De Beers Group CEO Bruce Cleaver says in an interview that millennials, the under-35 age group, are still purchasing diamond jewelry, albeit smaller pieces since they are typically less affluent than their parents were at the same age.
Cleaver told The Associated Press that millennial diamond buyers are not as traditional as their parents. “We find that they self-purchase more than their parents did and that’s quite an interesting opportunity because there was a time when pretty much all diamond purchases were men buying for women. We also find that purchase decisions are much more joint decisions when they’re a couple.”
Asked if the company was changing its advertising strategy to reach them, Cleaver replied that while in the past diamond advertising showed a man buying for a woman, some of its adverts are being tailored to show a more modern couple where the purchasing decision is a joint decision. “It’s actually a two-stone ring and the two stones are exactly the same size. That is very important because it symbolizes equality in the relationship.”
