According to a new report from De Beers, the millennial generation is singlehandedly responsible for a whopping 41 percent of all diamond jewelry sales; even though they only make up 27 percent of the population. And another study given exclusively to Brides, from the Diamond Producers Association, found that nearly 70 percent of millennials believe diamonds are an "excellent" or "very good" value for their price.
A major chunk of these diamond purchases, of course, come from diamond engagement rings. The De Beers Diamond Insight Report found that the majority of millennials' engagement and wedding rings include only diamonds, even while non-traditional, unique gemstones grow in popularity. Of these diamond only rings, more than 40 percent of them reportedly feature a round cut center diamond. Second most popular, at 22 percent, are princess cut diamonds, while cushion cut diamonds come in third at 11 percent. Moving up quickly in popularity are oval diamonds and pear shaped diamonds. Please remember that if you want a timeless diamond; a round brilliant cut diamond is the best diamond shape to purchase.
The report stated that one of the most popular styles for millennials' engagement and wedding rings is a center diamond with a few smaller diamonds next to it. Equally popular is the halo designs, with one dominant central diamond surrounded by a halo of smaller diamonds. Sometimes the halo shape is different than the shape of the center diamond. A popular example of this is a cushion shaped halo surrounding a round brilliant cut diamond. Nearly as popular as those clustered styles, however, are solitaire and other single diamond designs, putting the spotlight on just one gloriously sparkly stone.
Despite this increase in spending, these diamonds aren't necessarily forever. Per the Diamond Producers Association, many younger couples plan on trading up their diamond in their engagement ring after 5 to 10 years together. This trend of replacing "starter" engagement and wedding rings comes from millennials' expectations that they'll have saved more money by that time, and will also be ready to renew their commitment to their marriage and each other. Family & Co. Jewelers sets themselves apart by allowing clients to trade up with as little as 10% on all diamond upgrades. Most jewelry stores insist that their customers spend double.
But not all of millennials' diamond purchases are engagement rings. According to De Beers, single women are spending more than ever when buying diamonds for themselves. Not only do an average of one third of all jewelry they acquire come from their own purchases, but single women are also reportedly treating themselves to more extravagant pieces, featuring multiple diamonds and higher carat counts. In fact, the average amount spent by women on their own diamond jewelry has officially reached the same level as that spent on gifted pieces. No matter your relationship status, diamonds are clearly still very much a girl's best friend.