Millennials and Gen Z Dominate Diamond Demand

RAPAPORT The surge in the size of the millennial and Generation Z age groups has created key opportunities for the diamond industry, De Beers said Thursday in its 2018 Diamond Insight Report The oldest Gen Z consumers - aged 18 to 20 - bought 5% of all diamond-jewelry pieces in the US The spending power of millennials - those aged from 21 to 39 - will overtake that of Baby Boomers permanently by 2020, it noted.

Millennials and Gen Zers still want to follow tradition in love and marriage, but increasingly seek personalized products and relaxed experiences that reflect their individual values and preferences, De Beers explained While the bridal market represents 27% of diamond-jewelry demand in the main diamond-consuming countries, younger customers are also interested in gifting diamonds simply as a sign of love or romance Millennials and Gen Z consumers both show strong concern for social causes and responsible sourcing, De Beers noted.

Diamond sellers should therefore be more proactive in communicating the good the industry and their brands do throughout the world Diamond-jewelry demand grew 2% to a record $82 billion in 2017, the miner said in May "With the younger consumers' desire for qualities that diamonds can perfectly embody - including love, connections, authenticity, uniqueness and positive social impact - the most exciting times for the diamond industry are still ahead of us if we can seize the opportunities," Cleaver added. Source