Diamond jewellery leads as the most highly desired, tangible luxury good among consumers between the ages of 18 and 39 years, according to a study commissioned by the Natural Diamond Council (NDC). These Millennial and Gen-Z consumers place diamond jewellery high on their wish lists both to buy for themselves as well as to give to others, the report noted.

The analysis showed that diamond jewellery is appreciated particularly for its lasting value, uniqueness, emotional connection and versatility.

Vacations were the only luxury items ahead of diamond jewellery for both Gen-Z and Millennials, it stated.

The online survey by research agency 360 Market Reach, which polled 5,000 respondents in October 2020, found that 20% had made a luxury jewellery purchase within the last 24 months, where half of those included natural diamonds. Half of these natural diamond jewellery purchases were made for themselves which was largely driven by female consumers (72%).

Almost 80% of purchasers had bought diamond jewellery as a gift in the last 24 months. This was largely led by men, often gifting significant others. Women said they purchased diamond gifts for their mothers, children, and sometimes their significant other.

The leading reason for gifting diamonds across groups was for their lasting value. While the majority of diamond jewellery purchases were mostly centred around a life event or occasion, approximately 25% of purchases were for no specific reason.

NDC said, “Consumer focus on items that carry emotional symbolism and value is heightened during this period as the country continues to endure the effects of the pandemic. The results show Millennials and Gen-Z both have a strong relationship to diamond jewellery where it is an inspirational luxury good, high on their wish lists.”

Courtesy Natural Diamond Council