Abstract With the increasing purchasing power of millennials, the diamond industry began to pin their hopes on artificially cultivated diamonds made in the laboratory in order to cater to the consumption habits and product preferences of these consumers. Senior Vice President of the Diamond Company LazareDiamonds Rosario (Cha...
With the increasing purchasing power of millennials, the diamond industry began to pin their hopes on artificially cultivated diamonds made in the laboratory in order to cater to the consumption habits and product preferences of these consumers. Charles Rosario, senior vice president of diamond company Lazare Diamonds, pointed out that the millennial generation born in the 1980s and early 2000s played an extremely important role in the future development of the diamond industry. Rosario pointed out: "The millennial generation is not the mainstay of diamond consumption, but they are the key to the future development of the diamond industry."
In fact, this millennial generation has invested some money to buy diamonds. According to the 2016 report by the diamond industry De Beers, the total amount of diamond jewelry purchased by the United States, China, Japan and India in 2015 reached $26 billion.
But these consumers show unique consumption habits and product preferences, and the industry must create a unique marketing strategy for them. Rosario pointed out that the millennial generation is characterized by "proficient in technology products, good education, and high reliance on social media."
After studying the preferences of the millennial generation, the diamond industry moved their brains to artificially cultivated diamonds made in the laboratory. This type of diamond has recently become more popular because of the lower cost of cutting and polishing, which has caused great interest among mainstream diamond manufacturers.
Jason Payne, co-founder of diamond company Ada Diamonds, points out that artificially bred diamonds have fewer "impurities and defects" than natural diamonds, not only from sources, but also from the natural environment.
Martin Roscheisen, chief executive of startup Foundry, pointed out that the main buyers of artificially cultivated diamonds “are particularly concerned about the moral controversy and ecological costs of diamond production†and “don't care that diamonds must be mined from the landâ€. It coincides with the concept of the millennial generation.
Rosario believes that millennials are environmentally conscious and will do their homework before buying diamonds and will be willing to take social responsibility. With the increasing purchasing power of the millennial generation, the future of artificial cultivation of diamonds can be expected.
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