De Beers released its 2017 report.
The growing empowerment of women in society is a shift the diamond jewelry industry can't afford to ignore, according to a new report from De Beers.
The company examines the changes in its Diamond Insight Report 2017, noting that demand from women represents more than 90 percent of all diamond jewelry sales around the world.
De Beers states that "it is clear that women’s roles in the workplace and in society are changing."
"As a result, their views on what it means to be feminine are adjusting and transforming, opening up new opportunities for diamond jewellery acquisition," the company explains.
De Beers outlines three key trends:
- Increased participation of women in the economy. As a result, self-purchase is at record highs. In 2016 in the U.S., 31 percent of all women’s diamond jewelry was bought by women themselves, according to De Beers. Self-purchasing of non-bridal diamond jewelry pieces grew in the U.S. by more than a third between 2005 and 2015, reaching 33 percent. Self-purchasers tend to be married women; they're typically over the age of 35 and have medium to high income levels.
- Changing family and personal relationships. De Beers explains: "Modern relationships and marriages are increasingly based on partnership between individuals who seek personal growth alongside progress in their relationship. As a result, diamonds are being purchased to symbolise a more diverse selection of ‘moments’ in a life, rather than just relationship milestones."
- Femininity redefined. According to De Beers, "Women are redefining femininity, away from the ‘sweetness’ of previous generations to combine strength with an essential grace. Diamonds are consequently becoming symbols of a wider range of emotions, including pride, joy and achievement. Meanwhile, as success becomes more about ‘who I am’ than ‘what I have’, the experiential element of the diamond acquisition process also assumes greater importance."
The report states: "For decades, diamonds have been marketed almost exclusively as gifts of love and symbols of marriage. While this universal and powerful motivation will remain the bedrock of the industry, new opportunities are clearly emerging as the position of women in society and the economy evolves."
It concludes that "a collective effort from all parts of the value chain will be required to capitalise fully on the potential offered by the increasingly multifaceted modern woman."
Read more at De Beers