Natural Diamond Council conducted broad diamond desirability research through 360 Market Reach in the final quarter of 2020 among 5,000 respondents between the ages of 18 – 39.
The analysis shows diamond jewelry leading as the most highly desired, and tangible luxury good overall (after being prompted with nine luxury items to choose from if money were not a concern).
Vacations were the only luxury items ahead of diamond jewelry for both generations.
Respondents also largely attribute their affinity for diamonds to uniqueness as 70% agree natural diamonds are “one of a kind.” Another area of value for respondents was the symbolism diamonds carry for love and connection.
Image courtesy of Natural Diamond Council
Both Millennials and Gen-Z buy natural diamonds jewelry for themselves and others as gifts.
One in five respondents had made a luxury jewelry purchase within the last 24 months where half of those included natural diamonds.
Half of these natural diamond jewelry purchases were made for themselves which was largely driven by female consumers (72%). The women cited design as the most important value when making the purchase for themselves after versatility and long-term style and value.
Almost 80% of purchasers had bought diamond jewelry as a gift in the last 24 months.
This was largely led by men, often gifting significant others. Women said they purchased diamond gifts for their mothers, children, and sometimes their significant other.
The leading reason for gifting diamonds across groups was for their lasting value. While the majority of diamond jewelry purchases were mostly centered around a life event or occasion, approximately 25% of purchases were for no specific reason.
The future for fine jewelry purchasing is optimistic as 37% of respondents intend to buy fine jewelry in the next 12 months and 27% expect to receive it. 20% of these respondents say they will either definitely or probably purchase natural diamond jewelry specifically and 12% claim they expect to receive it as a gift.
These future purchases will largely be affected by social media platforms where Millennials and Gen-Z often obtain shopping inspiration.