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Jewelry and the Millennial Movement

When you think of a millennial, you probably don’t think in terms of diamond buyers. Their lives are too transient, too tech-based…right? Well perhaps its for those reasons that diamond sales tend to be on the slow and steady climb with this demographic.

According to Bloomberg:

So-called millennials now account for 68 percent of diamond jewelry sales by value in the world’s most-populous country — worth $6.76 billion last year, according to research by De Beers SA, the world’s biggest diamond producer.

Millennial women — defined by De Beers as those aged from 18 to 34 — spent about $26 billion on diamond jewelry in 2015 in the world’s four main markets, acquiring more than any other generation.

But here’s the catch: this isn’t about ever-lasting love but status and practicality:

For Chinese millennials, diamonds are more of a fashionable mark of achievement instead of a symbol of everlasting love, said Joan Xu, Shanghai-based associate planning director at J. Walter Thompson, an advertising agency.

According to one unmarried grad student:

“We don’t have to passively wait to be gifted a diamond by a man,” the unmarried college graduate said. “Diamond jewelry is a natural way to express ourselves. It’s a far better investment than most fashion items as it won’t only gain value, but can also be passed down through the generations.”

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100 Years in Jewells Business

Today, Joseph Schubach builds upon his family's experience and continues the tradition with Joseph Schubach Jewelers, offering both intimate jewelry brokering in his Scottsdale, Arizona showroom and full-service online sales to clients from around the world, where he has maintained that personal customer connection in the virtual world.

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