UK lab diamond and moissanite engagement ring retailer Lily Arkwright has found an increased consumer appetite to purchase ethical engagement rings in light of the ongoing Coronavirus pandemic. Findings suggest that cost savvy consumers of a younger demographic are more likely to consider the implications of their purchase upon the environment and local communities around the world.
The study suggests that with the backdrop of Covid19 still looming large over the UK and world economy, consumers have reflected upon the connectivity of the world supply chain and the implications that each purchase decision consequently has. This has led to an increased emphasis on sustainable and ethical shopping habits.
MD Philip Dawson commented: “I think the current health crisis has really focused consumers’ mindset, if a virus that reportedly started at such a local level in China can have such far reaching implications, surely each purchase, especially one of such important sentiment value can make a difference. This theme has been gathering moment over the long term, not just in fine jewellery but other global industries, look at the success of Tesla and battery powered cars with low emissions”
Trading has been very encouraging and in line with management expectations year to date and we continue to grow market share within the UK and internationally. Lily Arkwright are well positioned to further accelerate growth in lab created jewellery, with new collections and improved e-commerce offerings planned throughout the remainder of 2020. We are still tremendously upbeat about the remainder of the year and look forward to the future with confidence, buoyed by our fantastic collections, dedicated staff and loyal customer base.
Lily Arkwright specialise in lab grown ethical and sustainable jewellery including moissanite, lab diamonds and coloured precious gemstones.