焦点 JNA Jan/Feb 2022 | 11 Local consumption in Hong Kong has grown from strength to strength. Given this trend, we look forward to the gradual reopening of the Hong Kong-China borders to spur business. – Lawrence Ma, founder and president of the Diamond Federation of Hong Kong, China According to companies interviewed by JNA, the industry has once again proven its resilience in the face of a crisis. Technology alongside jewellers’ willingness to innovate and rise to the challenge played a critical role in sustaining business operations while on lockdown. Meaningful jewellery Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), said two important factors have contributed to the industry’s recovery – use of technology and other non-traditional means to do business as well as consumers’ renewed fascination for and appreciation of jewellery. Major diamantaires Alrosa and De Beers both reported steady growth in diamond sales, which they have attributed to positive consumer sentiment and sturdy demand for finished diamond jewellery. “Demand for diamonds is significantly greater now than it was in 2019,” noted Dvash. “Even though diamond manufacturing facilities in Surat and elsewhere are working at full capacity, it is not possible to fulfil the market demand.” At the height of the pandemic, companies relied heavily on different kinds of technology to sustain operations, including selling diamonds through the Internet using videos and photos. While the diamond industry is no stranger to difficulties, it has benefitted tremendously from the unprecedented use of technology this time around. And this trend is expected to continue moving forward. Celine Assimon, CEO of De Beers Jewellers and De Beers Forevermark, supported this sentiment, adding that the jewellers have had to up the technology ante to stay relevant and to effectively engage with customers throughout the pandemic. “We fast-forwarded our omnichannel transformation and turned to online to reach our clients,” she revealed. “Store closures led to virtual appointments, travel restrictions to a focus on local clients while physical events moved online.” De Beers Jewellers and De Beers Forevermark trained their sights on domestic clients in the US, China and Europe in light of travel restrictions. Interestingly, the pandemic has inspired resilience and a renewed sense of hope in the consumer albeit on a slightly different level – people are celebrating moments, experiences and relationships now more than ever. According to Assimon, the diamond jewellery market remains dynamic and the appetite for jewellery remains strong. “Diamond jewellery is about marking special moments. People still want to get married and celebrate key moments in their life. They are choosing what feels safe and meaningful now and diamond jewellery holds both sentimental importance and inherent investment value,” she added. She likewise observed a dramatic shift in consumer attitude towards sustainability especially during the pandemic. With more discerning and educated buyers,
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