According to industry insight data published today by De Beers Group, the shifting dynamic of women’s expanding roles in society and changing perceptions of femininity are creating new motivations of diamond jewelry acquisition. Social and economic changes have expanded the symbolism of diamond jewelry, women are now more empowered which has led to record levels of self-purchase, as well as the establishment of a new consumer type.
Diamond jewelry for women is no longer limited to family or relationship milestones, rather ‘moments’ which signify joy and an achievement such as a new job or promotion. Higher economic participation and earnings have encouraged women to buy jewels and other luxuries for themselves. In 2016 more than a quarter of all women’s jewelry purchased in each of the four main consuming countries – The US, China, Japan and India – representing US$18 billion in value, had been self-purchased. “While the giving of diamond jewelry as a token of love and commitment continues to constitute the majority of purchases, it’s encouraging to see these additional sources of demand emerge. It’s also great to see women buying more diamond jewelry for themselves in recognition of their achievements, or simply because they want to and they can”, said Bruce Cleaver, CEO De Beers Group.
Femininity has been redefined and along with the traditional notions of being caring and nurturing, the term is now closely linked to strength, confidence. These combined traits define the new consumer type, the mature single woman, who appreciates experience and values this trait in her purchases. “The diamond industry now needs to focus on what female consumers are telling us about how they feel about diamonds and make sure that products and buying experiences match their expectations,” Cleaver concluded.