There is a popular belief that unlike past generations, millennials are no longer buying diamonds. However, this is a fallacy as according to De Beers their purchasing trend is pretty similar to previous generations, if not higher.
Millennials are buying more diamonds than you think — just not for other people
"There's a slight fallacy here that younger people don't want to buy diamonds," Patel told BI over the phone.
"Look at the facts. If you look at the millennials in our top four markets, they account for 45% of diamond purchases. That's an impressive number."
"That is the same or higher proportion of diamond jewelery purchases as the generations that came before them when they were the same age."
The trend of millennials buying diamonds, Patel says, is even more impressive given that most have not yet reached what he calls "peak affluency" — the point in one's life where you have the largest proportion of disposable income.
"That's despite the fact that millennials haven't reached peak affluency. In fact they're probably 10 years away from that peak. Again, compared to previous generations, that means that they're probably spending a higher proportion of their total personal disposable income on diamond jewelery," Patel said.
Trends for diamond purchase are shifting however, Patel noted, saying that the millennial generation is more inclined towards what he called "self-purchase" of diamonds and diamond jewelery.
Millennials are more likely to buy themselves diamonds to celebrate their achievements and successes, rather than for life events such as an engagement, than other generations.
Source: Business Insider UK
“Self purchases” seem to be the driving force of sales for diamonds amongst this generation, making this special gem not only the “ultimate symbol of love”, but also the symbol of any personal achievement.