According to reports, the diamond business is experiencing a slow period, because the newest trend for millennials is to marry later in their 20’s and 30’s, and choose more distinctive wedding jewelry that accounts for their concern with money, sustainability, and material.
Many young people of today don’t want their engagement and wedding rings to be mass-produced, they want a piece that’s unique to them and also doesn’t cost a fortune. And so, millennials are favoring gemstones, sapphires, and lab-grown diamonds over actual diamonds. This may be because they’re no longer concerned with age-old marriage rituals, and colorful stones might reflect their taste better.
The trend may also have something to do with greater awareness about the human rights issues surrounding diamond mining and production in some regions. While some companies take pains to provide “conflict-free” stones, it’s possible that rights-sensitive millennials may prefer to avoid the gems altogether.
To counteract this growing pattern, the Diamond Producers Association is launching a massive advertising campaign to try and renew interest in diamonds — which have typically been viewed as the symbol of “enduring love.” The slogan they have adopted for their campaign is, “Real is rare, real is a diamond.” Of course, this campaign will use social media to attract the attention of millennials, and they expect to see positive results, hoping that worldwide sales of traditionally mined diamonds to grow this year.