Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Bain & Company: Global personal luxury goods market on recovery track

24 may 2021
Impacted by a turbulent 2020, the luxury market has started its path towards recovery. The industry returned to growth in the first quarter of 2021, growing by 0-1% versus 2019. And, if current market dynamics persist, luxury could return to 2019 levels as of this year, says a press release from Bain & Company.
According to Bain& Co, China continues to drive the recovery while the United States unexpectedly rebounded. The acceleration of this key region is one of several new trends of note, along with the importance of a human touch alongside digital interactions and the increasing presence of brands in the secondhand market. And though the outlook for 2021 remains uncertain, the market is expected to reach between €250-€295 bn, depending on which one of two scenarios outlined in the report plays out over the year.
The key findings from Bain & Company, in the “Bain & Company Luxury Study 2021 Spring Update” released recently in collaboration with Fondazione Altagamma, the Italian luxury goods manufacturers’ industry foundation are, a  strong start to the year driven by China and the US where comparing versus the first quarter of 2019; Two possible scenarios for the market rebound in 2021 where the market could reach €280-295 bn this year or full recovery to 2019 levels would be expected only in 2022 and the market would reach €250-265 bn this year; and three trends, including online channel to keep an eye on in coming months.
The trends to watch are the changes in the market map with new city hubs, as well as the rise of subcultural relevance and next-generation mindset; the human touch in luxury remains needed and whether in-store or remotely, these interactions will play a critical part in maintaining customer loyalty and; the secondhand market segments worth €28 bn euros in 2020 touches multiple consumers.
“It’s clear that consumers still want to buy luxury goods, and this, along with the brands’ ability to adapt and innovate, is driving a return to growth in the market,” said Claudia D’Arpizio, a Bain & Company partner and lead author of the study.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished