NPD Launches New Diamond Tracker Service
The NPD Group is now providing the diamond industry with retail measurement of diamond sales in the fine jewelry market through the launch of its new Diamond Tracker service. The service provides detailed diamond market data which will allow clients to analyze key market trends at granular and actionable levels.
Port Washington, New York (PRWEB) April 20, 2016
NPD's Diamond Tracker is the first service to provide the global diamond industry with visibility into detailed point-of-sale information and monthly sales and inventory trend information. The service will provide answers to both strategic and tactical questions regarding the quantity of diamonds sold, pricing, and inventory levels. The service supports the ability to drill down to performance trends by specific diamond characteristics for all diamond types – Natural and Lab Grown – and all diamond attributes, starting with the 4Cs. The service also tracks and reports market characteristics such as gemological labs, wholesales source, form of purchase (outright purchase, memo, or recycled), and more.
"We are excited to introduce detailed information and insights into the diamond market, to help NPD's clients make fact-based decisions when buying and selling diamonds," said Chris Casey, Managing Director of Diamonds and Diamond Jewelry at NPD. "Our information gives the level of depth necessary for members of the diamond community – mining companies, manufacturers and dealers, financial analysts and retailers – to understand and leverage trends, and create more focused and effective marketing, pricing, production, and purchasing plans."
Up until now, the Diamond industry has relied on trade level anecdotal information to gauge consumers' diamond preferences. At the retail level, this has posed challenges related to pricing and product mix decisions within the industry. At the manufacturing level, the lack of fact-based information has resulted in disconnect between the diamonds supplied and actual retail demand. "The effects of this approach, and missing retail insights, are unseen inventory imbalances and volatile wholesale pricing corrections," added Casey. "Particularly as the industry faces unprecedented disruption and change, we are thrilled to launch this service to help our clients successfully navigate the competitive and rapidly evolving U.S. diamond industry."
Diamond Tracker Methodology
The NPD Diamond Tracker service is supported by access to point-of-sale data of U.S. based retailers. This data is supplied directly from their store management software systems resulting in a fully transparent perspective for all diamond sales, purchasing and inventory. The participating retail panel has been compiled to represent both large chains and independent jewelers in the highly fragmented retail diamond market. The service is projected to reflect total Diamond activity for the U.S. Specialty Jeweler market as defined by the Jewelers Board of Trade. Diamond attributes are collected and verified through partnerships with the leading U.S. diamond grading services.
About The NPD Group, Inc.
The NPD Group provides market information and business solutions that drive better decision-making and better results. The world's leading brands rely on us to help them get the right products in the right places for the right people. Practice areas include apparel, appliances, automotive, beauty, consumer electronics, diamonds, e-commerce, entertainment, fashion accessories, food consumption, foodservice, footwear, home, mobile, office supplies, retail, sports, technology, toys, video games, and watches / jewelry. For more information, visit npd.com and npdgroupblog.com. Follow us on Twitter: @npdgroup
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