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The Top Trends in Diamond Buying and Selling for 2023

    International diamond market trends have undergone significant changes over the years. For example, the pandemic turned the market upside down, where diamond demand dropped, leading to squeezing prices and a halt in sales.

    But the industry soon recovered in a post-pandemic world to shape diamond trends 2023. There was a 62% increase in the diamond mining sector, a 55% increase in the cutting and polishing sector, and a massive 29% increase in the jewelry retail sector. All these numbers outperformed the diamond market trends of the pre-pandemic era, leading to renewed faith for all who are a part of the industry.

    But what can we expect this year? What do the diamond trends 2023 look like? Read more to find out.

     

    Diamond Trends 2023

    According to analysts, the international diamond market is expecting significant change this year. The prediction indicates a complete change in how diamond sourcing and marketing occur. A shift in diamond buying and selling is also expected.

    Analysts state that we can expect to see 4 major diamond trends this year. Here are the diamond trends 2023 to look for:

    • Demand for Lab-Grown Diamonds

    Analysts predict that there will be a rise in the sales of lab-grown diamonds as part of diamond trends 2023, especially amongst millennials and Gen Z.

    Millennials and Gen Z place great importance on the way diamonds are sourced. They believe in ethical sourcing as well as sustainability.

    Analysts say this trend will affect the natural diamond market, which will be forced to go head to head with the competitive prices and ethical standards of lab diamonds.    

    • Digital Technology will Transform the Diamond Market

    Analysts predict digital technology will play a transformative role in the diamond industry as part of diamond trends 2023. This transformation will occur due to changing consumer shopping trends. The rise in online shopping will encourage diamond retailers to find new ways to market and sell diamonds.

    Diamond retailers will probably have to invest more in digital platforms as more people shop online. They will also have to create online virtual experiences to encourage engagement with their customer base to influence sales. Social media will also change the dynamics of the way diamonds are marketed.

    Diamond houses like high-end luxury brands looking to connect with a specific customer base will also work with social media influencers and other online communities to create more demand in the market as part of diamond trends 2023.

     

    • Emergence of A More Transparent and Traceable Diamond Supply Chain 

    Analysts gauging diamond trends 2023 predict that diamond supply chain transparency and traceability will become immensely important as consumers want to be informed of their diamond origins.

    Major diamond firms are already adopting cutting-edge mechanisms like blockchain technology to keep track of a diamond’s entire journey, from the mine or lab to the consumer.

    This transparency and traceability trend will play a significant role in building ties with customers and also encourage the procurement of ethical and sustainable stones.

     

    • The Diamond Industry Will Continue To Face Challenges

    Analysts predict that the challenges related to the COVID-19 pandemic are not over. These challenges include how the supply chain was disrupted and how consumer behaviors have changed.

    However, the good news is that the industry will rise to the challenge by creating new strategies to devise appropriate measures to source, market, and sell diamonds.

    So, in summary, diamond trends 2023 dictate that the sales of lab-grown diamonds will increase because of ethically conscious millennials and Gen Z, which will pose a challenge to the natural diamond market.

    Digital technology and social media will change the industry’s marketing strategies. Transparency and traceability of the diamond supply chain will become of utmost importance.

    And despite continued COVID-19 pandemic issues, the industry is positioned to adapt by adopting adequate procedures to source, market, and sell diamonds.

     

    Diamond Buying Tips

    As a diamond business owner, the diamond trends 2023 dictate you should focus on three key aspects when buying diamonds this year:

    • Choose A Trusted Online Diamond Marketplace 

    A trusted online marketplace guarantees a large inventory of high-quality diamonds at competitive pricing. They also offer guarantees and certifications from renowned diamond laboratories. 

    •  Shop Diamonds In Bulk

    Shopping for diamonds in bulk is a great way to get the best deals, as you will get wholesale prices and save a lot of money. Your savings could be as much as 50-70% compared to retail prices.    

    • Understand Customer Tastes and Market Demands

    Diamond trends 2023 dictate that customers are inclined to buy diamond shapes cut with sharp lines making emerald, princess, and asscher-shaped diamonds a popular choice. Also, gauge your customer requirement so that you can create a diamond supply tailored for them.

    Considering the diamond trends 2023 predictions and how digital technology will shape the industry this year, being a part of a  trusted online marketplace as a seller, buyer, or both should be part of your business strategy.

    At the Diamond Port, we offer a digital online platform, a B2B diamond marketplace to source and sell diamonds, along with cutting-edge solutions to scale growth.

    With a massive inventory of natural and lab diamonds integrated into your online store, you can be confident and take advantage of our features to enhance sales, create new customer bases, and generate more revenue.

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