How COVID Influenced Jewelry Sales

The trade was deeply concerned that the worldwide corona epidemic will negatively affect the diamond and Jewelry sales.

I was stunned to see that contrary to all expectations, Jewelry sales have gone up substantially during COVID and are continuing to rise even with all the new variants.

According to prominent diamond analyst Edahn Golan all the price lists are showing great moves upward: 

All the price lists are showing great moves upward- and price increases just started – Technology companies are reporting huge increases in sales and profits that we have never seen before- Apple, Google and so on- according to the prominent Diamond analyst it was also the best year the Jewelry industry has ever had.

I had always had a great dislike for Diamond Price Lists for white or Fancy color alike. Lists try to turn diamonds into commodities which are sold on weight and papers like soya beans irrespective of their luster – but they reflect a strong trend . Diamonds have a soul; they radiate life and spirit on a different scale depending on their sparkle, material, cut and proportions - all that information is not reflected in the price lists. You don’t have to be a a GIA GG to communicate with a diamond or with a Gemstone - when one sees a stone it speaks to us. Finally started to understand - that although our life is completely interrupted due to COVID, where we cannot take overseas vacation, we cannot go to restaurants or a cinema, or even visit a shopping center, we can give ourselves and our loved ones special presents and we can buy jewelry online as compensation for lost fun.

This reminds me of a conversation I had  long ago with a Bond St jeweler who worked heavily with Sultan on Bruney in its High days in the 1990s.

I asked him why the Queen of the Sultan of Brunei buys so much jewelry? The Sultan spent over 700 million on Jewelry and his collection is in excess of 3 billion dollars!

He answered: “Leibish, how can they spend money? She cannot go to Harrods to shop. They would need 7 bodyguards to go anywhere.”

“You are lucky” he said to me “You reach everyone with your website- the buyers don’t need bodyguards, facemasks or cash, they can just sit on their couch, and buy fancy color diamonds or gemstones jewelry with their cell phone!”

It turned  out diamonds and jewelry are a compensation for the lost fun- it gives pleasure and satisfaction during COVID time, and forevermore.



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