The troubled diamond industry: millennia are not interested in precious stones

Diamond producers must reinvent their market strategies to continue to sell gems, Generation Y and Generation Z do not seem to be interested in brightness.

Technology is with whom they compete, since these two generations are gadgets that catch your attentionand are willing to spend considerable sums to acquire them.

The challenge facing the diamond industry is enormous, as is the future customers are digital natives, they have a collaborative and global thinking, They work to get what they consider to be a success, but mostly take into account the opinions of others in social networks.

Another factor facing the industry is Generation Y They are not interested in buying diamonds because of the conflict and exploitation that has always resulted in brilliant silver barter.

According to the Bain & Comapan and Antwerp study, The global diamond industry in 2018: a resilient industry, Details that even though "Special attention has been given to the millennial generation, to its successors, the Generation Z, who gains in purchasing power and forces us to rethink the marketing and sales strategy."

The new generations are now buying online, which should be understood by the new preferences of the two generations.

In addition to millennia prefer "experiential" luxury like trips on tangible property, such as accessories and jewelry.

For De Beers, Generation Z represents a challenge, because at present they are a small group of consumers and need to understand their social values, tastes, personal preferences and way of life.

The liberal position on relationships, baduality and gender identity is one example.This means that the diamond industry should take an approach to these preferences without gender stereotypes creating products different from traditional ones.

They consider that it is necessary to offer jewelry related to the lifestyle of the new generations, their personality, their creativity and their taste for communication.as well as promoting the preference for gems as a gift for important events.