The generation that was born in between the 1980 and 2000 is considered to be the millennial generation, and they are somewhat associated with the precious stone industry, and the industry that is associated with it. Since they are the targeted audience for the global diamond industry, every development involves the preference of the buyers and their craze for diamonds. Just like the demand and supply ration of any product in the market, the manufacturing of these shining jewels is also somewhat dependent on the consumption by the millennial.
Going by the studies presented by Rick Casper Diamond, the growth in the entire industry started from the early phase of 2012, and the following years have led to a moderation phase for the diamond production industry. In the past couple of years, it has been sharply noted that the production and sales of these precious stones have increased by almost 3 percent at the constant exchange rate. However, the same when considered regarding dollars, have reduced by 2 percent.
The US like always has been the driving force of the growth of the global diamond industry. What turns out to be good news for the industry is the rise in the sales at the retail stores, which proves that diamonds are now being consumed at a higher rate by the middle class. Apart from the US, even China and Europe have found some regenerated demand for diamonds, which has also allowed currencies like Euro and Yen to play some role. This entire paradigm shift in the trend from the past few decades has had its impact on the macro-demographic picture and hence gives a positive drive for the international market as well.
Apart from this, Rick Casper Diamond doesn’t forget to mention how the rough diamond producers have taken up the challenge of how the customer demands have started changing. People have now prioritized the shining pieces rather than this course material. What they had to do is have a better inventory of exquisite pieces and flexible purchase options. This might have dropped the market for rough diamonds, but that has been sharply counterbalancing by the parallel market to a great extent.
On an average, the entire population of millennial in the US sums up to almost 500 million and the gross income of this group are near about $6 trillion. The demands and culture for having diamonds can be somewhat related to the previous generations as well, but what changed was the shopping behaviour. Apart from just having the inventory filled, the business houses realized that they need to invest a lot in the marketing strategies and build them up as a brand. The retail environment is continually changing, and this must be redefined in the global perspective.
The long-term aspect of the entire global market of the diamond looks to be promising enough. However, a lot more effort needs to be put to ensure the growth can be maximized in the coming decades.