The diamond market is an interesting barometer of purchasing trends and our economy as a whole. This latest report indicates that millenials are making their mark as well as single and/or married women who are “self-purchasing” diamond jewelry more frequently than ever (good for you, ladies!).
(IDEX Online) – Total diamond jewelry demand from US consumers increased 4.4 percent in 2016 to exceed $40 billion for the first time, according to industry insight data published today by De Beers Group.
While slower US GDP growth in the first quarter of 2017 is likely to have impacted diamond jewelry demand in the short term, the US has recorded five years of consecutive demand growth. US consumers now account for roughly half of all diamond jewelry purchases globally – a level not seen since before the financial crisis.
Although bridal diamond jewelry continues to be the foundation of demand in the US, more frequent acquisitions and a higher value of spend from single women helped drive demand. Meanwhile, self-purchase trends increased among both single and married women.
Fifty-seven percent of self-purchased diamond jewelry is acquired by married women, while a third is from Millennials. Retailers also reported high levels of consumer interest for multi-diamond pieces.
To be noted, consumers are paying more for their jewelry, opting for quality over quantity:
The data showed that consumers are spending more per piece on diamond jewelry, with retailers reporting an increase in the $1,000 to $4,999 category, De Beers claimed.
This confirms our tried and true philosophy: when it comes to jewelry, you get what you pay for. If you’re interested in a custom design piece that defines you, reach out to us and let’s talk dreams.