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
Millennials Like Their Diamonds Ethically Sourced
This has been driven in large part by socially conscious customers who are looking for more “environmental friendly” stones (natural diamond mining can have serious environmental implications) and more accessible prices. According to a recent Morgan Stanley report, the category could account for up to 7.5 per cent of the diamond market by 2020.
This focus on sustainability has also led customers to explore new avenues for satisfying their diamond fix. Instead of purchasing freshly mined stones, second-hand or recycled diamonds are becoming increasingly popular, especially in Asia, as evidenced by the recent launch of WP Diamonds, an online diamond buyer that offers customers the chance to trade in their old engagement rings.