Annie Doresca and Michelle Graff welcome Reggie Johnson and Sheryl Jones for a frank conversation on the state of DEI in fine jewelry.
Millennials, Gen Z Account for Two-Thirds of Diamond Jewelry Sales
According to De Beers Group’s latest Diamond Insight Report, diamond jewelry sales reached a record $82 billion high in 2017.
Hong Kong—Diamond jewelry sales last year reached a record $82 billion high in 2017, with much of the purchasing coming from young consumers, according to De Beers Group’s latest Diamond Insight Report.
According to the diamond miner’s study, the millennial and Gen Z generations made up two-thirds of that demand in 2017. And while the former makes up the largest group of diamond consumers now, Gen Z will be an even bigger customer base.
Millennials are currently aged 21 to 39 and make up 29 percent of the global population. Last year they represented 60 percent of diamond jewelry demand in the United States and close to 80 percent in China.
The Gen Z demographic is currently aged up to 20 and represents 35 percent of the world’s population. Despite the generation’s youth, 18- to 20-year-olds already accounted for 5 percent of diamond jewelry sales last year.
De Beers noted that both generations share values like holding love in high regard, growing up with the Internet, being interested in social issues and prioritizing authenticity and self-expression.
They differ however, in matters of trust. Millennials are a less trusting consumer, while Gen Z is more individualistic and optimistic, interested in building their own personal brands.
To better understand these two groups, the report broke down three ways the diamond industry can reach these demographics, keeping in mind how the generations overlap and differ in the aforementioned values.
First, diamond sellers should evolve how they talk about love to these consumers.
Romantic love is still the main driver of diamond jewelry sales, and millennials and Gen Z still want to follow tradition, but they want to do so on their own terms. Bridal sales account for 27 percent of diamond jewelry demand, but diamond gifts unrelated to marriage are still significant, representing 12 percent of the market.
Retailers should focus on more customizable offerings that represent the broad spectrum of love and commitment, rather than just diamond engagement rings.
Second, perhaps unsurprisingly, diamond sellers and retailers need to bring their selling experience onto multiple platforms, reaching these generations on their favored channels: Instagram and Snapchat. Facebook, Twitter and Pinterest are still important, but will reach an older consumer, not Gen Z.
These consumers want an omnichannel experience that’s completely seamless.
Sixty percent of Gen Z and millennial women in the United States aged 18 to 39 research diamond
In China, 98 percent Gen Z and Millennials aged 19 to 29 do research through at least one social media channel prior to purchasing.
Lastly, companies need to appeal to these consumers’ social conscious, and it can’t just be all talk.
De Beers said that Gen Z, in particular, won’t buy in to corporate storytelling. They want to see proof of ethical sourcing or the good that diamonds are doing for communities from which they came.
“Diamond jewelry demand reached a record global high in 2017; however, 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,” De Beers Group CEO Bruce Cleaver said.
“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 symbolize new expressions of love and researched and purchased in different ways to mark different moments in life.”
Jeff Gennette will step down in February 2024, passing the torch to the CEO of another notable retailer.
Artisan Martin Roberts fashioned lunar meteorites into 48 beads to create this out-of-this-world necklace.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
As for new members, the organization welcomed Jewelers of America’s Annie Doresca and Parag Jain of Parag Diamonds.
Jacob & Co.’s new “Billionaire” timepiece features more than 200 carats of yellow diamonds.
Heidi Horten, wife of department store magnate Helmut Horten, collected jewelry from Bulgari, Cartier, Harry Winston and Van Cleef & Arpels.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
The jewelry industry insurer and solutions provider is celebrating 110 years in business this month.
Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
The retailer, recently acquired by Signet Jewelers, will lay off 119 employees in July.
The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
As part of the promotion, Smith will share his sales expertise during a 90-minute training session.
At Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
The “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
A new word appears on the dial each day of the week.
Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
Kolja Kiofsky has been with the crystal and jewelry company since 2010.
The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.