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While keeping track of the new trends in the diamond industry can be hard, it is still an essential task of any savvy consumer or industry observer. Whether you are looking to catch a deal on your next diamond purchase or researching the pros and cons of an investment within the diamond industry, keeping up with the trends is imperative.
Like any industry, the diamond industry is always evolving. This year, manufacturers and consumers alike should be prepared for the changes that the industry will undergo, largely because millennials will be taking over the customer base. Not sure what’s to come? Here’s everything you need to know about diamond industry trends in 2020.
New Trends in the Diamond Industry
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2020 will be a big year for the diamond industry and we’ve got you covered. Here are the top trends in the diamond industry that you need to know about.
Millennials Are Shaping the Industry
Love it or hate it,
millennials are changing the diamond industry. However, while millennials have a reputation for “killing” industries, it would be a mistake to believe that the diamond industry is dying simply because the customer base is changing.
Millennials are making more financially conscious decisions regarding diamond purchases. Many Millennials regard diamond purchases as an investment into the future just as equally as they look at it as an investment into the relationship.
That said, millennials are looking for the most cost effective options that fit within their budget and lab-grown diamonds fulfill all of their needs. So, while the industry is changing, it’s not dead. In fact, it might experience its highest growth ever in the coming years, so long as manufacturers consider new trends and act accordingly.
Non-Traditional Options
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Lab-Grown Diamonds
It’s already been said, but it’s worth repeating — millennials are the future of the diamond industry. As with every demographic before them, in order to survive, the industry must make some changes according to the issues of the day.
Many millennials regard climate change and eco-friendly practices as a top deciding factor in their purchases. If your company or brand has environmentally unfriendly practices or is simply towards the end of its mining life, it’s imperative to consider making some eco-friendly changes.
Lab diamonds have a significantly lower impact on the environment than mined diamonds. Not to mention, lab-grown diamonds don’t differ from mined diamonds in the eyes of a consumer. In fact, mined diamonds and lab-grown diamonds differ only in the eyes of an experienced jeweler who is able to read the microscopic inscription on the bottom of the lab diamond.
Overall, lab-grown diamonds have not only increased in popularity, but they are also on the verge of changing the industry. As a less-expensive option that is on par with even the most expensive diamonds, lab-grown diamonds offer the eco-friendliness and affordability that most consumers are looking for.
Other Diamond Alternatives
Outside of lab-created diamonds, other alternatives have popped up as options for couples who’d like to opt out of going with a traditional mined diamond. Although man-made stones are leading the charge in terms of popularity, salt & pepper diamonds, moonstones, and moissanite have also gained traction for being “outside the box” and “non-traditional.”
Key Takeaways
Whether you’re an industry observer or a savvy consumer, it’s important to pay attention to the trends in the diamond industry. Following these trends can help you to prepare for anything from stock drops and saving big on your next jewelry purchase. As the purchasing demographic changes, so will the industry. Millennials are coming out in a big way and shaking up the industry. The need for new mines, lab-grown diamonds, and other diamond alternatives are all big things to look out for in the diamond industry in 2020.