The new Diamond Insights Report by De Beers analyses how purchasing decisions regarding diamond jewellery are made, especially in Generation Z, but also in Generation X and the Boomer generation.
The data collected comes from the USA and China, but it can be assumed that the trends develop similarly in Europe.
It was found that Generation Z in particular, but also Generation X, like to buy branded diamond jewellery (Gen Z 76%, Gen X 64%), while the Baby Boomer generation places less value on this (38%). Wealthy customers, as well as those who bought the jewellery for themselves, also particularly often went for branded goods, as Blickpunkt Juwelier reports.
Surprisingly, however, it is not the big luxury labels that benefit from this trend, but mainly smaller designers and retail brands, which now have a market share of 30% calculated by number of pieces sold.
The report also concludes that trust in online retailing of diamond jewellery is increasing and that Generation Z in particular frequently buys its diamond jewellery online. A full 42% of diamond jewellery purchases made by Generation Z took place via smartphone or computer.
Not only is the role of online commerce increasing, but also the role of ethics and environmental aspects. Thus, 36% of all respondents and even 39% in Generation Z stated that they inform themselves about the ethical principles of a brand before buying diamond jewellery. 40% were encouraged in their purchase decision by the knowledge that the diamond industry has a positive impact on local mining communities and in Generation Z, even one in two of the respondents said they were more likely to be persuaded to buy diamond jewellery by credible claims about social fairness and sustainability.
CEO of De Beers Group, Bruce Cleaver, predicts that these trends will continue to grow in importance and that it is necessary to act accordingly today and prepare for the future. "We are on the threshold of a new world of diamonds and should take advantage of the opportunities it presents," says Cleaver.
We can only agree with this statement. At DIAVON, we take the issues of social justice and sustainability very seriously and try to act as responsibly as possible throughout our value chain. We are therefore very pleased to read that customers are attaching an ever greater role to a company's ethical principles in their purchasing decisions. We see the great opportunity of the diamond industry above all in using the latest technology to create diamonds that have an exclusively positive impact on people and the environment, thereby avoiding the exploitation of resources and workers altogether.
Source: Article "Millennials and Generation Z increasingly embracing lab-grown diamonds" - The Globe an Mail from 13.10.2022
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