Diamonds are a girl’s best friend, right? That may not be the case for Millennials.
According to industry analysts, the diamond business is going through a slow period , and they’re placing the blame on Millennials, says CNBC. The younger generation tends to get married later, which means they’re making more practical and economical choices that often don’t include a diamond engagement ring. They also don’t want pieces that are mass-produced and instead look for unique pieces that also won’t break the bank.
With more awareness about the ethics and human rights issues behind the diamond industry, many young people are opting for different types of gems such as sapphire or even lab-grown diamonds, which cost less than their traditional counterparts.
In response to declining diamond sales, the Diamond Producers Association is launching an advertising campaign to try and renew people’s interest in diamonds. They of course will use social media to try to lure in their young buyers. Some companies are even offering “conflict-free” stones , but it seems that Gen Yers may prefer to avoid the gem altogether.