Does the future of diamonds lie in the hands of millennials and gen z?
The Diamond Insight Report 2018 by De Beers Group has identified the Millennial and Gen Z generations as the most important drivers of growth in the luxury sector, contributing significantly to diamond jewellery demand worldwideDe Beers Group, one of the world’s leading diamond companies and the largest diamond producer by value, with mines in Botswana, Canada, Namibia and South Africa, believes that because of both generations’ increasing purchasing power, the future of the diamond industry will be defined by their luxury spending habits.
While each generation has its own distinct attributes, the two share various characteristics, such as valuing real love and committed relationships. Consequently, they express love in new ways, which has a direct effect on the marketing of bridal diamond jewellery, because Millennials and Gen Z are the primary consumers in that market sector – a sector which accounts for over a quarter of diamond sales.
De Beers stresses the importance of maintaining the relevance of diamonds for Millennials and Gen Z as they are larger than the two preceding generations and before long, they will have the foremost purchasing power. Notably, the report also states that, combined, the generations make up over two-thirds of total diamond jewellery demand value in the four biggest diamond-consuming countries.
Courtesy: The Diamond Insight Report 2018, De Beers Group