Millennials Responsible for 41% Diamond Jewellery Sales: De Beers Report

Apparently, it’s not only pricey avocado toast that’s preventing millennials from saving enough money to buy homes. According to a new report from De Beers, that cash-strapped generation is singlehandedly responsible for a whopping 41 percent of all diamond jewellery sales—even though they only make up 27 percent of the population. And another study given exclusively to Brides, from the Diamond Producers Association, found that nearly 70 percent of millennials believe diamonds are an “excellent” or “very good” value for their price.

A major chunk of these diamond purchases, of course, come from engagement rings. The De Beers Diamond Insight Report found that the majority of millennials’ engagement and wedding rings include only diamonds, even while non-traditional, unique coloured stones grow in popularity. Of these diamond-only rings, more than 40 percent of them reportedly feature a round-cut center stone. Second most popular, at 22 percent, are princess-cut diamonds, while cushion-cut rings come in third at 11 percent.

The report stated that one of the most popular styles for millennials’ engagement and wedding rings is a center diamond with a few smaller diamonds next to it. Equally popular is the halo style, with one dominant central diamond surrounded by a round halo of smaller stones. Nearly as popular as those clustered styles, however, are solitaire and other single-diamond styles, putting the spotlight on just one gloriously sparkly stone.

Courtesy: Brides.com