With marriage rates falling and divorce rates climbing, the diamond industry is facing a challenge to win over Chinese millennial consumers, Ruonan Zheng writes for Jing Daily.
“Chinese millennials are said to account for 68 percent of all diamond sales in China, a number that’s significantly higher than other markets. The Diamond Producers Association, which represents the world’s seven biggest diamond mining companies is looking to expand the reach of their “Real is Rare” campaign to China in April this year, is hoping its message of expressing one’s identity through diamonds will resonate with Chinese millennials.” Rapaport writes in a press release.
“A diamond is an investment for me. I bought it for the inherent value, but more importantly, it feels good to treat myself,” says Sheryl Li, 28, who works at a hedge fund in New York City. Zheng writes that Li saved a small amount each month from her annual salary to purchase the diamond. For Li, diamonds don’t symbolize marriage, but the commitment to something else — her financial independence. And according to Zheng, Li is not the only Chinese women who thinks this way. According to research from advertising agency J. Walter Thompson, over 40 percent of Chinese women regard financial independence as more important than marriage, and over 30 percent of them think financial independence equals success.