Diamond industry news recap -October 30, 2024
Diamond Industry News Recap:
**Weekly News Recap: Key Insights for the Jewelry and Retail Market**
Stay informed with Owl Financial Group’s latest news recap, bringing you the top stories impacting the jewelry, diamond, and retail sectors. Here’s a look at this week’s highlights:
US Holiday Spending to Reach New Record
Holiday spending in the US is set to reach an all-time high, with the average consumer projected to spend $902, according to the National Retail Federation (NRF). Over half of this amount will go toward gifts for family, friends, and coworkers. Online shopping remains the top destination, and younger consumers are increasingly turning to thrift stores and resale shops for gifts, highlighting sustainability trends.
WJA Foundation Awards $63,000 in Scholarships
The Women’s Jewelry Association (WJA) Foundation announced the recipients of its annual scholarships, awarding a total of $63,000 to support emerging talent in the jewelry industry. Scholarships were granted across six categories, benefiting students from watchmaking to gemology. The funds aim to empower the next generation of jewelry professionals and are raised through donations and events like the upcoming Future of Forty Gala Fundraiser in New York.
Sharp Decline for Swiss Watch Exports
Swiss watch exports saw their steepest decline of the year in September, dropping 12.4% as demand from key markets like Hong Kong and China fell sharply. Lower-priced luxury watches took the biggest hit, with a 33% decline in value, while high-end luxury watches were less affected. The Federation of the Swiss Watch Industry noted that US and Japanese markets saw slight increases, helping offset some losses.
De Beers Will Now Disclose Diamond Origins
In a shift toward transparency, De Beers will now disclose the country of origin for diamonds over 1.25 carats through its Tracr tracking program. Retailers, labs, and manufacturers will be able to access this data, enhancing the storytelling potential for natural diamonds. This initiative is set to expand in January to include polished diamonds over 0.5 carats, offering more detailed provenance information across the market.
The Can’t-Miss Events of 2024 New York City Jewelry Week
New York City Jewelry Week (NYCJW) returns November 18-24, offering over 100 events for jewelry enthusiasts, including designer showcases, exhibitions, and a treasure hunt. This year’s theme, “Wonder & Wander,” celebrates jewelry as both art and personal expression, with luxury brands like David Yurman and Oscar Heyman joining the festivities. NYCJW is an annual highlight for collectors and industry professionals alike.
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