come. Jewelry, particularly luxury and high-end jewelry, is an investment and when it may not have been a priority for spending over another experience or item in normal daily life, many see now as a better time than ever to invest in these items.
Buying Diamonds Instead of Traveling, But the Ultra-rich Do So Anyways
While we can’t (or at least we aren’t supposed to) travel right now, people are buying diamonds instead. Travelling offers a sense of thrill and adventure and buying diamonds and beautiful jewelry offers another, yet certainly different, thrill. An example of a classic and luxurious shop where you can marvel at beautiful diamonds and jewelry includes shops the Cartier flagship store of Pisa Orologeria in Milan, Italy. Some ask, why Milan? Because the north of Italy is famous for its amazing jewel artistry, gold, and craftsmanship. Milan is also a global flagship of jewels and fashion, so why not!
The Prices are Very Competitive
Since companies and shops all around are competing for business, prices are very competitive right now. This attracts many people to buy diamonds and jewelry right now when it seems more affordable to do so now rather than later when prices very well may go up again. Consumers have strong sway in the market right now and where they choose to purchase their items from can make a big difference as to what companies survive.
A Rise in Divorce and In Engagements
People have had to spend more time together at home than ever, and relationships are ever-evolving. As a result, there is a rise in divorce but also a rise in engagements. In these make it or break it moments for couples, there is a rise in the sale of diamond rings as many are making it.
Whether you are a jewelry fanatic or not, the trend of the jewelry market is interesting. Consider putting a bit away if you can to get that special piece you’ll have literally forever and can even pass down. Plus, you’ll look extra glam in your sweats.