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The Truth About Millennials and Diamonds

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Should you believe the hype?

If you read the news, you could get the idea that millennials just aren’t as impressed by diamonds as their parents and grandparents were. Reasons cited range from lack of money to concerns about the ethics of diamond mining, with publishers running headlines such as “Millennials Aren’t Buying Diamonds, And Here’s Why.

But a new report from De Beers suggests millennials could turn out to be a diamond-buying generation, after all.

Writing about the report, Forbes contributor Rachelle Bergstein explains that the common belief “is that millennials value experiences like fitness and travel over material items, and that a mix of social consciousness and savvy has led this generation to question the appeal of the diamond as a symbol of love.”

But De Beers says millennials “do express strong desire for diamonds when they reach financial and demographic maturity.” This is despite “experiencing less favorable economic conditions than preceding generations and progressing more slowly along the traditional life path.”

In 2015, millennials spent nearly $26 billion on diamond jewelry in the largest four markets combined — the U.S., China, India and Japan, according to De Beers. That amounted to 45 percent of the total retail value of new diamond jewelry acquired in those markets.

Millennials “represent a source of considerable future potential for the sector,” according to De Beers.

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“In order to unlock this potential the industry needs to find appropriate ways to engage Millennials’ inherent need for self-expression and interconnectivity,” the company explains.


Read more at Forbes |
De Beers’ latest Diamond Insight Report

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Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

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