EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
SurveysAug 24, 2017
New Survey Findings Echo Idea of ‘Fewer, Better Things’
The Diamond Producers Association commissioned the survey, which polled nearly 1,000 women ages 18 to 34.
Canadian jeweler Shelly Purdy, who makes all her jewelry in Toronto, created her “Vintage Opulence” collection specifically to appeal to millennials: “Millennials appreciate the craftsmanship of a handmade piece … They crave jewelry that tells a story in the details and is more personal.” This 14-karat rose gold sapphire halo ring from the line has a 0.30-carat rose-cut center diamond and two rose-cut side diamonds totaling 0.30 carats ($4,550 retail).
New York--Survey results recently released by the Diamond Producers Association show that millennials are interested in having fewer possessions that are worth more, consider diamond jewelry an investment and don’t like fakes.
The DPA, the association behind the new “Real is Rare” campaign to promote mined diamonds, commissioned New York-headquartered strategy consultancy Kelton Research to conduct the study about millennial women’s preferences when it comes to luxury goods.
Kelton surveyed 995 women ages 18 to 34 online between July 10 and 14, with a margin of error of +/- 3 percent.
One of the key findings from the study was that 94 percent of the highest-earning millennials (annual income of $150,000 a year or more) surveyed said they would prefer one more expensive item that is “genuine” over numerous cheaper items.
This finding is reminiscent of the “fewer, better things” marketing campaign De Beers rolled out for the 2008 holiday season in the midst of the global financial crisis.
Here are three more key findings from the survey.
--The millennial women surveyed view diamond jewelry as an investment. Of those women surveyed, 75 percent said they view diamond jewelry as an investment in themselves, while 82 percent see it as a long-term investment. Among millennials who earn $150,000+ a year, these figures climb to 94 percent and 91 percent, respectively.
The DPA said these survey results help support De Beers’s recent study, which showed that the number of women who buy diamond jewelry for themselves has increased by 50 percent in the last 10 years. De Beers created its fourth-quarter marketing campaign for Forevermark with these findings in mind.
--They don’t want knockoffs. Eighty-five percent of women said they would be embarrassed if they knew that the luxury item they had purchased was a fake.
-- Women of the millennial generation see luxury goods as an expression of self-confidence. Two out of three, or 66 percent, of the women surveyed say they feel more confident in themselves when wearing diamond jewelry.
Commenting on the results, DPA Chief Marketing Officer Deborah Marquardt said: “When evaluating luxury purchases, they (millennials) seek items that are genuine, unique and not mass-produced, and have inherent meaning and value.”
The Diamond Producers Association launched “Real is Rare” in late 2016. It was intended to fill the void left by the absence of the generic diamond marketing campaigns once done by De Beers (e.g., A Diamond is Forever).
The DPA is comprised of
the world’s biggest diamond mining companies, players like De Beers, Alrosa and Rio Tinto.
They allotted $57 million for the “Real is Rare” campaign in 2017, with $50 million being spent in the United States and remaining $7 million going to expand the campaign into China and India.
They allotted $57 million for the “Real is Rare” campaign in 2017, with $50 million being spent in the United States and remaining $7 million going to expand the campaign into China and India.
More on Surveys
The Latest
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Weekly QuizNov 14, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
WatchesNov 14, 2024
Grand Seiko Partners With Ben Bridge on First Hawaii Store The new Grand Seiko boutique is located in Honolulu’s Waikiki neighborhood.
SourcingNov 13, 2024
Gem Legacy Adventures Announces 2025 Trip Eleven spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.
AuctionsNov 13, 2024
Aga Khan Emerald Sells for $8.8M, Sets RecordThe emerald brooch-turned-pendant returned to auction after 55 years, setting a world record for most expensive emerald sold at auction.
AuctionsNov 13, 2024
‘Exceptional’ Burmese Ruby Ring Tops $5M at Auction Phillips also sold a 1.21-carat fancy red diamond dubbed the “Red Miracle” for more than $1 million at its jewelry auction in Geneva.
MajorsNov 13, 2024
Ariana Grande, Anya Taylor-Joy Star in Holiday Jewelry CampaignsFrom Swarovski to Tiffany & Co., jewelry retailers are enlisting celebrities to highlight their holiday offerings.
MajorsNov 13, 2024
Royal Chain’s New Catalog Is Out NowThe 2024-2025 book introduces hundreds of new designs.
FinancialsNov 12, 2024
Cartier, Van Cleef & Arpels Continue to Shine for Richemont Richemont’s jewelry sales ticked up 2 percent in the first half of the year, while watch sales plummeted 17 percent.
GradingNov 12, 2024
GIA’s Next-Day Services Return for the HolidaysOffered by the lab since 2016, the holiday season special is good from now through mid-December.
CollectionsNov 12, 2024
Mikimoto and Chrome Hearts Blend Aesthetics in New CollaborationThe “Mikimoto Chrome Hearts” jewelry brings pearls from Mikimoto together with distinctive motifs from Chrome Hearts.
CollectionsNov 08, 2024
Piece of the Week: Larkspur & Hawk’s ‘Tapestry Lily’ Earrings These earrings use flat-backed white quartz to create a window onto an antique ribbon embroidered with a floral design.
Events & AwardsNov 08, 2024
AGTA Reveals Spectrum, Cutting Edge Award Winners for 2024This year’s AGTA Spectrum & Cutting Edge Awards included a new category for engagement rings and a new award highlighting female designers.
FinancialsNov 08, 2024
Brilliant Earth’s Q3 Sales Fall 13%Plus, CEO Beth Gerstein shares her insight on the holiday season and the possibility of new tariffs.
TrendsNov 07, 2024
Amanda’s Style File: Golden and Blue November HuesThe month’s birthstones, citrine and blue topaz, reflect the changing colors of the season.
CollectionsNov 07, 2024
Sidney Garber Collaborates With Carey Lowell on Capsule CollectionThe “Carey Lowell x Sidney Garber” collection stems from the friendship between the jewelry designer and ceramicist.
MajorsNov 07, 2024
Ritani Debuts ‘No-Fuss’ Holiday TV CampaignThe two ads highlight diamond engagement rings and diamond studs with a straightforward approach.
Policies & IssuesNov 07, 2024
Diamonds Do Good To Distribute $250K+ In Grants Next YearIn 2025, the nonprofit plans to continue its support of longstanding partners while also allocating some funds to a new initiative.
AuctionsNov 06, 2024
Two Rolexes With Ties to Titanic Head to AuctionThe Rolex watches are from the collection of “Titanic” co-producer Alfred “Al” Giddings and will go up for sale at Sotheby’s next month.
FinancialsNov 06, 2024
Pandora Posts Double-Digit Revenue Growth in Q3The Danish jewelry company plans to open up to 150 concept stores this fiscal year.
GradingNov 06, 2024
GIA to Close Lab in Ramat Gan, IsraelThe location will close by the end of the year due to it being financially unsustainable, GIA said.
