Page 31 - Diamond Digest :: Jan.-Feb. 2021 Issue

Global News & Views.....
Natural Diamonds as ‘Unique’ & ‘One Of A Kind’
Millennials and Gen-Z Describe Natural Diamonds as ‘Unique’ & ‘One Of A Kind’
Third party research reveals diamonds are profoundly desirable, appreciated for value and versatility, and are increasingly acquired for a range of occasions as well as self-purchase
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 jewellery 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 jewellery 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.
Both Millennials and Gen-Z buy natural diamonds jewellery for themselves and others as gifts. One in five respondents had made a luxury jewellery purchase within the last 24 months where half of those included natural diamonds. Half of these natural diamond jewellery 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 jewellery 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 jewellery purchases were mostly
centered around a life event or occasion, approximately 25% of purchases were for no specific reason. The future for fine jewellery purchasing is optimistic as 37% of respondents intend to buy fine jewellery 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 jewellery 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.
The analysis reveals further that consumers very commonly research diamond jewellery before making a purchase. Consumers sought out four to five retail touch points on average beforehand. Most of this research was conducted online at 2.6 touch points being online and two being in- person. 66% of respondents compared pricing online, 26% looked for social media advice and inspiration, and 24% read articles for tips. 96% of the cohort is active on social media where 36% of respondents said they would consult social media platforms for ideas and advice prior to purchasing diamond jewellery. Most of the actual purchases occurred in-store, however 28% were made online in the last 24 months. Of the retail purchases, most were made at independent jewellery stores rather than nationally known jewellery stores.
Natural Diamond Council conducted this survey to track the desirability of diamonds and reinforce the sustainability of the category. Consumer focus on items that carry emotional symbolism and value is heightened during this period as the country continues to endure the effects of the pandemic. The results show Millennials and Gen-Z both have a strong relationship to diamond jewellery where it is an inspirational luxury good, high on their wish lists.
US$2 Million Available in 2021 GIA Scholarships
Whether you are new to the gem and jewelry industry or a veteran looking to expand your knowledge, education from GIA will equip you with the tools to succeed. A scholarship from GIA makes achieving your educational goals financially attainable. GIA is accepting scholarship applications until March 31, 2021 for classes that start June through December of this year.
The scholarships are open to prospective students around the world. For this application cycle, all prospective students may apply for distance education programs, with limited on-campus scholarship availability due to pandemic-related capacity restrictions. For details on eligibility, how to apply and required documents, visit GIA.edu/gem-education- scholarship-instruction-information. “In the previous scholarship application cycle, we received a record-breaking
number of applications which shows that now, more than ever, students are in need of financial support to transform their education goals into reality,” said, Duncan Pay, GIA senior vice president of education and chief academic officer. “This cycle was also the first time we began offering need-based scholarships. We are committed to helping make GIA education accessible to all as we continue to evolve how we recruit and engage with our students.” The number of scholarships awarded, as well as the amount of each award, will vary by campus location. Changes to the scholarship application cycle were made after assessing how to effectively deliver programs and courses during the pandemic. GIA has awarded more than $15 million in scholarships since 2010, helping more than 3,000 students study at GIA schools around the world and through distance education programs.
31 • Diamond Digest • Jan - Feb - 2021
31 • Diamond Digest • Jan. - Feb. - 2021