Selfies and Diamonds, Millennials Love Them

TORONTO - Nov. 3, 2016 - PRLog -- The latest issue of The Diamond Insight Report by De Beers Group reveals that millennials desire diamond jewelry than any other generation.

The 2016 issue of the report published by the world's largest Diamond producer and retailer says that millennials in the four major markets alone have spent nearly US$26 billion on diamond jewelry in 2015. This represents 45 % of new diamond jewelry sales   in the top four markets comprising US, China, India and Japan. The four countries account for 73 % of the global diamond demand. In the United States alone demand for diamond jewelry from millennials rose to US$16 billion in 2015 from US$10 billion in 1999, the report reveals.

CEO of De Beers, Bruce Cleaver sees the trend to be very encouraging as the millennials who are currently between ages 14- 34 are yet to achieve the most affluent stage of their lives.  "Perhaps most encouragingly, Millennials are still 10 years away from their most affluent life stage, presenting a significant opportunity for the sector to capitalize fully on a generation comprising more than 220 million potential diamond consumers in the four main markets", Cleaver says in the report.

The report also suggests that the volatility in diamond industry is a not short-term phenomenon but the new normal despite the strong consumer demand. Also, the customer preferences are expected to change with more focus on self-expression, demanding more innovation in jewelry design.

Meanwhile, as the new customers belongs to a more informed generation they are likely to be concerned about ethical production and "blood diamonds". This may increase demand for conflict-free diamond from arctic regions in Canada. The newly opened Gahcho Kué mine by De Beers, Canada is expected to supply 4.5 million carats of Arctic Diamonds to the market during the next five years.

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