MyDiamond optimistic on jewelry sales for the holidays

Jewelry boutique MyDiamond said it remains optimistic that demand for its diamond accessories will increase over the holidays, despite rising living costs in the Philippines.

“To be transparent, the demand has been down over the past couple of months,” MyDiamond Owner Kat Florencia told BusinessWorld in an interview.

“But you know, the holiday season is a very big season or occasion in the Philippines,” she added. “People [are] becoming more inclined to invest in certain pieces that they can wear long term and they can pass down like a heritage or heirloom.”

Data from the local statistics agency showed that the country’s headline inflation, or overall inflation, reached its highest level in nearly four years, rising to 7.8% in October from 7.2% in September.

Transport was one of the biggest drivers of October inflation, accounting for 20.1%, followed by housing, water, electricity, gas, and other fuels, which recorded 9.3% inflation.

Even though Filipinos are grappling with elevated inflation, Ms. Florencia noted that they can still see an uptick in in-store buyers, especially those who are looking for gifts.

“People are really like saving up for the holiday, like gifting,” she said. “We’re seeing people coming into our stores or boutiques and just finding that perfect piece for a special or a specific loved one.”

She added that buyers are also becoming more discerning when it comes to buying jewelry. “They really ask questions about where and how it was made. They really do canvas and go to the store. They don’t buy outright.”

MyDiamond launched its holiday campaign, Tied with Love, on Tuesday. The seasonal showcase spotlights natural diamond and colored gemstone jewelry with a honeycomb theme.

The collection offers 93 styles, including necklaces, earrings, bangles, and bracelets, available in white gold, yellow gold, and rose gold.

“The holiday season is all about the connection, the tying together of all the family members that are here or outside,” the owner said. “We want to make sure that for the holiday season, it’s really tying all the relationships together and then making sure that it’s strong enough to last.”

“Basically, when you’re creating a relationship, it’s like a honeycomb. You’re creating like a strong structure for the hive,” she added.

The country’s jewelry market is forecasted to grow to USD 785 million by 2032 with a compound annual growth rate (CAGR) of about 2.07% between 2026 and 2032, according to market researcher Vyansa Intelligence.

The firm underscored that the rising popularity of lab-grown diamonds and the cultural importance of fine jewelry within Philippine families will continue to influence demand in the industry. — Almira Louise S. Martinez