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Articles from DIAMOND JEWELLERY (785 Articles)












De Beers has released its annual report on the trends driving diamond demand. Image courtesy: <a href="https://www.facebook.com/DeBeers/photos/a.146955712439.115243.49093422439/10155531649362440/?type=3&theater" target="_blank">Facebook De Beers</a>
De Beers has released its annual report on the trends driving diamond demand. Image courtesy: Facebook De Beers

Diamond demand driven by emerging female trends

A trio of social and economic trends increasingly visible on the world stage are fuelling demand for diamond jewellery, a recent De Beers Group study has found.

According to De Beers’ Diamond Insight Report 2017, there were three key factors influencing how and why people buy diamond jewellery. These included shifting relationship dynamics, women’s expanding roles in society and evolving perceptions of what constitutes femininity.

“Changes to family and personal relationships are leading to diamond jewellery being purchased and given to symbolise a wider range of ‘moments’ in a life beyond those directly connected to relationship milestones,” the report stated.

Bruce Cleaver, De Beers CEO
“The diamond industry now needs to focus on what female consumers are telling us about how they feel about diamonds and make sure that products and buying experiences match their expectations.”
Bruce Cleaver, De Beers Group CEO

It added that alongside traditional relationship ‘milestones’, diamond jewellery was increasingly being purchased to celebrate occasions such as a new job, a promotion and other personal achievements.

The annual study also noted how a female’s increased economic participation and income was supporting a rise in women buying diamonds for themselves. More than a quarter of women’s diamond jewellery purchased in the four largest consumer markets – the US, China, Japan and India – in 2016 were acquired through self-purchase.

In addition, the report highlighted how the traditional concept of femininity had evolved and was leading to diamonds being bought to symbolise ‘non-traditional’ emotions such as optimism and pride.

Industry opportunities

De Beers CEO Bruce Cleaver said these trends would continue to drive global diamond demand and present new opportunities for the industry.

“While the giving of diamond jewellery as a token of love and commitment continues to constitute the majority of purchases, it’s encouraging to see these additional sources of demand emerge,” Cleaver said.

“The diamond industry now needs to focus on what female consumers are telling us about how they feel about diamonds and make sure that products and buying experiences match their expectations.”

Other insights from the publication included the fact that global consumer demand for diamond jewellery increased 0.3 per cent to US$80 billion (AU$101.5 b) in 2016.

As previously reported by Jeweller, the demand was primarily driven by the US, with sales said to have exceeded US$40 billion (AU$50.7 b) for the first time. 

The Diamond Insight Report is based on De Beers’ data and insight as well as other industry sources. The 2017 edition can be read here.

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Monday, 11 December, 2017 03:09pm
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