They are changing the way the live and follow life. Their new trend is not to by diamond jewelry. (Fantasy Diamonds LLC 10036)
Exactly a year back, Economist tweeted an anecdote about the Lesedi La Rona neglecting to offer at closeout with a teasing inquiry: “Why aren’t millennials purchasing precious stones?” Now, to be clear, the Lesedi La Rona, a 1,109-carat harsh stone with an anticipated sticker price of $70 million, didn’t neglect to offer since it couldn’t draw in an anxious millennial purchaser. Precious stones that expansive and that uncommon have a tendency to go to global gatherers on the level of Laurence Graff or well-to-do Middle Eastern rulers – not, as that tweet may recommend, lovesick American twenty-something’s.(Fantasy Diamonds )
In any case, the essayists at The Economist were utilizing the baffling case of the Lesedi La Rona as an approach to discuss a bigger wonder, that of precious stones losing their sentimental interest. Also, the tweet was very effective, in that it ordered consideration and blended up gathering of people engagement. Indeed, the production got such a variety of snarky reactions that they were then accumulated into stories at The Huffington Post and The Daily Dot. The topic was that The Economist, of all magazines, ought to have the capacity to perceive the boundaries to millennials purchasing precious stones: obligation, understudy advances, a shaky employment advertise, and so on.
The story of millennials rejecting diamonds caught fire. But there was always something suspiciously trendy about it, especially in light of a 2016 report from within the diamond industry showing that sales numbers in the US were only rising.(Fantasy Diamonds )
Now, as Bloomberg Markets and the UK Daily Mail are reporting, De Beers has released a new set of numbers showing that demand for diamonds in the States continues to grow. In 2016, Americans spent $41 billion on the stones, up 4.4% from the previous year and representing half of the world’s overall diamond expenditure. This has prompted headlines like “Flush With Cash, Americans Buying More Diamonds Than Ever” and “In US, Diamonds Are A Millennial’s Best Friend.” Both a far cry from this one, from The Daily Beast last March: “Why Have Millennials Fallen Out of Love With Diamonds?”
As I’ve said before, the negative arguments about millennials and diamonds have always been a bit flimsy. But now that the tone is changing, we can expect to see more coverage of a positive nature in the coming year. Why? For one thing, surveys conducted by places like The Knot and JamesAllen consistently show that when it comes to weddings, millennials are actually much more mindful of tradition than they’re generally thought to be. In fact, a new survey out this week from online diamond retailer JamesAllen com confirms that younger men are actually more, not less, likely to propose on bended knee with a diamond ring in hand than men from older generations.(Fantasy Diamonds)
And the diamond industry is well prepared to make sure that stays true. Earlier this week, the Diamond Producers Association – a group of the world’s leading diamond mining companies, founded in May 2015 to take the lead on category marketing – announced that it was upping its US marketing budget to $50 million, more than four times what it spent in 2016. That means we’ll be seeing a lot more of those “Real is Rare, Real is a Diamond” commercials, which so far have aired during high-ticket events like the Oscars and the MTV Movie & TV Awards. According to JCK, there are upcoming plans for more television spots, as well as digital and print campaigns that highlight the romance and uniqueness of diamonds.
Whether or not millennials embrace diamonds, they’ll certainly be seeing a lot more of them in the coming year.
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