Millennials are disrupting the diamond business in a giant manner. Try their altering attitudes and tendencies for engagement ring procuring.
Meals pictures on Instagram. Natural-only groceries. Marie Kondo and houseplants.
The millennial aesthetic is constructed on minimalism and experiential dwelling. So the place does an age-old custom like diamond engagement rings fall on this spectrum?
Let’s discover this era’s client habits.
Do Millennials Even Like Diamonds?
To be clear, millennials aren’t anti-diamond. However in contrast to their dad and mom, they are much extra acutely aware of exploitative labor practices and environmental affect.
Gone are the times when shoppers solely cared concerning the 4 C’s (reduce, colour, readability, and carat). Now, youthful generations need to know the way and the place their diamond was mined, reduce, and polished.
And corporations have seen. The 183-year-old jeweler, Tiffany, has promised extra transparency for diamonds amid better concern over social duty.
Most retailers adopted the Kimberley Course of Certification, geared toward stopping the worldwide commerce of battle diamonds.
Another excuse why some millennials aren’t shopping for diamonds? The worth tag.
It is less expensive to purchase gem stones, comparable to opals and amethysts, than diamonds. Plus, your ring will stand out as distinctive amongst a sea of conventional, colorless diamond engagement rings.
Opposite to widespread perception, millennials are shopping for houses. In reality, this era is the most important group of homebuyers within the U.S.
As a result of pandemic, many staff aren’t returning to the workplace. Working from house (WFH) millennial homebuyers are settling down in outdoorsy locales like Lake Tahoe or settling in states with a less expensive price of dwelling, like Arizona and Texas.
The Cons of Shopping for Diamonds
Listed below are the most important the explanation why you should not purchase diamonds:
- Value – The typical price of a one-carat diamond ring can run from $1,800 to $12,000
- Environmental affect – Diamond mining may cause erosion, deforestation, and ecosystem destruction
- Human rights violations – Some staff are topic to horrific and harmful mining situations
- Debt – Many younger adults are saddled with debt and general, millennials earn 20% lower than child boomers did on the identical stage of life
- Put money into reminiscences, not possessions – You can spend the cash on touring, music festivals, or sky-diving as a substitute
As a complete, diamond engagement rings aren’t a common standing image anymore. But it surely nonetheless represents love for a lot of people.
Millennial customers are much less involved with the attraction of outdated luxurious manufacturers. They care about getting extra bang to your buck. See what’s driving diamond purchases beneath.
The Professionals of Shopping for Diamonds
Listed below are the most important the explanation why it is best to you diamonds:
- Custom – In the case of marriage proposals, diamond engagement rings are anticipated
- Emotional worth – Consider the emotions that swell up if you take a look at your grandmother’s engagement ring
- Recognition of lab-grown diamonds – 70% of millennials are open to artificial stones so you will get the flicker with out the price or guilt
Are Millennials Shopping for Different Jewellery?
Millennials’ tastes have advanced to area of interest indie jewellery designers and money-saving on-line retailers like James Allen and Blue Nile.
As well as, there is a development towards selecting engagement rings with coloured or semi-precious stones as a substitute of diamonds.
These various gem stones, like opal and amethyst, allow you to save your cash for different monetary objectives and milestones.
Priorities have shifted. Younger adults are ready longer than earlier generations to get married and purchase a home.
One vivid spot for the diamond market? Increasingly more ladies are shopping for diamonds for themselves.
Tiffany misplaced its cool – at the least with millennials. The once-iconic model has been struggling the previous few years. In response to a report by Yahoo, the pandemic damage gross sales as a result of Tiffany depends closely on tourism.
LVMH (aka Louis Vuitton) acquired Tiffany & Co. in late 2020. Whether or not or not the famed jeweler can win again the hearts of shoppers stays unknown.
Millennial Engagement Ring Traits
Millennials have not stopped shopping for engagement rings fully. Check out what’s wanted in the present day.
- Lab-grown diamonds – This expertise replicates the chemical and bodily make-up of a pure diamond.
- Environmentally sustainable – Customers care greater than ever about eco-friendly and ethically sourced merchandise.
- Gems – Extra inexpensive and distinctive than your common diamond engagement ring.
This track is likely to be an indication of the altering occasions. “Stopped shopping for diamonds” speaks of not following the footsteps of earlier generations in relation to worshipping materials issues.
It additionally touches on the monetary struggles of millennials and why they’re forging their very own path.
Backside line: Do millennials need diamonds?
Many millennials nonetheless worth a traditional diamond engagement ring. They’re saving up for that excellent image of affection.
On the identical time, younger adults aren’t afraid to strive one thing new and are not confining themselves to old-school norms. This era simply desires to be on stable monetary footing earlier than making that huge transfer of their lives.
Amber Kong is a content material and inventive at CreditDonkey, a diamond jeweler comparability and critiques web site. Write to Amber Kong at firstname.lastname@example.org. Observe us on Twitter and Fb for our newest posts.
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