De Beers Group’s most recent Diamond Insight Report has seen both the Millennial (ages 21-39) and Gen Z (up to age 20) demographics becoming far more prominent in the purchasing of diamond jewelry. The analysis shares that the two generations find authenticity and self-expression. Although, the manners in which they differ come down to trust.
Gen Z is considered to be far more individualistic and optimistic, while Millennials, as consumers, are less trusting. The latter made up around 60% of the diamond jewelry demand in the United States and nearly 80 percent in China while the numbers for the former generation are steadily increasing from 5%, regardless of their young age.
"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," said De Beers Group CEO Bruce Cleaver in an interview with National Jeweler.
"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.”