Milllenials and Generation Z consumers still have a taste for diamond jewelry, says a new survey from the Natural Diamond Council.
The online survey, conducted by 360 Market Reach, polled 5,000 respondents during October 2020.
The poll found:
– Given an unlimited amount of money to spend, younger consumers said they would choose to purchase or receive diamond jewelry second only to vacations—which represents a particular opportunity now that people are not taking vacations.
Among the most cited reasons for wanting natural diamonds: they are “one of a kind” (cited by 70%) and are symbols of love and connection.
– Some 37% of respondents said they plan to buy fine jewelry in the next 12 months and 27% expect to receive it. About 20% of these people say they will either definitely or probably purchase natural diamond jewelry in the next year, and 12% plan to give it as a gift.
– Around half of all jewelry purchasers over the last 24 months have acquired natural diamond jewelry.
– Half of natural diamond jewelry purchasers have bought diamond jewelry for themselves, though that varies by gender: 72% of female purchasers have bought at least one piece for themselves, compared to 23% by men.
– Women’s key reasons for buying diamonds include design, which was cited by 51% (meaning they found a piece they really loved); the ability to be worn every day, cited by 49%; and long-term style and value (46%).
– Almost 80% of purchasers have bought diamond jewelry as a gift, and 28% have bought for both gifts and themselves. Males largely gift to their significant others, while women gift to their mothers and children as well as their significant others.
– Key reasons for gifting diamond jewelry included its long-term value (45%); the fact that it can be worn every day (39%); the design, meaning it’s “a piece that the recipient would love” (40%); and the fact that they consider diamond jewelry a perfect symbol of love for someone else (33%).
– Around a quarter of purchasers bought a piece of diamond jewelry “just because,” rather than for a special occasion. However, 89% of purchasers bought it for a special occasion—generally an engagement or wedding (25%), or for annual events such as birthdays, anniversaries, Mother’s Day, Valentine’s Day, Christmas and Hanukkah (72%); or for other special occasions like the birth of a child or a career achievement (17%).
The Natural Diamond Council was formerly named the Diamond Producers Association, but was renamed last year.
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