Millennials might be blamed for killing a great many things, from American cheese to golf. One area they seem to be coming back to, though, is diamonds. A recent survey of the Diamond Producers Association (DPA) estimated that Millennials are the most likely generation to buy diamonds. This is a strong indicator that diamond sales will continue to be healthy. Some of this is due to diamond engagement rings, and some of it is due to self-purchasing.
Diamonds in Winter
The survey covers the period ranging from Thanksgiving to Valentine's Day, a key extended period for the diamond and jewelry industries. The industry had to do some work to earn Millennials’ trust. Ethical sourcing is very important to this generation. So are concepts like equality. Diamond sales continue to be strong among Millennials because the industry itself has become more transparent and values diversity more.
The DPA found that 35% of Millennials plan to buy diamond jewelry, whereas 21% of the entire survey group (ranging 18-55 years old) planned the same. When informed of the differences between natural diamonds and lab-grown diamonds, 71% of the group said they were more likely to purchase a natural stone.
Over the Thanksgiving to Valentine's Day period, more than 53 million consumers in the US intend to buy a diamond in some form or other.
Diamond Engagement Rings, Self-Purchasing, and More
While 20 million plan to buy diamond engagement rings, self-purchasing has also seen a surge in recent years. This is largely driven by women buying for themselves. Whereas once this would have been frowned upon, today it's an empowering approach to selecting jewelry rather than having it selected for them. Certainly, it makes sense with the number of parties and festivities during these months that new jewelry is so sought after.
Diamond sales look to continue on a strong course. This is largely built off an appeal to Millennials that, a few years back, looked to be declining. It's a credit to the industry that they've so flexibly answered Millennials' demands in transparency, diversity, communication, and accessibility. It's an argument for the field to continue this proactive and adaptable approach.
