WFDB Welcomes De Beers Report on Record
Diamond
Jewelry Sales record $82 billion in 2017
The
World Federation of Diamond Bourses (WFDB) has welcomed the De Beers Group's
Diamond Insight Report which shows diamond jewelry sales in 2017 at a record
$82 billion. In addition, the report finds that the Millennial and Gen Z
generations combined accounted for two-thirds of global diamond jewelry sales
last year.
"There
is no doubt that this is a very positive and upbeat report," said WFDB
President Ernie Blom.
"The
diamond industry can take great heart from this report which I would highly
recommend that people take the time to read. We can all learn a great deal
about how to approach and market to the younger generations because the report
contains very detailed information about the buying patterns of the 21 to 39
Millennials age group, and Gen Z of those currently 18-20-years-old.
"They
are incredibly important demographics with huge spending power, but they want
to buy on their terms. They are generations for which online and social media
are central to their lives, and they know more about diamond jewelry design,
quality, pricing and brands than any previous generations.
They
also demand transparency, authenticity, uniqueness and a positive social impact
from the goods they buy. These elements are at the heart of the marketing that
the Diamond Producers Association is conducting and it is vital that the
diamond jewelry industry globally understands how to market and sell to these
buyers," Blom added.
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