Twenty-first-century women are no longer waiting around for their partners to buy them diamonds – these days they are buying them themselves.
The De Beers Group’s 2016 Diamond Insight Report noted that while sale trends of bridal jewelry have remained traditional, millennials are waiting for no one when it comes to other types of diamond jewelry: Nearly 33% of diamond sales in the US in 2016 came from women gifting themselves with precious jewelry – a near 9% rise from 24% of women who did so five years ago.
Among the self-gifters, 57% were married women and 43% were single, the New York Post reported.
“American consumers continue to express a strong desire for diamonds, but their purchasing habits are changing rapidly,” De Beers CEO Bruce Cleaver said of the findings. “While bridal diamond jewelry remains fundamental, we are seeing both single and married women buying [diamonds] for themselves more frequently and more purchases being made online. Meanwhile, products such as multi-diamond jewelry are becoming more popular.”
Stephen Lussier, chief executive of De Beers’ Forevermark diamond brand, told the New York Post that the diamond industry is pulling all the stops to change the American perception that diamonds should be gifted.
He noted that De Beers is gearing up for a new marketing push aimed at “releasing this desire,” as “diamonds need not be just about relationship markers,” he said.
The company’s data shows that overall US diamond jewelry demand increased by 4.4% to $41 billion in 2016, and global demand added 0.3% to $80 billion.
These figures were driven by a stable economic environment in the United States, job creation, wage growth and improved consumer confidence, the report said.
The positive data reflects mirrors a report issued recently by the Boston-based Bain & Company consultancy firm, projecting an increase of between 2% to 4% in the global luxury market for personal luxury goods.