The economic divide between the haves and the haves have been made clear during the pandemic. While others are struggling to maintain their financial stability, the rich are actually affording to spend on luxuries.
According to Edahn Golan, founder of Edahn Golan Diamond Research and Data, fine jewelry purchases in the United States have gained momentum as we head to the festive season.
The sales were up nearly 10% to 5.25 billion last month, from the same month in 2019.
But what is the reason behind the rise despite the pandemic?
Jewelry sellers have their own theory of why they are seeing sales spike.
De Beers Executive Vice President, Stephen Lussier said that Jewelry has offered an alternative to Travel, which has been halted in most parts of the world.
“There's a lot of theories for that. I think one of them is that you've got customers that are not traveling. So those budgets that used to be spent on experiences are now going to kind of treating themselves with products," he said.
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