Is Diamond Jewelry Still Popular?
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Have you heard the rumor that millennials are “killing” the diamond industry? Or that fine natural diamond jewelry is becoming less popular? Today, we will examine the truth behind these claims.
A recent survey commissioned by The Natural Diamond Council says differently. The survey was completed by 360 Market Reach and included 5,000 respondents between the ages of 18 and 39. This age range includes millennials and those in Gen Z -- two generations that make up over a third of our nation’s adults.
In the survey, respondents were asked which luxury items they preferred among nine choices (if money were no object). Their options included jewelry, perfume, cosmetics, clothing, vacations, and more.
The number one desired luxury among the respondents was vacations, with fine jewelry coming in second place. Respondents from both generations indicated that they buy natural diamond jewelry when they can (either for themselves or to give as gifts).
About 20 percent of respondents said they had purchased fine jewelry within the past two years, and almost half of these purchases included natural diamonds. Also, over a third of respondents indicated that they planned to purchase diamond jewelry within the next 12 months.
Here’s another interesting fact to note: Millennials account for about 41 percent of diamond jewelry sales, despite only representing 27 percent of the population!
As indicated above, about half of the recent luxury jewelry purchases by respondents included natural diamonds. Moreover, several national surveys have shown that the vast majority of women still want natural diamonds.
For example, in a 2018 survey by the Diamond Producers Association (DPA) and The Harris Poll, only 16 percent of women claimed that they believed lab-grown diamonds were “real” diamonds. Another recent report asked consumers, “What comes to your mind when you think about lab-grown diamonds?” and the most common answers were “artificial” and “fake.”
These results indicate that most people today still do not consider lab-grown gems to be a viable substitute for natural diamonds. After all, where’s the romance in purchasing a diamond created in a lab?
Let’s take a look at diamond engagement rings. Aren’t fewer people buying them than they have in the past? Nope, not at all! Actually, around 80 percent of couples choose to purchase a diamond ring to commemorate their engagement.
The most popular choice among these couples? Classic, round-diamond engagement rings.
Furthermore, many women are purchasing diamond jewelry for themselves. These self-purchasers include single and married women (I mean, “diamonds are a girl’s best friend”).
Do Millennials Like Diamond Jewelry?
First, let’s look at the claim that millennials are decimating the jewelry industry. Some say that millennials, as well as Gen Z, simply aren’t interested in diamonds.A recent survey commissioned by The Natural Diamond Council says differently. The survey was completed by 360 Market Reach and included 5,000 respondents between the ages of 18 and 39. This age range includes millennials and those in Gen Z -- two generations that make up over a third of our nation’s adults.
In the survey, respondents were asked which luxury items they preferred among nine choices (if money were no object). Their options included jewelry, perfume, cosmetics, clothing, vacations, and more.
The number one desired luxury among the respondents was vacations, with fine jewelry coming in second place. Respondents from both generations indicated that they buy natural diamond jewelry when they can (either for themselves or to give as gifts).
About 20 percent of respondents said they had purchased fine jewelry within the past two years, and almost half of these purchases included natural diamonds. Also, over a third of respondents indicated that they planned to purchase diamond jewelry within the next 12 months.
Here’s another interesting fact to note: Millennials account for about 41 percent of diamond jewelry sales, despite only representing 27 percent of the population!
What about Lab-Grown Diamonds?
The distinction between natural and lab-grown diamonds is significant. Recent articles by major publications, such as Forbes, have suggested that Gen Z and millennial shoppers prefer lab-grown diamonds to natural. However, other research (and our personal experience) shows otherwise.As indicated above, about half of the recent luxury jewelry purchases by respondents included natural diamonds. Moreover, several national surveys have shown that the vast majority of women still want natural diamonds.
For example, in a 2018 survey by the Diamond Producers Association (DPA) and The Harris Poll, only 16 percent of women claimed that they believed lab-grown diamonds were “real” diamonds. Another recent report asked consumers, “What comes to your mind when you think about lab-grown diamonds?” and the most common answers were “artificial” and “fake.”
These results indicate that most people today still do not consider lab-grown gems to be a viable substitute for natural diamonds. After all, where’s the romance in purchasing a diamond created in a lab?
See our related post: The Pros and Cons of Lab Grown Diamonds
Is Diamond Jewelry Still Popular?
The fact is that diamond jewelry is still wildly popular. People still desire beautiful, natural diamond engagement rings and fashion jewelry. While it is true that diamond jewelry took a large hit in 2020 (as most industries did), it is expected to fully recover by 2023.Let’s take a look at diamond engagement rings. Aren’t fewer people buying them than they have in the past? Nope, not at all! Actually, around 80 percent of couples choose to purchase a diamond ring to commemorate their engagement.
The most popular choice among these couples? Classic, round-diamond engagement rings.
Furthermore, many women are purchasing diamond jewelry for themselves. These self-purchasers include single and married women (I mean, “diamonds are a girl’s best friend”).
