Covid made travel topple diamonds as your best friend

You'd be shocked to learn that in the post-pandemic era people have started to prefer spending money on travel and dining experiences rather than investing a large lumpsum in buying luxury goods such as diamonds. 

According to the Zimnisky Global Rough Diamond Index report, prices of rough diamonds have been the lowest in 2023.

So, is travelling a more enriching and fulfilling experience than buying this luxury item?

Ditching diamonds for travel

In the post-pandemic era, people are all about collecting those precious, intangible memories that they gather from beautiful travelling experiences rather than spending money on buying tangible, materialistic goods. 

• According to industry analysts, people are now focused on eating out, travelling and making memories as opposed to spending money on purchasing diamonds. 
• And so, diamond prices have adjusted to the changing likings of the consumers who are bent towards travelling and making the most of it.
• Interestingly, Paul Zimnisky, a global diamond analyst told CNN that since people spent less amounts of money on dining and travel during the pandemic, "People had excess money to spend on discretionary purchases." 
• Edahn Golan, an independent diamond analyst, told CNN that "diamonds are a completely consumer-driven market." And that the consumers' demands for diamond jewellery influences rough diamond prices, and to an extent, retail prices.
• However, this time, the rough diamond prices in 2023 were lowest compared to the demand for natural diamond jewellery that was at an all-time high in 2021 and 2022. 

Travel planners speak

DailyO spoke to Ms Kumud Sirohi, Director of Star Vacations Pvt Ltd, to get an insight on the travel trends after the pandemic, and if people in India prefer a luxe vacation over purchasing luxury items. 

Sirohi claimed that there's an ongoing trend that the Indian consumers are now opting for luxury, high-end travel experiences.

• Ms Sirohi said that since the pandemic, "People have now started spending much more on travel and have started travelling more - it has become an integral part of their lifestyle." 
• She further highlighted that for people, travelling has become more about "making a statement"; for instance, spending a lumpsum on travelling, staying in luxurious hotels, and being able to have rich and fulfilling experiences sets them apart from the others. 
• Ms Kumud said that India is the biggest travel market and has a large luxury travel market. 
• She notes that her clients focus on high-end travel and for longer periods of time. Maldives, for example, is a popular choice among Indians. 

Shailendra Kumar, a travel consulant who has spent 38 years in the travel industry, told DailyO about the importance of travel in the post-pandemic times. He believes that it's a fact that people prefer spending more money on travel than on diamonds.

• He asserted that people have realised that diamonds have an ornamental value and that you can only enjoy its value only when you wear it. Travelling, on the other hand, gives one a more fulfilling sense of enjoyment and happiness - which is lasts longer. 
• This is because people enjoy food, culture, interaction with people from other countries; and this has great value. 
• And, especially after the pandemic, people want to make the most of travelling because of being trapped in their homes during the Covid years. 
• Kumar further added that "travel is the new luxury" and luxury items cannot give the pleasure that travel does. 

Truly, travelling seems to have taken the front seat in people's lives rather than buying fine diamond jewellery. Would you rather spend money on travelling or buying diamonds? Let us know in the comments.