SINGAPORE – For all the talk of a global retail slump, one thing will never go out of style: diamonds. In fact, an economic downturn only makes luxury jewellery more valuable over time, say industry players.
During a “period of crisis” two to three years back, Italian jewellery label Zydo actually managed to increase its turnover, said company director Jack Zybert. He said that back then, a weak market affecting industries from real estate to jewellery had swayed confidence worldwide. But while his competitors were frantically lowering the quality of their jewellery, he took the opportunity to invest in rare stones and create new collections.