Diamonds and youth: Millennials and Gen Z drive sales

The De Beers' fifth annual Diamond Insight Report has found that Millennials and Gen Z consumers accounted for two-thirds of global diamond jewellery sales in 2017 Gen Z - people aged 20 and under - represent 35 per cent of the world's population and are forecast to become the majority consumer group of diamond jewellery sales in coming decades, already representing 5 per cent of the US consumer market De Beers Group CEO Bruce Cleaver stated: "The younger generations present wide-ranging opportunities for the diamond industry with the significant size and purchasing power of today's Millennials and tomorrow's Gen Z consumers" "While both of these generations desire diamonds just as much as the generations that have come before them, there are undoubtedly new dynamics at play: those diamonds may now be in different product designs, used to symbolise new expressions of love and researched and purchased in different ways to mark different moments in life" Cleaver went on to acknowledge that both generations are influenced by social media and online shopping, utilising both to research the diamond market before investing in a product, noting that 98 per cent of Chinese Millennial and Gen Z consumers research purchases through one or more channels before buying.

The report also recognised differing socio-political attitudes among Millennials and Gen Z to their parents' generation in relation to sexuality, stating: "The young generations' liberal attitudes towards sexuality and gender identity require businesses in the diamond industry to move beyond binary approaches to these issues by avoiding gender stereotypes and venturing out of traditional relationship contexts." With growth in both population and interest in consuming diamond jewellery, it is imperative that jewellers across the sector look to Millennials and Gen Z for a brilliant future. . Source