Connect with us

Headlines

The Truth About Millennials and Diamonds

Published

on

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.

Advertisement

“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

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular