Impact of COVID-19 on Diamond Engagement Ring Industry

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The outbreak of the pandemic COVID-19 has caused a lot of panic worldwide. Retail businesses have shut down, borders are sealed, travelling is completely prohibited and staying indoors is being advised repeatedly by the government. Also, the governments have prohibited the organization of all the large gatherings and crowd events.Since the diamond engagement ring industry is primarily wedding-driven, it has been hit adversely during the download as the weddings have been postponed and people have put wedding shopping to a halt. However, even though the walk-ins in the stores have drastically fallen, those selling their products online have been able to significantly stabilize their sales during these situations also.It is believed that the reason for the stability in the online diamond engagement ring sales is that the couples are getting to spend more time together and with online websites offering some incentives along with the safety of delivering the jewellery at home, people are more inclined towards making purchases online. Impact of Covid-19 on Gem Prices GloballyThe pandemic has adversely impacted the prices of all the commodities in the market, including the prices of gemstones. With the mines being shut down and markets perpetually closed from months now across Asia, Sri Lanka, Australia, and Madagascar, there have been concerns about the demand and supply gap that would arise for sapphires, diamonds and other gemstones in the year ahead.The Global Economy is ImpactedThe sudden halt caused to the businesses due to the outbreak of pandemic and quarantine measures imposed has certainly caused a long-term disruption in the economies worldwide. It is being predicted that even after the lockdown will open up and the pandemic will be brought under control, it will take time for economies to stabilize the supply chain and get the productivity going.Government is Struggling to Find a SolutionWhile the governments across the countries are making every effort to provide maximum liquidity to the financial centres and businesses alike, markets are crashing perpetually and the response has not been as favourable towards the efforts made. This is creating a sense of fear and insecurity among both businesses and governments. The Current SituationThe customers in the diamond industry, much like other industries, are certainly going to avoid public and crowded places, thus impacting the sales in the retail stores. Several major jewellery chains have reported a gradual drop in sales, while others offering diamond engagement rings on sale prices have seen a steady sale.Shop for Diamond Rings While Being SafeMarlow’s Diamonds has always been committed to ensuring that our customers receive the best quality diamond engagement rings along with satisfying services. Keeping the pandemic situation and your safety concerns in mind, we have drafted a COVID-19 policy that states all the safety measures that our team is taking to ensure that our products and staff are completely virus-safe. Alternatively, you can shop online for our rings and we assure you that they will be delivered at your doorstep keeping all the safety measures in mind.

SOURCE: https://www.marlows-diamonds.co.uk/blog/diamond-engagement-ring/impact-of-covid-19-on-diamond-engagement-ring-industry/

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