Much of what’s contained in De Beers’s 2017 Diamond Insight Report was foreshadowed by company executives at the annual Forevermark breakfast held during the Las Vegas jewelry shows back in June.
There, Forevermark U.S. President Charles Stanley and Stephen Lussier, Forevermark’s London-based global CEO, shared some details about Forevermark’s plans for the fourth quarter, announcing that this year, the diamond brand’s major marketing push for the year will be women-centric.
Why? Because women today are buying more diamond jewelry for themselves as they gain power, position and money in the workforce, and they also are exerting greater influence over those pieces bought as gifts for them.
Here are seven insights from De Beers’s research about their rising purchasing power in the fine jewelry segment, who’s buying, where they’re buying and more.
“Because women today are buying more diamond jewelry for themselves as they gain power, position and money in the workforce.”
1. The U.S. was the main growth market for diamond jewelry sales in 2016 and accounts for nearly half of all demand worldwide.
De Beers said consumers spent $41 billion on diamond jewelry in the U.S. last year, up from $39 billion in 2015, a 4 percent year-over-year increase. Stable macro-economics, wage growth, a strong stock market and improved consumer confidence were the reasons for the increase in demand.
Globally, demand was essentially flat in 2016, totaling $80 billion, compared with $79 billion in 2015.
2. The amount of diamond jewelry women buy for themselves is on the rise.
In 2005, self-purchased diamond jewelry (excluding any bridal jewelry) represented 23 percent of all diamond jewelry bought in the U.S. market. That number rose to 24 percent in 2011, 27 percent in 2013 and 33 percent in 2015, according to De Beers’s research.