Several years ago, the diamond industry looked as if it was on a decline. The world had apparently moved on from the diamond craze that swept over most of the 20th century, as millennials and gen Z looked at these unique gems with indifference. Clearly, a gap had formed between diamonds and the new generation and the reason behind this couldn’t have been any more evident.
The Gap Explained
At the turn of the last decade, the diamond industry stood obscured in mystery for years and was scrutinized by Hollywood. It couldn’t have been wrapped in a worse combination. When taking into consideration the cares and concerns of the millennials and gen z, this is most certainly the cause of the rift.
When most think about diamonds, their minds usually take them to one of two places, a time steeped in tradition, classic Hollywood, and starlets like Audrey Hepburn and Marilyn Monroe or blood diamonds. The modern generation isn’t about that. Growing up in an age of innovation and environmental and social awareness, the diamond industry seemed out of touch with what the people cared about. When you lose touch with the cares of the people, you lose touch with the people.
The Matters of Millennials & Gen Z
In terms of lifestyle and products, the cares and interests of millennials and gen z differ greatly from the generations that proceeded them. Where baby boomers were more about comfortable, convenient, and grandiose products, the new generations are about items that are sustainable, eco-friendly, and digitalized.
Most of this has to do with them growing up in the age of innovation that sparked iPhones, computers, video games that allow world-building, and now the metaverse. However, that’s just one angle. We are also living amid the rise of "wokism". This plays a major part in what people expect from big brands.
Research shows that above all, the new generations are a lot more willing to pay higher prices and invest themselves in brands that put the people’s interest ahead of their own. That means they expect those brands to be honest, authentic, and transparent. Alternatively, it is also no surprise that they are willing to boycott companies they see as unethical or that falsely advertise products.
Bridging The Gap
The diamond industry has come a long way in the past couple of decades. The Kimberly Process and other administrations like it have been established to assure strict protocols and ethical assurance across the pipeline. While this isn’t news to us in the industry, it isn’t common knowledge to the masses. The gap wasn’t bridged from that alone because the people couldn’t see it. Most people don’t know that conflict diamonds and ecological harm are largely a thing of the past. That’s where our mass of diamond data comes into play.
Knowing how important traceability and sustainability are for the modern generation, we at Sarine have used our mass of verified diamond data in our cloud system to bridge the gap between the diamond industry and millennials and generation z. “How is this possible?” you may ask.
Our Diamond Journey™ report platform uses this data to give consumers an in-depth look at their diamond’s quest from the mine to their finger. Its location of discovery, its planning and polishing, and more are all covered in extreme detail. Naturally, some are bound to question the state of the data and how legit it is. Tampering and sabotage are always on the minds of people in this data age. Thankfully, once a diamond passes through one of our machines, the data it collects is stored in our impenetrable cloud system. It can’t be altered or changed by anyone.
Assuring The Modern Consumer
Sarine’s AI-based technologies and diamond reports aren’t just providing digital effects. Far from it. What we’re doing is boosting consumer confidence and introducing diamonds to the new generation as traceable and sustainable. We’re giving the people exactly what they want in 2022.
That said, our traceability data is presenting a victory for everyone involved. Lots of retailers are providing consumers with a diamond and not much more. Retailers who use Diamond Journey™ are enhancing their brand and differentiating it from other retailers in the area. Word of mouth goes a long way and presenting consumers their diamonds' complete journey can quickly turn a regular jewelry store into a jewelry store for the modern generation.
While diamonds have always had a rich history steeped in a tradition that’s been respected across multiple generations who never minded looking the other way, millennials and gen z are demanding change. Retailers across the industry can choose to embrace the change and take diamonds to the next level, or just continue going down the same path they’ve always gone down. However, doing so will assure a further decline in the industry. We think it’s time for everyone to do their part in bridging the gap with millennials and gen z, embrace transparency and sustainability and ultimately help diamonds shine brighter than ever.