Diamonds Are For Millennials

Consumer ecology keeps changing and one can’t always look in the past for solutions to the present problems.

Amongst many of the diamond industry’s challenges, latest one is the millennials. More than the challenge, these young lots are the treasure chest of opportunities, only if the industry is ready to Adapt, Innovate and Invest.

Millennials are the key consumers of diamonds as they have been showing interest in diamonds more than their previous generations. Millennials are still 10 years away from their most affluent life stage and the generation comprises more than 220 million potential diamond consumers in the four main markets i.e. the U.S., China, Japan and India. Therefore, the diamond industry has huge opportunity ahead if it continues to innovate and invest across the value chain, says latest .

Millennials spent more than US$25 bil-lion on diamond jewellery in 2015 in the four largest consumer markets, acquiring more than any other generation, according to The Diamond Insight Report 2016, published today by The De Beers Group of Companies.

Despite Millennials (those aged 15-34 in 2015) facing more financial challenges than their parents’ generation, they already account for almost half of the total retail value of new diamond jewellery acquired in the four largest markets – the U.S., China, Japan and India.

In the top four markets, which account for 73 per cent of global diamond jewellery demand, the potential Millennial market for diamond jewellery is more than 220 million people. Meanwhile, the Millennial generation is not expected to reach its most affluent life stage for another 10 years, meaning this demographic also represents the diamond sector’s largest growth opportunity.