“In its 10th Diamond Insight report, De Beers conducts an in-depth analysis of the Chinese market, the world’s second-largest diamond jewelry market after the United States.”
“De Beers Diamond Insight Reports draw on our unique understanding of diamonds, developed over our long history. And there is no country where history has moved as fast as China. From being a relatively small player on the world diamond stage at the end of the last century, China now represents the largest market for diamond jewellery outside the United States. So, our aim for this, our tenth Diamond Insight Report, is to focus on China. We aim to look at its development, to cut through short-term volatility, to understand evolving customer desire for jewellery and to identify opportunities for the future.”
Al Cook, CEO, De Beers Group
Gen Z – price conscious, ethically aware and with a particular focus on acquisitions
With 65 per cent of Gen Z consumers also actively contemplating brands’ ethical credentials, highlighting their ethical sourcing practices, commitment to gender inclusivity, and contribution to local mining communities will also be important in capturing demand from this generation. However, with 30 per cent of Gen Z consumers finding affordability to be a barrier to purchase, more flexible payment options and lower-priced entry-level pieces could create more opportunity.
The affluent consumer opportunity
Affluent consumers express a strong desire for diamond jewellery, as evidenced by their high level of expectation for acquisition in the next 12 months (at 46 per cent); howeveronly nine per cent actually acquired it in the previous 12- month period. Therefore, creating designs that cater specifically to this audience’s preferences presents an opportunity for growth.
Investing in love
While marriage registrations may have been declining, attitudes towards relationships and expressions of love can still lead to the purchase of diamond jewellery, as 74 per of women see diamonds as a symbol of everlasting love and 69 per cent of non-bridal pieces gifted by a partner are for relationship milestones or simply to express love and commitment.
Millennials-significant market players
This presents a big opportunity for retailers and the diamond industry. By focusing on marketing campaigns that resonate with emotional narratives, and by crafting designs that cater to these occasions, the industry can more effectively engage the Millennial market.