The Diamond Producers Association (DPA) will unveil its diamond promotional campaign at the JCK Show in Las Vegas in June. It will be the first such campaign not sponsored by De Beers. It stemmed from research on millennials, including extensive surveys and focus groups conducted by its marketing firm Mother New York, writes Rob Bates for JCK.
Among the main points of the DPA research were that millennials graduated into tough economic times with more debt and fewer job prospects and are less likely than previous generations to own a home. However, they are still optimistic and upbeat. Diamond jewelry can seem “too formal” for the millennial generation and conventional diamonds can seem a little blingy. They also value experiences rather than material possessions and when they do buy something, they want it to have personal meaning.
The research also found that relationships are more equal and there is less codependence. In addition, it’s now more socially acceptable to be single. Despite appearances to the contrary, it seems that millennials are as burned out with the digital world as everyone else is and long for something “real,” Bates writes.
Thomas Henry, a senior strategist with Mother New York, the DPA's marketing firm, told Bates: “If you think about the fact that they are living in an oversaturated world, they are desperately seeking these moments of meaning, which are few and far between, what they love about diamonds, and what we heard over and over again, is the authenticity. [Diamonds are] a product that they still believe carries authenticity, they are from the earth, they are very rare. That is an exciting opportunity. The way that millennials live their life now opens up a lot of space for diamonds,” he concluded. “It is just a very different space than diamonds used to occupy through most of the 20th century.”