In celebration of their 250th anniversary, leading art business Christie’s netted nearly £78 million during its semi-annual Geneva sale. The top lot, a diamond ring graded fancy vivid pink and weighed 9.14 carats went for £14.44 million. This, according to a report from Reuters, was the second highest price for a pink pear-shaped diamond sold at an auction.

“It made a great price for a really fabulous pair of diamonds,” said Rahul Kadakia, international head of jewellery at Christie’s. Kadakia further noted that such healthy prices can “give a great boost to the white diamond market”. Truly, as Christie’s noted, interest in diamond rings are experiencing a long-overdue revival, especially amongst the millennials.

Millennials acquiring more jewellery

In The Diamond Insight Report 2016 by the De Beers Group of Companies, they found that millennials spent more than £18.8 billion on diamond jewellery in 2015, especially in the four largest consumer markets. This number suggests that millennials acquired more than any other generation, despite facing more financial challenges compared to those faced by their parents’ generation.

The report also noted that self-purchasing of diamond jewellery is a growing acquisition route amongst the millennial generation. In particular, self-purchases made by millennials in the U.S. represented 31 per cent of all non-bridal diamond jewellery pieces acquired in 2015. With this trend in mind, the diamond industry must adopt effective strategies to maintain and grow demand amongst the millennials.

Seizing the opportunity

Bruce Cleaver, CEO of the De Beers Group, noted that millennials, which comprises more than 220 million potential diamond consumers, are 10 years away from their most affluent life stage. Yet, as their report noted, this generation is already expressing a strong demand for diamond jewellery and are already acquiring more than any other generation.

What would this mean for those in the diamond industry? Cleaver further suggested that those in the industry would have the perfect opportunity, which could only be capitalised fully if it would continue to innovate and invest across the value chain.

Diamond rings have long been favoured by people with eclectic taste as the choice for their engagement ring. Today, however, even those who are still far from marriage are now investing in these rings. Don’t be surprised, then, when you see millennials milling about on jewellery shops in Reading offering a diamond engagement ring, like Jacobs.


‘Diamonds are bouncing back’ Christie’s says as pink stone goes for £14.5m, Professional Jeweller

Millennials spend over £19bn on diamond jewellery in 2015, Professional Jeweller