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Millennials, Gen Z are diamonds' best friend: Report
Diamonds are also a popular choice for engagement and wedding rings, although these generations prefer non-traditional designs with a more personal touch that reflects their personality.
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Many choose diamonds to show their commitment to their partner, or when they are looking to present their loved ones with a special gift. (Shutterstock/File)
D
espite their young age, millennials, aged 21 to 39 years old, are said to be the largest diamond buyers nowadays, accounting for two-thirds of global consumers.
Considered a new record, the 2018 Diamond Insight Report by De Beers Group stated that around 60 percent of diamond shoppers in United States and 80 percent in China are young people with a lot of money in their hands.
However, millennials will soon be outshone by Gen Z, the oldest of whom are only 20 years old, with the generation predicted to become the largest purchaser of diamonds. As reported by kompas.com, though this group is still rather immature financially, around five percent of diamond shoppers in the US are those between 18 to 20 years of age.
Read also: Move over millennials, it’s Gen Z’s turn to kill off industries
Among the reasons why these young people are interested in diamonds, the report said, was romance, with millennials and Gen Z choosing to symbolize their love through diamonds.
Diamonds are also a popular choice for engagement and wedding rings, although these generations prefer non-traditional designs with a more personal touch that reflects their personality.
"Although millennials and Gen Z are interested in diamonds just like previous generations, they want products that offer different designs," said De Beers Group CEO Bruce Cleaver in a statement.
Many choose diamonds to show their commitment to their partner, or when they are looking to present their loved ones with a special gift. (kes)
