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Millennials The Future Buyers for Diamond-De Beers Diamond Insight Report 2016
The global demand for diamond jewellery increased marginally at $80 billion, with around half of the demand came from the U.S. consumers at $40 billion and the demand declining by 8.8 per cent in India. Besides, globally Millennials are the largest consumer market for diamond jewellerya generation which will soon reach its maximum earning potential, says recently published De Beers Diamond Insight Report 2016
By: Diamond World News Service
Jul 8 2017 6:24PM
Reference: 15371  

In the top four diamond markets of the U.S., China, India and Japan, which account for 73 per cent of global diamond jewellery demand, the number of Millennials (men and women) approach one billion. Of this number, more than 220 million have the level of affluence allowing them to be actual consumers of diamond jewellery.

While Millennials in these four very different countries display their own national and cultural characteristics, they also share values and contribute to the same consumer trends across geographies.

The ageing population is a significant demographic trend – in all major diamond markets, except India, the proportion of people aged over 34 in the overall population has increased, while the 15–34 age group has lost share over time.

Across the top four diamond markets combined, Millennials made up 34 per cent of the total population in 2015, compared with 40 per cent back in 1990.

In 2015, the Millennial generation spent nearly US$26 billion on diamond jewellery in the U.S., China, Japan and India combined. This represents 45 per cent of the total retail value of new diamond jewellery acquired in these four markets. Millennials’ share of the total diamond jewellery value was particularly high in China at 68 per cent; in India it was 47 per cent, in the U.S. 41 per cent and it was the lowest in Japan at 29 per cent. This highlights that Millennials in these markets contributed a greater share of sales value than the share of population that they represent.

Millennials in the U.S. alone account for over 60 per cent of this generation’s diamond jewellery purchases in the top four markets

The U.S. Millennials’ disproportionate share of demand for diamond jewellery comes alongside claims from some industry analysts and media23 that this generation is ‘losing touch’ with jewellery and diamonds. So what’s the truth?

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