Millennials are the largest generation since the baby boomers, and are effectively changing the jewelry industry. The most common trend among millennials is that they are simply not buying diamonds — the precious stone that humans have obsessed over for thousands of years. Because of this, it’s a common belief that millennials simply don’t like diamonds.
But is this really true? Unlikely.
There are a number of reasons that millennials aren’t as highly represented at major jewelry store counters.
- First, millennials are getting engaged later in life, if at all. Marriage simply isn’t a huge priority for the millennial generation. Many delay marriage well into adulthood, leading to fewer engagement rings being purchased at this point in time.
- Many young people still have relatively low incomes, too. As many of these young adults are either in college, pursuing post-graduate degrees, or have recently graduated, they haven’t had much time to build up their bank accounts. With the rising costs of living, many people — not just millennials — have limited their jewelry purchases and cut their diamond purchases in lieu of more economical pieces.
- Millennials also prefer responsibly sourced jewelry. Diamond sourcing has been a problem in the past, but millennials have brought attention to the unethical practices of diamond mining in some parts of the world. Some diamonds are sourced from countries struck by war or poverty.Millennials are very aware of where their goods come from and feel much more positively about lab-created diamonds. Among all genders, 80% of millennials feel either happy or neutral toward the concept of lab-grown diamonds. Far lass older people feel that responsibly sourced jewelry is important, which explains the generational divide in consumer behavior.
- However, millennials are finding more unique pieces more to their liking. Many twenty-somethings do want diamond jewelry, especially for bridal jewelry. But rather than going to big-name jewelry stores, millennials are gravitating to local jewelers or custom jewelry services to find one-of-a-kind rings, necklaces, bracelets, and more.When it comes to fine jewelry, diamonds aren’t always a requirement for millennials. Their jewelry purchases tend to be more eclectic.
Looking for the best custom jewelry Indianapolis has ever seen? We can source our jewels based on the wants and needs of the customer to create special, custom jewelry. Whether you’re looking for diamonds or something totally different, McGee & Co. has something in store for you.