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| Diamonds, precious stones |
Consumer behavior has changed significantly after the pandemic, channeling spending on improving home comfort, but also on buying jewelry and precious stones.
In 2021, foreign trade data show an unusual increase in imports of pearls and precious stones, by almost over 80% compared to 2020 and almost 100% compared to the pre-pandemic period, 2019.
Over the past year imports of pearls and precious stones have increased both in value and quantity. A total of 3.6 billion leks (EUR 29.2 million) worth of jewelry were imported. As can be seen from the data, the increase was also reflected in the quantity, where it turns out that 213 tons of pearls and precious stones were imported, almost more than double in 2019, when 38 tons were imported.
Leading market players claimed that, pandemic crises and crises in general increase the interest of some people to invest part of their savings in valuables, accordint to Monitor - local magazine specializing in economic issues.
Fear of a possible devaluation of cash shifts the interest to invest savings in valuable items such as expensive jewelry, which resist economic crises, without losing value over time.
But the pandemic crisis, which was unusual in nature, due to the blocking measures in motion prompted people’s desire to consider possession of precious jewels as an anti-stress tool during the pandemic.
The main market players claimed that after a step in the first half of 2020 when the pandemic started, imports of stones, pearls, and precious metals increased in the second half of 2020, a trend that was strongly emphasized during the year 2021.
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| Graph of the performance of imports of pearls and precious stones in value and quantity in Albania, 2016 - 2021, source: INSTAT |
There were similar developments in international markets. The pearl and jewelry market saw an unusual increase in sales, especially during the end-of-year holidays.
Consumers were able to buy valuable items as they managed to save on travel and clothing during the pandemic.
Many people worked remotely as they began to buy valuable jewelry instead of clothing, meals in restaurants and travel. This behavior was almost the same everywhere in the world.
Also well-known jewelry companies are offering more stimulating prices, as the production of diamonds in the laboratory is developing significantly, which are quite likable by young people who are more environmentally friendly.