iStock/Thinkstock(NEW YORK) — Diamonds are a girl’s best friend, the old saying goes. Unless, it appears, you’re a millennial.
In 2015, sales of diamond jewelry fell by 2 percent for the first time in six years, while sales of rough diamonds fell a whopping 30 percent, according to the Financial Times.
Analyst Des Kilalea, of the Canadian investment bank RBC Capital Markets, said, “Diamond jewelry appears to be low on the buying lists among so-called millennials.”
David Dews, the creative managing director at the Speed Agency marketing firm, added, “Currently, there is an assumption that millennials value experiences like fitness and travel over materialistic items, and that a mix of social consciousness and savvy has led this generation to question the appeal of diamonds.”
Millennials, Dews said, are conscious of brand image and are also socially conscious, and opposed to the blood diamond trade. Add to this the high cost of diamonds and the fact that millennials are marrying later.
Dews says that for the industry to connect with millennials, firms need to embrace ethical sourcing and sustainability.
De Beers, the world’s largest diamond company, recently announced it is selling its famous building in London, the company’s headquarters, after almost a hundred years, as part of cost-cutting measures following losses due to waning demand for diamond jewelry.
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