The ethical diamond industry grows due to Millennial demand
Trend - Ethically-sourced diamonds are increasingly popular as Millennials begin choosing lab-grown jewels that don't carry the same moral baggage as mined diamonds. This shift comes with companies looking to better align with the values of their consumers--as ethical shopping becomes top-of-mind for many.
Insight - Aside from having lower rates of marriage than preceding generations, a crucial reason for Millennials' impact on the global diamond industry rests in their preference for conscientious purchase habits. Traditionally, the diamond industry has been associated with conflict and exploitation, and ethical alternatives have been few and far between. Thus, Millennials are seeking out brands with production processes that are more aligned with their personal values and ethics--particularly when looking to purchase investment pieces.
Insight - Aside from having lower rates of marriage than preceding generations, a crucial reason for Millennials' impact on the global diamond industry rests in their preference for conscientious purchase habits. Traditionally, the diamond industry has been associated with conflict and exploitation, and ethical alternatives have been few and far between. Thus, Millennials are seeking out brands with production processes that are more aligned with their personal values and ethics--particularly when looking to purchase investment pieces.
Workshop Question - How could your brand better align itself with the values of its customers?
Trend Themes
1. Demand for Ethically-sourced Diamonds - Millennials are increasingly choosing lab-grown diamonds due to their ethical and sustainable production processes.
2. Affordable Synthetic Diamond Jewelry - Lab-grown diamonds are becoming increasingly popular due to their affordability as compared to mined diamonds.
3. Cultured Diamond Collaborations - Jewelry brands are partnering with cultured diamond producers to create innovative and contemporary pieces for ethically-conscious consumers.
Industry Implications
1. Luxury Jewelry - Luxury jewelry brands are exploring lab-grown diamonds as an ethical and sustainable alternative to traditional mined diamonds.
2. E-commerce - E-commerce platforms are offering customizable and affordable lab-grown diamond jewelry, providing consumers with a range of options.
3. Marketing and Advertising - The marketing and advertising industries are adapting to promote the ethical and sustainable values of lab-grown diamond jewelry, attracting socially and ethically aware consumers.
5 Featured, 14 Examples:
44,355 Total Clicks
Date Range:
Jun 19 — Jun 19
Trending:
Warm
Consumer Insight Topics:
