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Diamonds Are For Millennials
The Diamond Insight Report 2016
By: Diamond World News Service
Oct 27 2016 10:22AM
Reference: 13561  

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 De Beers’ latest Diamond Insight Report.

Millennials spent more than US$25 billion 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.

Millennial consumers also display particular purchasing trends. For example, self-purchasing of diamond jewellery is an important and growing acquisition route among Millennials, with this generation’s self-purchases in the U.S. representing 31 per cent of all non-bridal diamond jewellery pieces acquired in 2015. Given the differences from previous generations’ buying behaviours, the diamond industry will need to adopt effective strategies for maintaining and growing demand from the Millennial consumer group.

Introducing the Millennials
Everyone is talking about the Millennials because of the considerable size of this age cohort and the fact that this generation is due to reach its most affluent life stage in about 10 years’ time .

This report is a unique in-depth exploration of the Millennial generation, from a diamond-specific perspective. It draws on original research commissioned by De Beers in the top four diamond markets in the world – U.S., China, India and Japan – where more than 75,000 women were interviewed over the past three years to find out more about their desire for diamonds, their diamond acquisition behaviour and the drivers behind it.

This report compares Millennials’ relationship with diamonds with insights gained from consumers of the same age group in the 1990s, to build a long-term picture. 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 million22 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.

This chapter examines Millennials’ attitudes and aspirations and considers how these translate into desirability and demand for diamonds in the U.S., China, India and Japan.

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