“My Jewellery is on fleek!”, said one Millennial to another; and the other responded, “Your Earrings are Lit!”. The two are simply discussing how gorgeous and awesome the jewellery is but speaking Millennial language. It’s their language…they created it, they command it! The traditional Oxford dictionary doesn’t come to rescue.
We’ve all experienced being amidst this ‘different generation’ which has an attitude of its own and lives by it without compromise. Yes. they love jewellery, believe diamonds to be a symbol of love, jewellery as an investment, much like their earlier generations, but in their own way. They see jewellery beyond Cut, Color, Clarity, or Carat or even Grading. Design is not only about form to them.
When they walk into a jewellery store, a solitaire will catch their eye, but they see beauty in the diamond being sustainable, sourced ethically without hurting the artisanal miners or nature. The flamboyant solitaire held the power to command attention for decades and still does, but with its value of ethics.
This generation understands universal love involving marriage, family, friends and elf. For them, diamonds are a symbol of this bigger love. Pampering their individuality is important to them. Design becomes a self-statement and must be unique. Connectedness is the cornerstone for communication with them. Like-minded groups on social media, online access to information on practically anything makes this generation more aware, more confident and well-informed, in a click. Authentic, real products pull their interest instantly.
In its Diamond Insight Report 2018, De Beers noted ‘growth in the future will depend upon being in sync with the Millennials and Gen Z’. Millennials are to be the highest-spending generation by 2020. Also, in 2017, Millennials accounted for about 60 percent of the country’s diamond jewellery demand and in China, this segment made for about 80 percent of the country’s demand, as per De Beers’ report. The sheer size of this generation, the decision and spending power being with them, makes them the biggest wave of consumers for the gem and jewellery industry, now and for the future.
The new perspective of Millennials is important for all in the diamond supply chain- from the miner, manufacturer, retailer and designer to consider. The industry is already transforming with promotion of natural ethical diamonds, customized jewellery designs, transparency in sales etc. It is an ongoing process and calls for a continued way to re-think, innovate ideate and change, as rapidly as this generation is!