Ethical assurances, ‘phygital’ retail strategies, branded offerings and Web3 experiences are key trends shaping how diamond consumers – in particular Gen Z – perceive and engage with diamond jewellery, according to new research published by De Beers Group in the 2022 Diamond Insight Report – A new diamond world: bringing trusted brands to new generations in a digital age.
Based on previously unpublished research findings, including a new survey of 18,000 US women conducted earlier this year, the report explores how these megatrends are converging and accelerating – spurred by global events, the power of digital technology and attitudes of younger generations – to create a new future for diamond jewellery acquisition.
The four trends analysed are: Values will underpin industry value; The rise of brands; Phygital retail is here to stay; and Web3 and the metaverse are potential game-changers.
Esther Oberbeck, SVP Strategy Analytics & Insights, De Beers Group, said: “This year’s Diamond Insight Report explores four key trends that are already making their mark on the diamond industry, having been accelerated by the Covid-19 pandemic, new technologies and evolving consumer expectations as Gen Z comes of age. The convergence of these trends means the diamond industry must prepare for a future where new, digital-native and socially-conscious consumers expect to engage with brands and retailers in fundamentally different ways to the generations that have come before them.”
Bruce Cleaver, CEO, De Beers Group, added: “The 2022 Diamond Insight Report demonstrates that the consumer trends we have been observing for some time – such as a desire to purchase more sustainably, to buy from trusted brands, to know where and how a diamond is sourced and to shop digitally – are no longer future predictions for the diamond industry. They are already in evidence today and are set to become even more prominent in the future. We have seen in recent times just how quickly areas of emerging interest, such as e-commerce and diamond provenance, can become overnight priorities for both brands and consumers. This report serves as a timely reminder that we must continue to prepare for tomorrow, today. We are on the cusp of a new diamond world and should embrace the opportunities it presents.”