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Diamond Producers Association Surveys US Millennial Women on Luxury and Diamonds

KRC Research conducted an online survey on behalf of the Diamond Producers Association (DPA) regarding US millennial women’s views on luxury goods. The results highlighted three major trends: Long term value both financially and emotionally, Pride in legitimacy of the goods purchased and the expression of self-confidence, wrote The Diamond Loupe in a press release.

The data found that 75% of the nearly 1000 US millennial (aged 18 – 34) women surveyed saw diamond jewellery as an investment in themselves, while 82% was looking for a long-term financial value in their purchase. Among the higher earning millennials, those with an annual income exceeding $150,000, the numbers surged to 94%. According to the DPA, these figures explain why more millennials are buying their own diamonds.

Reportedly millennials are expressing a preference for authenticity in luxury goods, preferring to “buy less, buy better”. For the higher-earning millennials this desire for authenticity was even greater, with 85% saying they “would be embarrassed knowing that they owned a knock-off, especially for luxury items,” the DPA reported. “When evaluating luxury purchases, they seek items that are genuine, unique and not mass-produced, and have inherent meaning and value,” said Deborah Marquardt, the DPA’s Chief Marketing Officer. “This preference speaks directly to the diamond promise – in an increasingly artificial world diamonds remain authentic, rare and precious.”

Source – The Diamond Loupe