Renowned Western Australian Jeweller, Linneys, has reported an uptake in consumers spending money on luxury goods, despite inflation hitting an all time high. The jeweller, specialising in diamond and pearl products, has noted a 10% increase in sales year on year, with a massive 60% increase in pink diamond sales.
Justin Linney, Creative Director of Linneys said, “the spike in sales must partly be attributed to reduced spending due to numerous years in lockdowns. As many Australians have missed out on international travel, we’ve seen an increase in customers coming to us, wanting to buy a piece of jewellery to celebrate a special occasion.”
Another reason for increased purchasing and demand for the Argyle Pink Diamonds is due to the closure of Rio Tinto’s Argyle diamond mine in Western Australia prior to COVID-19 outbreak. “With the increased rarity from the ceasing of production and the consistent increases in value each year we have seen over the years , the price of an Pink Argyle Diamond could rise at least 10% year-on-year. This puts the rare and sought after gem on the radar for many jewellery lovers, collectors and investors.” said Mr Linney.
“An Argyle pink diamond can range anywhere from $1,000 to $10,000,000 depending on their colour, size and clarity so you can only imagine just how much the value of these diamonds will increase over time.”
Additionally, the Linneys team have seen an increase in demand for their pearl stands, high end coloured gemstone jewellery and white diamond engagement rings – predicting that there will be an increase in weddings over the next 6-12 months from couples that have had to postpone..
Interview opportunities are available with Justin Linney upon request.