Millennials and Jewelry

[Diamond_Hawk]

I was reading an article the other day in the JCK magazine that got me curious about anecdotes any of you have about millennials and diamond purchases.

There is a fairly common belief in the industry that millennials don't buy jewelry. JCK contends that they DO buy jewelry just more casual and accessibly priced than we've seen previously. They point to some expanded lines (Tacori, Yael Designs, Stuller and Charles and Colvard specifically) introducing price-point jewelry collections aimed at that age group. The belief is, as they mature, their tastes will inevitably evolve to more expensive, more traditional purchases.

Being a purely internet-based business, B2C has found more emphasis on pictures and quick-summary-type information is consumed by millennials and when they contact us they are almost exclusively interested in getting a diamond ring for engagements - but diamonds for pendants, earrings, and other jewelry is consistently from the older crowd.

Isn't that how it has always been though? Are industry experts seeing a major down-turn in diamond purchases and this is a legitimate concern? Or is it perhaps the B&M stores fighting the internet phenomenon rather than a change in status of diamond jewelry so they simply see less faces and bodies than previously?

I am curious what stories you have or first-had experience about millennials and their attitudes towards diamond jewelry.

 

[bludiva]

Anecdotally I think younger folks still view a colorless diamond in white metal as the standard for an engagement ring but seems like more are open to alternatives. I don't know a lot of people older or younger who care about jewelry beyond their wedding sets tbh...seems the younger ones wear upscale fashion jewelry more than real jewelry pieces which is interesting because prices for a branded synthetic/plated fashion piece are often pretty comparable to an unbranded one with silver/gold and semiprecious stones.

 

[lyra]

My research, which is very casual, suggests that they are NOT stuck on the idea of a diamond for an engagement ring. They want alternatives. Lab stones, morganite, sapphires and so on. The thing I notice most is that size is a factor. They want big bling, and they can't get a 2ct diamond within smaller budgets, obviously, so they turn to whatever might give the same look, like moissanite. It is not the same look to us, but to them it's the only way to get that look. They have student loans, are saving for houses, and might already have kids with their SO's, as some are waiting into their 30's.

 

[JPie]

Depending on who you ask, Millennials are 18-38 years old. That's a pretty wide spread. At the lower end of the spectrum, you've got college kids. They're not exactly flush in cash for diamonds. At the higher end, you've got adults, likely married with young kids. They're probably more concerned about house & car payments, expenses for the kids, etc.

My observation is that Millennials seem to be getting married later in life (after 30), and that's when they buy diamonds. Beyond that, I don't see any of them buying fine jewelry because they're spending money on travel, wine tastings, and other experiences. Of the ones who aren't married, they're financially stable but more worried about saving money for a house than they are about buying jewelry.

The exception is that on Instagram there seems to be a growing number of Millennials who love antique & vintage jewels, but I don't think that's a representative sample. Fashion jewelry on Etsy seems pretty popular, and I also see more inexpensive fine jewelry companies like Vrai & Oro or Bony Levy increasing in popularity.

Maybe things will change as they get older and have more expendable income, but I don't really see the interest there.

This is a fun read: https://www.huffingtonpost.ca/2016/07/06/millennials-diamonds-the-economist_n_10838174.html

 

[LJsapphire]

I'm 39 (not for long), so I just miss being a Millenial. I don't own much jewellery other than fashion stuff (so far!)

 

[lambskin]

Different times indeed. Expensive FitBits and cell phones replace middle to high end watches. Halo engagement rings make a smaller diamond look bigger. School loans, high rents and sketchy job market with high health insurance costs stunt the luxury jewelry goods market. Entertainment costs have skyrocketed. A night out with dinner, a movie (or live concert/ show) and post show drink can be pricey and could equal or exceed a nice pearl and diamond pendant, ($200-$250+), a nice pair of gold hoop earrings ($300+) or other bauble. But the price of gold and plat have really made jewelry expensive as settings and chains are really costly...some times more expensive than the gem being set. I have noticed that for the last 10 years, expensive handbags and shoes and personal trainers trump jewelry purchases. Botox and peels and other plastic surgery coupled with cosmetic dental work not covered by insurance are favored by the older mills. I think it is different in booming middle class economies worldwide.
Price and affordability aside, I do think tastes and styles have changed drastically. Charm bracelets, (not Pandora) a strand of cultured pearls, diamond cocktail rings, diamond and gold watches and tennis bracelets all were pieces adorned by the masses which I do not see the Mills wear or purchase. I do not know if they are purchasing CZ pieces to replace the real stuff to achieve the same look. Vintage/antique pieces may be less expensive and pose less risk for fake or treated gems and diamonds.

 

[Diamond_Hawk]

My research, which is very casual, suggests that they are NOT stuck on the idea of a diamond for an engagement ring. They want alternatives. Lab stones, morganite, sapphires and so on. The thing I notice most is that size is a factor. They want big bling, and they can't get a 2ct diamond within smaller budgets, obviously, so they turn to whatever might give the same look, like moissanite. It is not the same look to us, but to them it's the only way to get that look. They have student loans, are saving for houses, and might already have kids with their SO's, as some are waiting into their 30's.

I hadn't considered the larger number of partners who already have children (but aren't married) or bring a child into the relationship. That certainly could change financial priorities away from the idea of an expensive engagement ring.

 

[Diamond_Hawk]

The exception is that on Instagram there seems to be a growing number of Millennials who love antique & vintage jewels, but I don't think that's a representative sample. Fashion jewelry on Etsy seems pretty popular, and I also see more inexpensive fine jewelry companies like Vrai & Oro or Bony Levy increasing in popularity.

The aspect of larger social media reach being important is interesting. Needing to keep up with the Jones' has changed, perhaps. Maybe it is far less about the nice ring or the house or the car, and now more about the pictures, the experiences, the locations and the 'who you are with.' ?

 

[Diamond_Hawk]

Different times indeed. Expensive FitBits and cell phones replace middle to high end watches. Halo engagement rings make a smaller diamond look bigger. School loans, high rents and sketchy job market with high health insurance costs stunt the luxury jewelry goods market. Entertainment costs have skyrocketed. A night out with dinner, a movie (or live concert/ show) and post show drink can be pricey and could equal or exceed a nice pearl and diamond pendant, ($200-$250+), a nice pair of gold hoop earrings ($300+) or other bauble. But the price of gold and plat have really made jewelry expensive as settings and chains are really costly...some times more expensive than the gem being set. I have noticed that for the last 10 years, expensive handbags and shoes and personal trainers trump jewelry purchases. Botox and peels and other plastic surgery coupled with cosmetic dental work not covered by insurance are favored by the older mills. I think it is different in booming middle class economies worldwide.
Price and affordability aside, I do think tastes and styles have changed drastically. Charm bracelets, (not Pandora) a strand of cultured pearls, diamond cocktail rings, diamond and gold watches and tennis bracelets all were pieces adorned by the masses which I do not see the Mills wear or purchase. I do not know if they are purchasing CZ pieces to replace the real stuff to achieve the same look. Vintage/antique pieces may be less expensive and pose less risk for fake or treated gems and diamonds.

Really tremendous insights here!

As the need for the smart watch has come into play, I have notice far fewer people wearing a watch at all (or being able to read a traditional clock for that matter). The idea of the social media picture culture becoming the new "keeping up with the Jones' " mentioned in my post above adds validity to your points re: trainer, dentistry, botox. Trying to achieve top-tier social media presence (including personal looks) is a high priority, and that may have a huge influence on purchasing decisions. Great points!

 

[canuk-gal]

HI:

Perhaps they've inherited jewellery. Posts about inherited/diamonds/gem stones/+/resets are very common here.

cheers--Sharon

 

[LLJsmom]

There are people who don’t get into jewelry until they are older. I think that is just an age based trend, not a generational one.

 

[lyra]

I have 2 millenial daughters. One is definitely into jewelry, and the other is not. My older daughter has bought herself an OEC diamond ring, and will be getting another OEC when she gets engaged. My other daughter rarely wears any jewelry and if she does it's ultra modern and minimal. They have always been night and day!

 

[Calliecake]

It just depends on the person. I have 3 nieces who have gotten married the past two years, all in their mid 20’s

One wanted a 3 1/2 carat diamond. She received a beautiful 3 carat.

One wanted a 2 carat diamond. She received a beautiful 2 carat.

One could really careless about jewelry and received a 1/2 carat diamond, which she rarely wore.

All three said they doubt they will ever upgrade. I give the first two 10 years and they will be wanting an upgrade LOL. They love diamonds.

 

[Bron357]

Humans, have and always will (I’m guessing) wish to to display their status and/ or wealth. That’s why even millennials want “label” or “designer” clothes, bags, shoes and cars.
It’s just human nature.
So while young and balancing their financial responsibilities expensive gems are not high on their list of priorities. However, whilever rich people, famous people, movie stars etc drip in glamorous gems and jewellery the desire to emulate or own a piece of such finery, will always be there.

 

[GliderPoss]

This is an interesting thread, I *think* I might just be on the edge of millennial (although I struggle to relate!). Within my social circle I agree people are marrying later (+30's), purchasing less real gold/diamond jewellery - wearing more costume jewellery daily. I've literally never met anyone who "upgrades" their engagement ring, it's considered a sentimental ring for life.

Most of my friends DO want big bling they see on Instagram/movies but cannot afford it so will seek alternatives including coloured gems, halos etc. I agree, it's about financial priorities and travel or mortgage, education etc IS more important. Also the increase of availability of nice jewellery online such as Etsy/Ebay/Vintage sites has helped expand styles and affordability. Many choose delicate 9K gold pieces from Etsy at a fraction of the price of traditional mall stores.

 

[Diamond_Hawk]

HI:

Perhaps they've inherited jewellery. Posts about inherited/diamonds/gem stones/+/resets are very common here.

cheers--Sharon

Interesting take, Sharon. as the middle class has become larger over the past century, and we have millions more purchasing valuable gemstones and jewelry each generation, it does make it more likely that those are passed down to the young-adult children. Hadn't considered that and the effect it MIGHT have on the industry as a whole.

 

[babs23r]

So funny, I never thought I'd be posting on this thread, but today I went into my millennial psychologists office, and she showed me her new dainty rose gold butterfly ring, and thread earrings!
I told her that she is so millennial in her jewelry!!!!!
Very pretty, but dainty!!!!!!!!

 

[LJsapphire]

I was STUPID with money when I was younger. My ex and I got into silly amounts of debt (it was higher than my salary at one point). I paid a big chunk off on a debt management plan in the few years after getting married and having my son (my ex didn't help, wouldn't even cut back on his sports channels on the tv to save money). We didn't have enough money to get to the end of the month sometimes.
I paid off the rest since being with my new man, not in debt any more. It's a good feeling

 

[Tekate]

My millenial son was always aware that I would give him a diamond(s) for an engagement ring. He called me and asked me for the stone(s).. so I sent him pix of rings or stones he could choose, so I flew to Austin and went to Benold's jewelry store and he looked at the different stones and small diamond chips a sapphire ring with a small diamond halo and lo and behold he chose the August Vintage Cushion hmm.. 1.33 VS2 K color, he then spent 3K on a setting that you can see in my avatar.. so he didnt have 10K to spend on a ring as my AVC was in the 7.3k range but 3K seemed doable to him and he splurged on he setting.. then he splurged on getting engraving.. (then I threw in 500.00$ for the setting) they talked him into this master card with NO interst for a year! he loved that and racked up more debt on that card.. I tried to sway him.. but he was 30.. my point is 3K was really what he wanted to spend, not much for a diamond in my opinion or rather a larger diamond. My daughter in law said she would be happy with morganite and rose gold from ETSY..

 

[diamondringlover]

my son is 32 his wife is 30, they got married last year...he wears a sterling silver and cooper band, she wears a sterling silver eternity band with raw diamonds, she nor he cares about diamond's or jewelry, they both tend to migrate to sterling silver...if this any indication of their attitude toward jewelry he proposed to her with a sterling silver heart shaped mood ring from Etsy...she was ecstatic....yeah it made me crazy lol

 

[Gussie]

My daughter who is only 11 and hopefully still has 20 or so years before marriage told me that she's just not into all that traditional stuff, lol. She wants a bezel set diamond bracelet for her engagement and maybe an eternity band for a wedding band. She did point out that she wants the eternity band to cover about half the width of the ring portion of her finger and to be a lot bigger than my bands. Kinda made me proud!

 

[Calliecake]

My daughter who is only 11 and hopefully still has 20 or so years before marriage told me that she's just not into all that traditional stuff, lol. She wants a bezel set diamond bracelet for her engagement and maybe an eternity band for a wedding band. She did point out that she wants the eternity band to cover about half the width of the ring portion of her finger and to be a lot bigger than my bands. Kinda made me proud!

LOL!!! We have another future Pricescoper

 

[Arkteia]

Many millennials are into minimalistic style. I assume that if my son were to buy a ring, he’d choose something matching his industrial design. Probably a geometric cut diamond in a modern setting. Maybe an Octavia.

 

[chemgirl]

I’m a millennial, but on the older end. Just the other day a friend commented that I wear a lot of jewelry. Um...I wear my Cartier Trinity ring as a wedding band and a pair of Brian Gavin huggies (the smallest ones). Apparently that’s lots. Most of my friends wear their wedding sets and that’s it. Nothing like what I see here on PS.

Maybe it has to do with expenses for millenials? Everyone I know is paying off student loans and hoping the housing market finally crashes (major city in Canada) so they can buy a 3 bed 2 bath fixer upper for under 1.2 million and maybe have one child (seriously I almost vomited in my mouth last weekend when a friend told me about the deal they scored ...1.1 million for a tiny house in a terrible area...now they can finally move out of their one bedroom condo and start a family). My sister spent more than $30,000 on her youngest’s first year of daycare. That and everyone does at least one major vacation per year and we’re not talking all inclusive resorts, more like weeks in Japan or somewhere in Europe. In the end a diamond is just a thing. A very pretty thing, but low on the list compared to anything else.

Editing to add that there is a general shift in focus towards health, clean eating, and sustainable living. All of which is expensive and time consuming. I’m heading out to the gym now after making a quinoa salad and ethically fished halibut from the fancy “locally farmed” grocery store. After working a full time job and managing everything else it’s the norm for late 20 - early 30 somethings around here to have a cleaner...

At the end of the day it’s a shift in priorities vs my parent’s generation. They think it’s insane that I pay someone to clean my house and I must be trying to look like a muscly he-man if I go to the gym. I know they’re a bit out there, but their lifestyle and priority set seems in line with their friends and what I see at work.

But we’re entitled of course. We expect everything handed to us...nevermind that the economy sucks and it’s impossible to afford rent or ever own a home without a professional career, which you can’t get without a degree.

End rant finally. Sorry guys.

 

[Slickk]

My son is 25. He just completed a licensing test for a prestigious job. He works for a well-known company and just bought his FF a ~1.42 I colored ACA, of course with my help. He feels the ring reflects on him and all of his friends and her family will be watching closely. Praying it's as beautiful as I told him it would be.
My DD is two years older, not engaged yet but I picture her accepting an heirloom diamond my mom left me. She is more practical and would rather invest differently. Different kids as usual

 

[Diamond_Hawk]

I have 2 millenial daughters. One is definitely into jewelry, and the other is not. My older daughter has bought herself an OEC diamond ring, and will be getting another OEC when she gets engaged. My other daughter rarely wears any jewelry and if she does it's ultra modern and minimal. They have always been night and day!

My daughters are the same way. One artistic and kind of a loner, the other a jock and social butterfly. They're best friends and seem to love being with each other, but when social decisions are in the balance, they just choose significantly differently. It's amazing to see that from the same DNA and same upbringing, isn't it?

 

[Diamond_Hawk]

Humans, have and always will (I’m guessing) wish to to display their status and/ or wealth....However, whilever rich people, famous people, movie stars etc drip in glamorous gems and jewellery the desire to emulate or own a piece of such finery, will always be there.

Great point!

 

[Laila619]

Many millennials I know are not into mined diamonds and seek out alternative stones: moissanite, morganite, sapphire, spinel, cz, etc.

 

[doberman]

Both my kids, Male and female are millenials. My daughter loves jewelry and knows a thing or two, but she's much more fixated on cooking and the whole health/organic lifestyle. My son is pretty meh about jewelry but knows he's expected to come up with a nice ring, but finances are definitely a factor He's still in med school so he doesn't have a lot of $, but has a girlfriend of 5 years that we absolutely adore. I talked to them about using one of my diamonds and they were both very agreeable. I let her choose one and said they could put it in a setting of their own choice at engagement time, but she likes the setting it's in. It will have to be sized down for her tiny fingers but it looks outstanding on her skin, much better than it did on my pale hide. She's Indian and it's a 3.2ct N VS2 antique cushion set in 18kt yellow gold. The combination is perfect. What was funny was what my son told me after we spoke that she expressed some fear that I would miss the ring and regret my choice. My son's response: "don't be ridiculous, she's not Gollum."

 

[Gussie]

@doberman wow! 3.2 N vs2! !! If I didn't have the perfect husband, I would ask to marry your son, lol!