While today’s prevailing narrative suggests that millennials are not enticed by the glamour and romance of diamonds, recent studies by industry bigwigs suggest otherwise.
In its latest Diamond Insight Report, De Beers noted that millennials spent nearly USD $26 billion on diamond jewellery last year. CEO Bruce Cleaver added that this was more than any other generation spent on the gemstones, suggesting that the relationship between millennials and diamonds is not as uncertain as people may think.
The report also showed that in 2015, millennial purchases comprised 45 per cent of retail diamond sales in the four key markets (U.S, China, Japan and India) and 41 per cent in the U.S. “As such a large cohort, millennials are already driving global consumer demand,” added Cleaver. “[However], they also represent a source of considerable future potential for this sector.”
Moreover, wedding website The Knot found that today’s soon-to-be brides and grooms—most of whom are millennials—spend an average of $5,871 USD on their engagement rings.
As such, the industry needs to take millennials into account as a target market for diamond purchases: something that it was previously warned against. Because, after all, diamonds are a millennial’s best friend.
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