Female Self-Purchases of Diamonds Hit Record Levels, De Beers Says

The female self-purchase segment has become an increasingly important part of the diamond jewelry market, according to De Beers’ latest Diamond Insight Report.

In the United States, 33 percent (i.e., one-third) of all female nonbridal diamond jewelry was purchased by women for themselves. That’s up from 23 percent in 2005.

In the U.S., the number one diamond item female self-purchasers splurge on is rings (37 percent), followed by earrings (31 percent), necklaces (18 percent), and bracelets (10 percent).

The average price paid for a female self-purchase item in the United States is $1,300, slightly less than the $1,400 average for all diamond jewelry.

As for why they’re buying, 23 percent said they picked up an item because it was on sale or they liked its price; 18 percent bought jewelry “on impulse” or “to have a nice treat;” 14 percent were drawn to the piece’s unique or unusual design; 10 percent wanted to celebrate a personal milestone; and 8 percent bought to mark a relationship milestone, such as an engagement or anniversary.

American female self-purchasers are most likely to be married (57 percent), and fall into the 35 to 54 age bracket (35 percent). Most have an annual income of $75,000 to $150,000 (43 percent). However, 16 percent of female self-purchasers earn less than $40,000; 20 percent fall into $40,000 to $75,000 range; and 21 percent rake in over $150,000.

The report lays out three reasons why the self-purchase market is growing. First, couples are getting married later, and societal views of marriage have evolved: 73 percent of U.S. women now say they don’t need a partner to feel complete.

As a result, women are receiving diamond jewelry for nontraditional occasions, such as landing a job, getting promoted, or other achievements. “Alongside commitment and love, diamonds are being bought to represent…optimism and pride,” the report says.

Second, women are earning more. In the U.S., a woman is the major income provider for 24 percent of households.

Finally, the report says that women now have a “new perception of femininity.”

When asked the attributes associated with female-ness, 69 percent of U.S. women answered “confident;” 65 percent said “strong;” 62 percent, “caring;” 61 percent, “independent;” and 55 percent, “determined.”

The report concludes that while the female self-purchase market is an increasing opportunity for the industry, the trade needs to boost its efforts to take full advantage of it.

(Image from Pixabay)

 

JCK News Director

Comments are closed in this post.