Increasing interest rates and energy costs led consumers to reduce their expenses at jewelry shops. In March, sales of finished jewelry and loose diamonds were down 3%, and the average expenditure per unit decreased 3.5% year over year.
Lab-grown diamonds – loose and finished jewelry – are facing significant challenges. The increase in the number of units sold is not enough anymore. Retailers are experiencing a decrease in their revenue from LGD and that will lead them to seek alternatives – if they haven’t already.
On a more personal note, after months of intensive work, Tenoris made a significant update to its system. This includes more than doubling the number of retailers providing us with data, enhancing our database, and updating our reports.
Details on that are at the end of the market report.
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