JOHANNESBURG (miningweekly.com) – More women are buying diamond jewellery for themselves, resulting in new growth opportunities for the diamond industry.
De Beers' latest ‘Diamond Insight Report’, published on Thursday shows that more than a quarter of women’s diamond jewellery bought in 2016 in each of the four main consumer nations – the US, China, Japan and India – was acquired through self-purchase.
This comes as women’s economic participation increases and their earnings rise.
De Beers notes that changes to family and personal relationships are also leading to diamond jewellery being bought and given as gifts to symbolise a wider range of “moments” in life beyond those directly connect to relationship milestones.
The report outlines that diamond jewellery is increasingly being bought to celebrate occasions such as a new job, a promotion or other personal achievements.
“These societal and economic changes will have direct consequences for a range of industries, but they are especially exciting for the diamond sector. As diamonds are among the most powerfully symbolic purchases, as they lend themselves to individual design, and as they are effectively a hybrid of product and experience, the new trends present a major opportunity to build on the existing base of demand.
“While the giving of diamond jewellery as a token of love and commitment continues to constitute the majority of purchases, it’s encouraging to see these additional sources of demand emerge,” commented De Beers CEO Bruce Cleaver.