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Millennials are buying more diamonds than you think — just not for other people

Will Martin - Business Insider

· Millennials are buying diamonds at a rate higher than their parents, according to the CFO of the world's biggest diamond producer.

· Nimesh Patel of De Beers told Business Insider that it is a "fallacy" to say that millennials aren't buying diamonds.

LONDON — It's wrong to suggest that millennials aren't buying diamonds, according to De Beers Chief Financial Officer Nimesh Patel, because they're spending a higher proportion of their income on jewelry than previous generations.

Back in 2016 an article in The Economist magazine went viral after asking the question "Why aren't millennials buying diamonds?"

The article drew criticism from the millennial generation.

Speaking to Business Insider last week, Patel called the idea that younger people aren't buying diamonds a "fallacy" and said that demand among millennials (generally classed as anyone aged between 18 and 35) is pretty similar to, if not higher, than in previous generations.

"There's a slight fallacy here that younger people don't want to buy diamonds," Patel told BI over the phone.

"That is the same or higher proportion of diamond jewelry purchases as the generations that came before them when they were the same age."

The trend of millennials buying diamonds, Patel says, is even more impressive given that most have not yet reached what he calls "peak affluency" — the point in one's life where you have the largest proportion of disposable income.

“In fact, they're probably 10 years away from that peak. Again, compared to previous generations, that means that they're probably spending a higher proportion of their total personal disposable income on diamond jewelry," Patel said.

Trends for diamond purchase are shifting however, Patel noted, saying that the millennial generation is more inclined towards what he called "self-purchase" of diamonds and diamond jewelry.

Look at the facts. If you look at the millennials in our top four markets, they account for 45% of diamond purchases. That's an impressive number."

Millennials are more likely to buy themselves diamonds to celebrate their achievements and successes, rather than for life events such as an engagement, than other generations.

"The last point to pick up on is the trend towards self-purchase. Self-purchase today is at 26%, and we are seeing self-purchases being more frequent, and at an earlier age,"

Thinking of Buying Jewelry or a Diamond Online?

Is it Safe to Buy Diamonds Online?

The practice of obtaining our goods and our services through online mediums has become ubiquitous during the last decade. Diamonds and jewelry products are no exceptions as businesses join the online fray to fulfill needs of tech savvy consumers. It’s no coincidence that the number of online distributors has kept increasing as more and more people get connected to the Internet.

As with anything else online, judging the security of a certain service is highly subjective. For a consumer, the trust and security issues are even more important considering the typical expenditure spent on a diamond ring purchase.

There are a few checkpoints which should be met by your chosen vendor before you hit the “Pay” button. Let us take short look at online security and safe practices when it comes to buying diamonds.

The Internet has been around for more than 20 years with e-commerce becoming well-established and consumer awareness being raised. For newcomers or distributors to the diamond industry, he/she would most likely not be able to hold out and gain short term profits in the market. The industry doesn’t work like that.

You see, skepticism runs high when it comes to spending thousands of dollars by entering a credit card number. Given a choice, who would you choose to do business with? The business that had built a brand around their products for years or an anonymous website that was just created last week?

When you start browsing the product range of online vendors and compare it to what you seen at your local store, don’t be surprised to see a 10,000 times difference in inventory size. Heck, you might even be thinking that Bill Gates must be funding the company in question.

Well, I do not know much about Mr. Gates’ investments in the jewelry market, but I might know the reason behind the choice abundance that online distributors have. They simply download and connect several databases of diamond lists from their suppliers and don’t actually own the diamonds themselves.

Everybody Likes to See the Product Before Payment, Is That Not Obvious?

Diamonds are products where their beauty is based entirely on their visual performance. A diamond’s cut quality is defined by its capacity of reflecting light. The question here really is: “If I can’t see it, how do I know it sparkles well?”

That said, unless you are staying in that part of the world, most headquarters of online diamond distributors are probably located at a distance from you. Also, not every online store has a physical location that allows walk-ins. This means you cannot look at the gemstone physically and put it behind a jeweler’s loupe.

R.W. Diamond Broker is here for you to see your diamond. Also, you are keeping a local family owned business alive. Your money stays in the community instead of going out of state. You receive personal and exceptional service and comparable pricing. You deal with the owner himself. Your business is important to us as we want a lifelong customer. You are Not just another sale.