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News

  1. Q1 Gold Jewellery Demand Soft, Says WGC
  2. Jewellery Buying Groups Formed New Global Alliance
  3. Singapore to Host Jewellery & Gem World 2022
  4. ‘Wonder Woman’ Gal Gadot Premiered in Tiffany’s 2022 High Jewellery Collection
  5. Christie’s to Auction ‘The Light of Africa’ for $18M in June
  6. New Board of Directors were elected to Jewellery Exporters Association of Turkey
  7. Oroarezzo back with Première Competition
  8. ‘De Beers Blue’ auctions US$57.5M at Sotheby’s
  9. CTF launches Mother’s Day collection
  10. Jewelers of America Announces The 2022 CASE Award Winners
  11. De Beers: Diamond Businesses Staying Cautious About Business Expectations
  12. Synthetic Alexandrite Pioneer David Patterson Dies at 89
  13. 205 CARAT FANCY INTENSE YELLOW DIAMOND GENEVA MAGNIFICENT JEWELS | 11 MAY 2022
  14. Rebecca Foerster Appointed As President of Hearts On Fire
  15. US Steps Up Sanctions Against Alrosa
  16. PGI Study Findings: Consumers Have Different Interpretations of Sustainability
  17. Irving Wong Appointed as Pandora’s General Manager For China
  18. Rolex’s 6 New Watches Unveiled at Watches & Wonders Geneva
  19. Sixième Sens par Cartier High Jewellery: Heteractis Ring
  20. Will Russian Diamond Ban Help Foster Lab-Grown Diamond Business?
  21. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  22. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  23. JEWELLERY GENEVA Takes Place between 30 March and 3 April 2022
  24. Christie’s Presents 228 carat White Dimond
  25. Gold Bar Integrity Programme to be Implemented
  26. Press Release: BONHAMS ANNOUNCES ACQUISITION OF BRUUN RASMUSSEN AUCTIONEERS – DENMARK’S LEADING AUCT
  27. Early Spring Fashion for Natural Diamonds
  28. Jennifer Garner Shines in De Beers Jewellers at the Premiere in New York
  29. To celebrate its 15th anniversary, “Cartier Women’s Initiative Impact Report”
  30. American Gem Trade Association Announces Partnership with JCK Show Again
  31. Chow Tai Fook and Canada's Mountain Province Diamonds Sign Supply Agreement
  32. Registration Is Open for 2022 JCK Show
  33. Alrosa Caught Up in U.S. Sanctions
  34. Tawhid Abdullah Receives Lifetime Achievement Award
  35. The Largest Blue Diamond Appears at Sotheby’s Auction
  36. Price Rise for Nearly 90% Of Fancy Colour Last Year
  37. Dickson Yewn’s Collectibles Given for Sotheby’s Charity Auction
  38. De Beers Boosts Production
  39. Watches & Wonders Geneva To Be Held In Hybrid Format
  40. Jewellery, Gem & Technology Dubai to Debut February
  41. Hong Kong Losing its Dominance as the World's Largest Watch Market
  42. Gift Guide for CNY
  43. Press Release: Sotheby’s Announces New Appointments To Luxury Team In ASsia
  44. Georg Jensen Becomes a Certified Member of RJC
  45. 555.55-carat Black Dimond Unveiled at Sotheby’s Auction
  46. GIA Appoints Anna Martin as SVP for Institute, Industry Relations
  47. Alrosa Boosts Direct Sales of Fancy Diamonds to Investors
  48. CIBJO General Assembly postponed to March 17 and 18, 2022
  49. 7,525 Carat Emerald Discovered
  50. Karl Lagerfeld Jewellery Collections to Shine
  51. Diamonds Travel To The Space
  52. Vicenzaoro January postponed to March
  53. America’s Youngest Jeweller Starts Business via Instagram
  54. Concerns over conflict gold arise again
  55. The 1st International Gemstone & Diamond Trade Summit Wraps Up in Macao
  56. The Knot’s Study:Over 30% of Respondents Say Natural Diamond Unimportant
  57. Pantone’s 2022 Colour of the Year: Very Peri
  58. Phillips Jewellery Auctions Fetch over HK$181 Million
  59. The World’s First Pure Gold Castle of Magical Dreams by CHOW TAI FOOK
  60. Jewellery Sales Jumped 78% During the Thanksgiving Holiday
  61. Gem Auctions DMCC’s Debut Auction Successful
  62. Cartier’s Christmas Tree Lights Up the City with Love and Hope
  63. Rediscovering Lacloche in Hong Kong
  64. Blue diamonds to lead Christie’s HK autumn sale
  65. JMA show to stage next Thursday
  66. HK auction to help Cambodian kids
  67. Basel fair cancelled again
  68. HKDI show to continue in Dec
  69. Gemfields sells 7,500-carat emerald for good
  70. Sustainability is key to diamond purchases, a report says
  71. Christie’s Geneva jewellery sale fetches CHF53.7m
  72. Cibjo forms working group on fei cui standards
  73. Only Watch raises CHF30m for DMD research
Read More...


HIGHLIGHT

  1. US market unfolds changes and potential
  2. The queen of gems, the gem of queens
  3. Classics return

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  • Libert’aime by Forevermark collection offers a diamond jewellery range that has been designed with a young, fashion-forward self-purchasing consumer in mind to excite Chinese millennials.
  • Forevermark Endlea collection jewellery
  • Bruce Cleaver, CEO of De Beers

The future of diamonds is with millennials and Gen Z, says De Beers

The millennial and Gen Z generations combined accounted for two-thirds of global diamond jewellery sales in 2017, as diamond jewellery demand reached a new record high of US$82 billion, according to data published in September 2018 by De Beers in its Diamond Insight Report 2018.

 

Bruce Cleaver, CEO of De Beers, said: “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. 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 symbolise new expressions of love and researched and purchased in different ways to mark different moments in life. 

 

“Diamond jewellery demand reached a record global high in 2017; however, with the younger consumers’ desire for qualities that diamonds can perfectly embody – including love, connections, authenticity, uniqueness and positive social impact – the most exciting times for the diamond industry are still ahead of us if we can seize the opportunities.” 

 

Millennials, those people currently aged 21 to 39, represent 29 percent of the world’s population and are the current largest group of diamond consumers. They accounted for almost 60 percent of diamond jewellery demand in the United States in 2017 and nearly 80 percent in China, the second largest diamond-consuming country. The size and growth in wealth of Chinese millennials make them a powerful consumer force, the report said. The World Bank estimates that the income of Chinese millennials will overtake that of their US counterparts by 2035.

 

Gen Z, those currently aged up to 20, is an even larger consumer generation – representing 35 percent of the world’s population, among which 20 percent live in India and 13 percent in China, and will come of age as diamond consumers over the coming decades. Despite the generation being a long way from financial maturity, Gen Z is already making its presence felt in the diamond market, with the oldest Gen Z consumers (those currently aged 18 to 20) acquiring five percent of all diamond jewellery pieces in the United States last year. 

 

Large proportions of the populations in the United States and China, millennials and Gen Z are a considerable majority of diamond jewellery acquisitions in these top two diamond-consuming markets. In the States, the two generations accounted for 63 percent of overall diamond demand value in 2017, while in China, that proportion was even higher at almost 80 percent. Taken together, millennials and adult Gen Z in these two markets accounted for almost 43 percent of the total global demand for diamond jewellery the same year.

 

The report also highlighted key similarities and differences between millennials and Gen Z as a result of their life experiences that have particular implications for diamond brands and retailers. For example, millennials are in general more mistrusting, requiring brands to earn their trust before they can pursue growth, while Gen Z tend to be more individualistic and optimistic, desiring products that help build their own personal brands.

 

There are also a number of important similarities between the generations, especially with regards to valuing love, being digital natives, being engaged with social issues and desiring authenticity and self-expression. Considering these similarities and differences, the report highlighted three key areas of opportunity that the two younger generations present for the diamond industry.

 

Meeting millennial and Gen Z needs for love and commitment on their own terms

Romantic love remains the key driver globally for diamond jewellery sales, with both millennials and Gen Z holding strong aspirations to be in committed relationships. However, their attitudes towards how they express and symbolise their love are evolving.

When it comes to love and marriage, although many millennials and Gen Z still want to follow tradition, there is an increasing focus on personalised products and relaxed experiences that reflect their individual values and preferences.

 

The bridal market continues to be of central importance, representing around 27 percent of diamond jewellery demand in the main diamond consuming countries, but diamonds given simply as a gift of love or romance (unrelated to marriage) are also a significant share of demand from younger consumers, representing a further 12 percent of total demand in 2017. Diamond brands and retailers must therefore complement traditional designs with more niche, customisable offerings to reflect the broader interpretation of love and commitment from young consumers.

 

Tailoring communications, messages and media to the natural behaviour and preferences of millennials and Gen Z

As digital communication natives, millennials and Gen Z have an ‘always on’ attitude that means they live by a motto of ‘I Want What I Want When I Want It’. Online shopping and social media are as significant to these generations as physical retail outlets when it comes to researching purchases. The majority (60 percent) of US millennial and Gen Z women aged 18 to 39 search the internet prior to purchasing a diamond to learn about designs, quality, pricing and brands, with the younger millennials and Gen Z being more likely than older millennials to look on social media for inspiration prior to purchase. 

 

In China, nearly all (98 percent) Gen Z and millennial consumers aged 19 to 29 research their purchase through one or more channels before buying. As millennials and Gen Z experience this seamless ‘phygital’ coexistence in their everyday lives, they expect an equally seamless omnichannel experience when buying products. Omnichannel strategies that are organic, authentic, and humorous and use out-of-the-box thinking resonate most with these consumers. However, retailers need to understand the different channels they favour. Gen Z’s most popular social media platforms are Instagram and Snapchat, while Facebook, Twitter and Pinterest are considered older generations’ media and of relatively less interest to Gen Z.

 

Aligning company and brand purposes and social commitments to millennial and Gen Z priorities

Millennials and Gen Z both display strong concern for social causes and responsibly sourced products. This highlights the opportunity for diamond brands and retailers to be more proactive in communicating the good that diamonds do throughout the world, and the contribution their individual brands make to important social causes. Gen Z find corporate ‘storytelling’ insufficient to meet their expectations and expect brands to be able to back up their ethical claims, moving from ‘tell me’ to ‘show me’ when it comes to ethical sourcing, making technologies such as blockchain that provide digital asset tracking more important.

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