The diamond industry is having a bit of an issue with millennials. This generation is simply not too interested in diamonds unlike previous generations. Now, this disinterest can be reversed if millennials understood the value of diamonds but to do that they have to know what makes a diamond special.
Why are Millennials Passing on Diamonds?
It is no secret that the baby boomer generation is keeping the diamond jewelry business going strong. Baby boomers were likely dreaming about wearing a beautiful diamond engagement ring.
It seems that the love for diamonds diminished somewhere between the baby boomer generation and the millennials, which is making the diamond industry a little nervous. There are a number of valid reasons this is happening. For example, many in this group are suffocating in student loan debt that makes them rethink the purchase of something like a diamond engagement ring.
Others simply do not worry about expensive possessions such as diamonds and instead focus on spending their cash on experiences. In short, this young generation has lost sight of the value safely tucked inside diamond engagement rings.
Millennials Care but Need Refocusing
Surprising as it may seem, the millennial generation is quite traditional regarding marriage and really do value proposing to their significant other.
Millennials know how special it is to pop the question, which makes it easy to see why proposal planning is becoming a big thing for this young generation. The planner blends experience and the beauty of the surprise into one task, which is probably the reason it is such a popular service amongst this secretly romantic group of people.
Making sure that millennials learn about the four Cs is one thing that could get them interested in diamonds again, but there is another aspect that needs to be considered. Science has finally cracked the code when it comes to making diamonds in a lab.
These creations can be brighter, whiter, and with less impurities than mined versions. Furthermore, these types of diamonds are normally a little more affordable, which should make them more accessible.
It should also be noted that lab created diamonds expand choices, which is something that could be valued by all generations. For example, customers can customize their diamonds in a few ways, such as the cut, color, and even clarity of the diamond.
Millennials who are a bit more sentimental should also know that the lab created diamond ring could be customized with a personal touch that no naturally mined diamond could match. Most people know that diamonds contain carbon. This particular substance can be found in almost anything, including personal mementos. With the lab diamond, one can have a diamond-making service add a special memento to the diamond’s end result.
The customer can donate things like locks of hair to the ashes of a loved one though these are mere examples. These donations are processed until they become pure carbon, which is then used to make the diamond. It is an interesting and everlasting way to conserve something that matters to someone, making an diamond engagement ring mean that much more.
Another aspect millennials need to know about diamonds is they do represent an investment. Yes, many in this group want to live within their means, but they are normally okay purchasing high-ticketed items as long as they are worth it.
For example, they are okay purchasing an item that is going to last a long time or if the item is going to increase in value. Diamond sellers are trying to remind millennials that diamonds are forever, not just because they represent love but because they are also a significant investment that usually pays off.
Hopefully, millennials start desiring diamond engagement rings and diamond sellers find a way to rekindle the love affair they should have.
