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The Diamond Insight Report 2022
Key Highlights Shaping Consumption : De Beers
By: Diamond World News Service
Nov 30 2022 7:04PM
Reference: 26643  

New research published by De Beers Group highlights the key trends which are shaping how younger generations perceive, research and buy diamonds – predicting that ethical assurances, branded offerings, “phygital retail, and Web3 experiences will define the diamond world moving forward

For millennia, natural diamonds have been the ultimate symbol of love, strength and connection between two people. This continues in modern times, with consumer desire for diamonds being incredibly enduring in the main consumer markets around the world despite a range of recent global challenges.

\ However, while the allure of diamonds continues unabated, how people interact with each other – and with products and brands – is changing and more rapidly than ever before. Social and technological change has been accelerated in recent years by the Covid-19 pandemic, geopolitical events and evolving societal attitudes as younger generations make their mark on the world. Many of the consumer trends the diamond industry has been observing and anticipating for some years – the desire to shop more sustainably, wanting to know where and how diamonds are sourced and the preference for ecommerce – have become an embedded part of the diamond acquisition journey. As a result, considerations such as provenance, brand and digital presence now sit alongside traditional attributes of design, quality and price when people choose diamonds

Expected developments in digital technology will further put consumers, wherever they are in the world, in control of how they research diamonds and interact with brands. A melding of the physical and digital worlds is now a way of life for most consumers. Smartphones have transitioned from a once luxury product to an essential enabler in our daily lives, including in developing economies, in China the number of smartphone users is expected to increase over the coming years from 670 million in 2020 to 1.3 billion by 2026. In India the number of smartphone users in 2021 was 750 million and is estimated to reach once billion by 2026. This always connected' lifestyle is most pronounced among Gen-Z-the next generation of 'digital native' adults who increasingly expect a seamless, personalised and even immersive brand experience. So while it may be a given that a compelling omnichannel marketing strategy is a must for any brand today, the emergence of Web3 and the metaverse – and their until-now unimagined possibilities – has the potential to be a game-changer, presenting new opportunities and considerations for brands and retailers.

The convergence and acceleration of these trends place the diamond industry on the cusp of a new diamond world – one which presents an immense opportunity along with major implications for how brands and retailers must engage with current and future generations of diamond consumers.

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