Surveys

Millennials, Gen Z Account for Two-Thirds of Diamond Jewelry Sales

SurveysSep 14, 2018

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.

20180914_debeers.jpg
In its latest Diamond Insight Report, De Beers Group noted that millennial and Gen Z customers expect a seamless omnichannel shopping experience from retailers. (Image courtesy of De Beers Group)

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

jewelry designs, quality, pricing and brands before they shop. Younger millennials and Gen Z also turn to social media for inspiration.

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.”
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

The Latest

Paola De Luca at Vicenzaoro 2024
TrendsSep 18, 2024
When Selling Jewelry, Don’t Forget the Joy

Consumers today are looking for a little escape, and jewelry is the perfect avenue to provide it, presenters at the Vicenzaoro show said.

Cece Jewellery Extraordinary Lovers Campaign
CollectionsSep 18, 2024
Cece Jewellery Celebrates Love in New Collection

The “Extraordinary Lovers” collection features engagement rings with enamel scenes inspired by art and mythology.

Luminaries by Couture
Events & AwardsSep 18, 2024
Couture DAC Opens Applications for Next Class of Mentees

BIPOC designers can apply for a spot in the mentorship program’s third cohort until Oct. 8.

How to Increase Instagram Followers Naturally in 2024 2.0 (1).jpg
Brought to you by
How to Increase Instagram Followers Naturally in 2024

Growing your Instagram following organically is more important than ever in today's technological environment.

Vhernier Calla necklace
MajorsSep 18, 2024
Richemont Shuffles Leadership at Vhernier

The luxury giant recently completed its acquisition of the Italian jewelry brand.

Weekly QuizSep 12, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Teresa Wergedal, Leah Walshak, and Amy Condor
Events & AwardsSep 18, 2024
JA Announces Three Bench Scholarship Winners

The Seymour & Evelyn Holtzman Bench Scholarship provides tuition help to aspiring bench jewelers.

Reese Witherspoon, Tyler James Williams, and Aja Naomi King at the 2024 Emmys
EditorsSep 17, 2024
8 Award-Winning Looks from the Emmys

Associate Editor Natalie Francisco highlights the best jewelry looks from the 76th Primetime Emmy Awards.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology Story

Supplier Spotlight Sponsored by GIA.

20240917_GIA pearl header.jpg
GradingSep 17, 2024
GIA To Include Traceability Info on Some Cultured Pearl Reports

The lab will include reference numbers on reports for cultured pearls that contain bead nuclei embedded with an RFID tag.

National Jeweler columnist Lilian Raji
ColumnistsSep 17, 2024
The PR Adviser: The Case for Switching to Shopify

Lilian Raji offers advice to a reader frustrated with the current state of their company’s website.

Issa Rae Cast Jewelry collection
EditorsSep 17, 2024
Q&A: Issa Rae on Her New Jewelry Collection With Cast

The actress shared her inspiration for the collection, insight into her personal style, and which jewels President Barbie would wear.

1094 rough diamond from Karowe Mine in Botswana
SourcingSep 16, 2024
1,094-Carat Diamond Recovered in Botswana Just Weeks After Historic Find

The giant gem originated from Karowe, the same mine that yielded a 2,492-carat rough diamond in late August.

Stock image of a gavel
CrimeSep 16, 2024
New Jersey Jeweler Pleads Guilty To Evading Customs

Monishkumar Kirankumar Doshi Shah admitted to dodging customs duties on more than $13.5 million of jewelry imported into the U.S.

Boucheron’s Madison Avenue storefront and interior
MajorsSep 16, 2024
Boucheron Opens First US Store in New York City

The new boutique is located on Madison Avenue.

Gübelin lab Bangkok
GradingSep 16, 2024
Gübelin Opens Lab in Bangkok

The company’s fourth location worldwide will focus on its AI-powered gem document, the Gem Passport.

JA Multifaceted Learning Workshop
Events & AwardsSep 16, 2024
JA Takes Its Learning Workshops to Washington D.C., New York

Its next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.

Taylor Swift VMAs 2024
EditorsSep 13, 2024
Taylor Swift Brings Diamonds, Edgy Jewels to her VMAs Looks

The artist opted for big yellow diamond earrings, a vintage chain, and white metals at the annual MTV awards show.

Breitling NFL watches for AFC North Conference
WatchesSep 13, 2024
Breitling Inks Licensing Deal with the NFL

The Swiss watchmaker has created limited-edition timepieces for all 32 National Football League teams.

Cartier Black Alley Cat Brooch
AuctionsSep 13, 2024
Piece of the Week: Cartier’s ‘Black Alley Cat’ Brooch

This carved jasper and yellow-diamond-eyed cat brooch from 1962 is the perfect accessory for Friday the 13th.

Zales 100th anniversary marketing campaign
FinancialsSep 12, 2024
Signet Jewelers’ Q2 Sales Fall 8%

The jewelry giant said it expects to see an uptick in engagements in the second half of the year.

gia-supplierbulletin 0824.png
Supplier BulletinSep 12, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

Sponsored by Gemological Institute of America

Mignon Faget’s Legacy Collection Campaign
CollectionsSep 12, 2024
Mignon Faget Enters a New Era With Its ‘Legacy’ Collection

The brand is celebrating its upcoming 55th anniversary with modern designs that pay tribute to its history.

Bruce Bridges AGTA
SourcingSep 12, 2024
AGTA Elects Bruce Bridges as President

He, and other newly elected board members, will begin their terms in February.

JCK Industry Fund logo
Events & AwardsSep 12, 2024
JCK Industry Fund Accepting 2025 Grant Applications

Those interested can apply online now through Nov. 15.

Cartier Panthère watch
WatchesSep 11, 2024
These Are the Watches Women Want, Says Chrono24

Its “Her-ology” report highlights trends in the women’s luxury watch market, from top brands to movement preferences.

Marrow Fine x Adalina Martini and Tennis Necklace
IndependentsSep 11, 2024
Take a Sip of Marrow Fine x Adalina’s $13K Martini

The smoked heirloom tomato mezcal martini, only available at Adalina in Chicago, is served with a 9-carat diamond tennis necklace.

Lightbox loose lab-grown diamonds
Events & AwardsSep 11, 2024
Lab-Grown, Natural Diamonds to Be Focus of AGS Confluence

Scheduled for Sept. 25, the online-only event will be open to non-AGS members this year, for a fee.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy