Brands need to be concerned about over-sentimentalizing peoples’ relationships with diamonds as a representation of love. The American middle class is much weaker today than it was when De Beers came out with their famous ‘Diamonds are forever’ campaign. And with diminished purchasing power, consumers are more willing to look into alternative choices for rings, making lab-grown diamonds and gemstones more attractive. Brands stuck in the mindset that the historic value placed on natural diamonds is enough to keep them afloat need to question if they fully understand what motivates their consumers’ purchase decisions and be willing to adapt to this changing market or risk losing business.
- Scott Galloway, professor of marketing at NYU Stern School of Business & founder of Gartner L2, speaking at 2018 GIA Symposium, from "3 Predictions for the Jewelry Business in 2019 and Beyond", Victoria Gomelsky