James Sanders on the outlook for the diamond market in 2023
Known as a disruptive innovator and always an active investor, James Sanders (London Diamonds) is behind the successful mould-breaking bespoke jewellery company London Diamonds.
Since it launched, London Diamonds has quickly become popular among customers who want quality diamonds and bespoke jewellery without the inflated prices that underpin so much of the traditional jewellery market.
London Diamonds — disruptive and innovative
James Sanders started London Diamonds as a new kind of engagement ring service — one that doesn’t pass on the cost of expensive showrooms and overly officious sales staff to the buyer. Instead, the company started with an Instagram store front and hasn’t looked back since.
Experts in diamonds and in jewellery design interact with customers to ensure that they get the absolute best for their money. James Sanders says: “We’re well aware that an engagement ring is one of the most important purchases that people make, and we want to make it as simple and as fair as possible. By cutting the costs associated with traditional high end jewellers, such as their showrooms and champagne, we can make sure that the customer is paying for the jewellery itself.”
And it’s a strategy that has worked so far for London Diamonds, which is now responsible for more than 1% of the hugely lucrative diamond engagement ring market in the UK.
Diamond market expertise
As well as having designers and knowledgeable staff, James Sanders ensures he’s on top of the diamond market and expected changes too. An investor at heart, James is able to provide the expertise that London Diamonds needs to stand out from the rest in this crowded market sector.
Trends for 2023
In terms of design trends for diamonds in 2023, James says that it’s all about a timeless quality but with a twist: “We’re seeing more and more unique design twists emerge when people come to us for engagement rings. While the base is truly classic, our designers can experiment with shape, colour and setting to give people something totally unique. There is also a shift to more solid designs and away from super delicate rings. And, of course, vintage never goes out of style.”
For the global diamond market, James predicts another year of uncertainty, but there are reasons to be optimistic too. He says: “While we’re just starting a new year, this doesn’t mean that much will change for the diamond market, which has had a few uncertain years. And this will continue throughout 2023.”
A report on the diamond market by Rapaport backs this up. James adds: “Diamond trading dropped during the second half of last year, which is partly seasonal and partly down to the ongoing uncertainty. It’s extremely difficult to predict exactly what will unfurl in 2023, as all luxury market sectors are subject to the same geopolitical global concerns. However, I always urge caution for investors — there are definitely reasons to invest in the diamond market but know that it’s for the long haul. Anyone looking to make a fast return should steer away from luxury markets in general.”
