Rising generations drive record diamond demand but require new approaches by industry

The worldwide demand for diamond jewellery set a new record high of $82-billion in 2017, diamond giant De Beers reported in its “Diamond Insight Report 2018”. The driving forces behind this demand were Millennial and Generation Z (Gen Z) consumers, who, together, accounted for 66% of global diamond sales last year.

Millennials means people who are currently in the age range from 21 to 39, when Gen Z covers those who are currently ages 20 years or younger. Millennials represent 29% of the world’s population but, in 2017, were responsible for 60% of diamond jewellery demand in the US and almost 80% in China.

Gen Z account for 35% of global population, but while most of them are children and in no position to buy jewellery, the oldest members of this group (18 to 20 year olds) are beginning to make an impact on the market. Gen Z consumers bought 5% of all diamond jewellery sold in the US last year.