Earlier this year, reports emerged that diamonds and colour gemstones had become popular impulse purchases on social media, where live auctions offer stones at low prices in a ‘gamified’ format.
As an example, TikTok Shop’s live auctions allow independent sellers to offer jewellery, vintage clothing, coins, trading cards - as well as colour gemstones and diamonds.
The format encourages impulse buying, as buyers may secure diamonds at unexpectedly low prices, with the fast-paced environment described as offering instant gratification.
In a report published by The Guardian, Kenzie Cisneros, jeweller and owner of Diamond Hideout, said the trend is bringing new buyers into the market.
“It was only the rich and high class who could afford diamonds, and now they’re accessible to anybody and everybody, and that’s very exciting,” she said.
“There’s a rush in being able to say ‘I bid on this and I got it for a couple hundred bucks’.”
The auction format uses countdowns, energetic commentary, and live bidding to boost engagement. With that said, jewellers warn that livestreams make it hard for consumers to judge diamond quality. Kim Shaul, owner of Virtue Diamonds in Idaho, noted that certification does not provide a complete picture of a diamond’s appearance or quality.
“There are some pretty fantastic deals on loose stones, but you might get a really garbage diamond too,” she said.
It was also noted that while sellers show certificates during auctions, the rapid pace of sales and video lighting can obscure a diamond’s cut and light performance.
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