In recent reports, we got to know that the Chinese market is one of the large markets to boost the sales of diamonds. Seventy percent of the total diamond jewelry purchases are made by millennials. The reason why this market is buying diamonds more than other countries could be the fact that they do not only associate marriage to diamonds. An unmarried college graduate said “We don’t have to passively wait to be gifted a diamond by a man”, “Diamond jewelry is a natural way to express ourselves”. In addition, diamonds are a far better investment than most fashion items as it won’t only gain value, but it can also be passed down through the generations.
The millennial women are defined by De Beers as those aged from 18 to 34. This group of women has spent about $26 billion together in 2015. However, the Chinese consumers has only recently set their eyes on diamonds because of their exposure to the western lifestyle and marketing. This is easily observed as the group of women before these millennials were more likely to purchase jade or gold jewelry.
Diamond Jewelry that is practical & fashionable
Nowadays the Chinese millennials see diamonds more as a fashionable mark of achievement instead of the ultimate symbol of everlasting love, said Joan Xu a Shanghai-based associate planning director at an advertising agency. This trend among one of the largest diamond-buying group made companies change their strategy of only diamond engagement rings. Their items became more practical and fashionable diamond jewelry.
Chow Tai Fook, for example, shares that they want to tap into this audience by very quickly designing more practical and fashionable items such as mixing gold with diamonds. In addition, marketing manager Wang Ensheng shares the verb “Fashion Chaser”. The fashion chaser isn’t the consumer that is looking for super expensive jewelry. She is chasing fashion. Changing outfits every day and wants her jewelry to match it. Therefore this fashion chaser is looking for personalized, unique and not too expensive diamond jewelry pieces to match.
Jily Ji a Chinese millennial got her first (solitaire) diamond ring of 2.5-carat by her parents. And in her 3 years of being an executive assistant in Shanghai, she amassed her collection with 15 items she bought for herself, including a diamond ring, diamond pendant, diamond earrings, and necklaces.
Independence top trait of Chinese millennial women
According to the Female Tribes survey among 4,300 women across nine countries a year ago conducted by J. Walter Thompson, Chinese millennial women identify independence as top trait. More than two in five Chinese respondents said financial independence was more important than marriage. In addition, 32% identified success if they were financially independent.
What if marriage is not forever?
The idea of marriage being eternal like diamonds sounds beautiful, yet what happens when marriage is not eternal anymore… can we then not wear diamonds? Definitely not as diamond jewelry can also be bought as self-celebration of doing well. Besides De Beers researched and found out that Americans spend 20% more on the diamond ring bought for their second marriage than their first. Thus, millennials getting divorced could ultimately be positive for the diamond industry.
What do you associate with diamonds?