06-10-2017
De Beers released its latest Diamond Insight Report in September 2017 revealing that shifting relationship dynamics, women’s expanding roles in society and changing perceptions of femininity are creating new motivations for diamond jewellery acquisitions.
Social and economic changes are leading to expanded symbolism for diamond jewellery, record levels of self-purchase and the establishment of new consumer types. Women’s increased economic participation and higher earnings are supporting growth in women buying diamond jewellery for themselves. Over 25 percent of women’s diamond jewellery bought in 2016 in each of the four main consumer markets namely the United States, China, Japan and India, representing more than US$18 billion in value, was acquired through the self-purchase route. In Hong Kong, female self-purchase accounts for the majority of diamond jewellery sales, De Beers said.
Besides women’s self-purchase trend, according to the report, there are another two key trends that have a direct impact on how and why people buy diamond jewellery. First, changes to family and personal relationships are leading to diamond jewellery being purchased and given to symbolise a wider range of ‘moment’ in a life beyond those directly connected to relationship milestones. Second, a new perception of femininity is emerging that is more closely associated with strength and confidence, alongside more traditional attributes such as caring and nurturing.
Bruce Cleaver, CEO of De Beers said: “These societal and economic changes will have direct consequences for a wide range of industries, but they are especially exciting for the diamond sector.As diamonds are among the most powerfully symbolic purchases, as they lend themselves to individual design, and as they are effectively a hybrid of product and experience, the new trends present a major opportunity to build on the existing base of demand.”
Click here for the online version of the Diamond Insight Report 2017.
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