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Diamond Retail Sales in US Reported 6.1% Hike in 2006
Jun 21, 2007

In 2006, diamond jewelry's retail sales in US rose by 6.1% and retail sales in the category of diamond jewelry, constituting above 50% of the global sales.

In 2006, diamond jewelry's retail sales in US rose by 6.1%. Retail sales in the category of diamond jewelry, constituting above 50% of the global sales, averaged $35.2 Billion in 2006, more than $2 Billion from 2005. Standard sales went up by 9.1% but retailing fell by 2.7%.

"2006 was a challenging year in which the diamond industry made great strides. Manufacturers created innovative products that increased consumer demand and retailers presented more appealing messages than ever," affirmed Diamond Marketing and Advertising Group's Director-in-Charge, Richard Lennox, at JWT in an account issued on IDEX.

The "new classic" three-stone diamond ornaments keep boosting sales in the diamond jewelry segment. Moreover, the Diamond Trading Company's "I Forever Do" anniversary sales campaign will proceed to expand its three-stone market by re-introducing the three-stone jewelry as the only ideal gift. This three-stone diamond jewelry is made of three diamonds and is currently priced at $3.1 Billion. Over the past half decade, the sales growth of this type of jewelry has jumped by nearly 35%.

Diamond engagement rings also touched their maximum average price in 2006, with over 83% American brides opting for a diamond engagement ring as the sole method of celebrating the ceremony. During 2006, the overall retail value of the diamond engagement ring collection increased to $6.2 Billion, surpassing 2005's outcomes by 8%. The collection is growing, thanks to the rise in its standard value.

One more segment that has witnessed extraordinary development is the Diamond 'Right Hand Ring' category. 'Right Hand Ring', a non-wedding style of diamond ring collection from a not-so-impressive segment of the market, reported an annual growth of 15% since the project's inauguration in 2003.

Specialty retailers hold about 50 percent of the market. For diamond retailers, branded diamonds and new cuts have become hot in United States. New launches of Diamond Jewellery and strong holiday sales led the retail sales high in the country.

According to a research analyst at
RNCOS, each year, US jewelry retail industry garners almost $44 Billion as revenue from 28,000 various specialty, departmental, and discount shops. Specialty retailers account for the 50% share of the total market. For retailers dealing in diamonds, branded diamond and latest cuts have become the favorite in US. New diamond jewelry launches and strong sales in holidays keep the retail sales healthy in US.

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