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There’s a Major New Trend in Online Diamond Retail

Millennials are changing the equation.

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The diamond industry is still trying to figure out the millennial consumer, and the equation is only becoming more complicated.

There’s the question of whether Generation Y is as interested in diamond jewelry as previous generations were. And there’s the issue of whether they prefer bricks-and-mortar retail or e-commerce when they do buy.

And now there’s another factor to think about, Bloomberg reports. When millennials buy diamonds, they might not be in it for the long haul.

The news service explains that for the younger generation, a diamond may be something to own “until you get sick of it, list it for sale online, and buy another one.” As such, a traditional jeweler is not always part of the transaction.

Bloomberg notes that “online startups with alternative inventory” now abound, many of them emboldened by the success of online diamond retailer Blue Nile. Antique stores and independent resellers are also getting in on the online action through sites such as E-Bay and Etsy.

According to Bloomberg, on E-Bay, “antique rings made up 28 percent of the engagement ring market over the last three years.”

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Blue Nile, which is being purchased in a $500 million deal by an investor group made up of funds managed by Bain Capital Private Equity and Bow Street LLC, has been feeling the increased competition in net sales and its stock price, Bloomberg notes.


Read more at Bloomberg

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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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