Millennials like their diamonds ethically sourced or man-made, and jewellers are responding
As in many aspects of their consumption, young diamond buyers are socially conscious and value quality and integrity. They want natural stones that are conflict-free and will happily choose laboratory-grown diamonds too
Last year, when Britain’s Prince Harry proposed to Meghan Markle (now the Duchess of Sussex) he chose a conflict-free diamond from Botswana in southern Africa.
According to industry insiders, he is not the only one among his peers who is concerned about where diamonds are sourced from. While many have lamented that diamonds have lost their lustre for the new generation, the truth is that millennials view these precious stones differently from their predecessors.
In addition to colour and clarity, they are more likely to consider social and ethical concerns before they make a diamond purchase.
“New generations equally value what we call natural diamonds, but they are even more demanding about what they buy in this category, like in most of their consumption. Consumers, now more than ever, want to be assured of quality and integrity,” says François Delage, CEO of De Beers Diamond Jewellers.
“Meanwhile, education and information has been the backbone of the development of modern society, so I believe that we are seeing a new generation equipped with more knowledge, concern and passion than ever before.”
