Rock bottom: Tracing the decline of diamond retail

In 1948, De Beers launched its now-famous slogan, "A Diamond Is Forever." But for many diamond retailers, forever is coming to an end According to a 2018 report from the Brookings Metropolitan Policy Program, there are over 75 million millennials in the U.S "Millennials and Gen Z make up 2/3 of diamond purchases," said Kathryn Money, vice president of strategy and merchandising for digitally native jewelry retailer Brilliant Earth, in an email to Retail Dive.

So why are so many stores closing? Part of the problem is that the bulk of the jewelry retail industry is made up of smaller stores, and those stores are struggling to keep up with current retail trends "Aside from the big brands such as Zales and Tiffany's and Cartier, a big piece of the market is mom and pop shops," said Marie Driscoll, managing director of luxury and fashion at Coresight Research, a global research and advisory firm specializing in retail and technology, in an interview with Retail Dive "The diamond industry is being disrupted more than most other retail sectors because of that lack of brand awareness and an empowered consumer," said Driscoll.

"Establishing trust is particularly important in the diamond retail space, as it's a considered, high price point purchase that can be an emotionally weighty decision," she said Most diamond retail hasn't made the move past brick-and-mortar. . Source