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US Women Seek Long-Term Value in Diamonds
[By Rapaport News, Aug 16, 2017]
Most US millennial women view their diamond jewelry as an investment, according to a recent survey that noted a rise in the trend of self-purchasing.
The poll, which KRC Research conducted on behalf of the Diamond Producers Association (DPA), found that 75% of US women between the ages of 18 and 34 saw diamond jewelry as an investment in themselves, while 82% were looking for long-term financial value in their purchases. The numbers jumped to 94% and 91%, respectively, among the highest-earning millennials — those with annual incomes above $150,000.
These figures help explain why more millennials are buying their own diamonds, the DPA explained in a statement this week, citing a recent De Beers report that showed self-purchasing by US millennials accounting for 31% of all non-bridal diamond sales in 2015, compared with 25% in 2013.
Meanwhile, 89% of the survey respondents said they looked for authenticity when purchasing diamonds and luxury products, preferring to buy fewer but finer items. This desire for authenticity was even greater among high-earning millennials, with 85% saying they “would be embarrassed knowing that they owned a knock-off, especially for luxury items,” the DPA reported.
Luxury goods offer modern women a visual way to express their self-confidence, the diamond body noted: Two-thirds of the 995 millennial women surveyed said they felt more confident in themselves when wearing diamond jewelry.
“Millennial consumers in particular are defining luxury beyond price,” said Deborah Marquardt, the DPA’s chief marketing officer. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value.”
She pointed to diamonds as filling that niche, declaring that “this preference speaks directly to the diamond promise — in an increasingly artificial world, diamonds remain authentic, rare and precious.”
The DPA is preparing to extend its “Real Is Rare. Real Is a Diamond” campaign, with new content targeting millennials expected to come out in the next few months. The body secured a $57 million budget for 2017, of which $50 million has been earmarked for the US.
Source: Rapaport News
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