Uh Oh! Diamond Sales Are At An All-Time Low

Millennials would rather travel than buy diamonds.
by Ysa Singson
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Rumor has it, millennials aren’t just postponing marriage and parenthood—they’re also rejecting the luxury of diamonds! Jewelers are panicking because for the first time in six years, the sale of diamond jewelry fell by two percent last year. Furthermore, rough (or real, uncut) diamonds “suffered a drop of 30 percent.”

Some have attributed this decline to the culture of today’s millennials: “There is an assumption that millennials value experiences like fitness and travel over materialistic items, and that a mix of social consciousness and savvy has led this generation to question the appeal of diamonds.”

Millennials are also noticeably more aware of branding. What we buy and what we support say a lot about who we are as people. And with the progression of social media, we feel like we’re under a microscope, which makes us more conscious of our associations—especially because we all know about the unethical practices of the diamond industry.

Maybe diamonds aren’t forever. 

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