Baby boomers love complaining about all the stuff millennials have ruined. From chain restaurants to marriage, countless think pieces detail with great ire how this generation of young adults is destroying all the businesses and traditions the baby boomers have grown to know and love. Diamonds aren’t immune from this: many blame young people’s delayed marriage, moral fiber, and economic woes for the slowed rate of diamond sales.
As it turns out, though, millennials are more respectful of tradition than the generation before them. Forbes reporter Rachelle Bergstein writes, “only 11% of 25- to 34-year-olds saying that they ‘did not have an engagement ring.’ In comparison, a whopping 39% of the 55 and over group revealed that they did not seal the deal with a diamond.”
Moreover, a few different indicators are showing that sales had actually improved over the past year. Demand in the US has risen in the past year, even as demand in India and China have shrunken. As I’ve written, more of that is coming as a result of shoppers buying for themselves, not necessarily for a loved one.
While the diamond market certainly looks different, it’s still alive and well. Delayed engagements are still engagements, and diamonds bought for oneself are still diamond sales.