Diamond sales are not what they use to be and for good reason: millennials are waking up to the archaic, socially constructed diamond industry marketing schemes and they’re opting out of diamond purchases. Younger generations are preferring to spend their capital cash on other items like houses, travel, education, or their own start up businesses. No wonder their focuses have shifted: soaring house prices require astronomical down payments and we can’t afford to live in our own city if we are dropping $10K on a gemstone…
Another common reason younger generations are opting out of diamonds is the growing realization of the environmentally degrading practices that encompass diamond production and the ethical and moral conflicts that surround diamond mining. I’ll refer you to my other blog post “Moissanite: The Environmentally, Socially, Ethically Friendly Option” for all the scary facts about the diamond industry.
And remember: diamond rings and marriage proposals are so intertwined in our cultural consciousness that it’s easy to forget that the connection was only forged in the early 1900s by the South African diamond firm De Beers. Iconic ad campaigns included the tagline “A diamond is forever” while another read “two months' salary showed the future Mrs. Smith what the future will be like.”
And to top it all off, many millennials have less disposable income compared to their parents, so those who do want to buy jewelry are turning to gemstones that typically cost less than diamonds, such as rubies, sapphire or moissanite.