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.”