Throughout the last century, the passing of the torch from one generation to the next has always brought on a coming-of-age youth with a large handful of exterior changes, and a couple of internalized ones. As the torch passes to Gen z, we’re actually seeing the opposite. We’re seeing a new youth rise up with a whole different set of values. People in the diamond industry and really any luxury industry that are steeped in a century’s worth of tradition and admiration, need to take heed while the getting is good, as these changing times can work for you and your retailer or against you.
Traits of Gen Z
Gen z has been called the generation that cares. While past generations may have had their sights on personal gains, comforts, and family, Gen z seems bent on personal development and changing the world. Below is a list of some of this new generation’s core interests and traits.
- Social Justice
- Mental health
- Work-life balance
These traits are in drastic contrast from that of Baby Boomers, Generation X and even Millennials, although to a far less extent. As one can imagine, this mean that their consumer concerns are going to differ greatly from what we’ve known.
Consumerism For The Next Generation
When pitching to Gen z, you must keep in mind that they are the first generation to be always online and thus, they are most comfortable and happy when things are digitalized. If a product can live and exist within their smart phone, it’s a plus for them. While an important factor, this isn’t the exactly the express way to their hearts.
Most importantly for Gen z is that their products align with their values. That said, if a product is more expensive or less quality, but is ethically sourced, they’d likely be swayed to make that purchase. What Gen z truly desires from a product or brand is that they are diverse, sustainable, transparent and overall honest.
For retailers that are blowing this off as a mere fad, sticking to old ways and hoping your product is just essential enough to get by, it’s important to keep in mind that the youth of today are going to be the ones shaping and running society tomorrow. If certain industries across the board want to remain relevant, they have no choice but to adapt.
Make Diamonds Marketable to Gen Z
As stated above, Gen Z is all about personal and global developments. That said, Sarine’s developments in the diamond industry successfully align gems with the modern generation’s vision. Diamonds as they’ve been marketed and presented throughout the past several generations struggled when it came to breaking ground with millennials. We just didn’t speak their language. If drastic changes aren’t applied in the coming years, they’ll further fail to cut the mustard with Gen Z.
At the moment, Gen z’s oldest representatives are 25-years-old, which means they won’t be meeting the average diamond buying age for several years. With that, the industry has ample time to adapt fully to their preferences. How? Well, the world’s known the answer. When it comes to that adaptation process, the wheels have already been turning. Sustainability, traceability and transparency has already been accomplished in the diamond sector via Sarine’s verified data.
More than 100M rough diamonds are passing through Sarine machines and systems when being mined, manufactured, and polished and with every machine it passes through, data on that diamond is being collected and uploaded to the Sainer cloud system. We’ve used that data to give retailers the opportunity to give their customers a one-of-a-kind shopping experience. One that will speak directly to Gen Z. Meet Sarine’s Diamond Journey™ report. It allows socially conscious consumers to trace their diamond all the way from the mine to their finger. Ultimately, revealing to the Gen z shopper a sustainable gem.
It feeds directly into the transparency that next generation shoppers’ treasure so much. However, the real game-changer is that the Diamond Journey report is fully digital and sharable. It’s something that Gen z buyers can post on their Instagram or practically any other social platform. It is the first report that meets next gen shoppers on their level.
Ultimately, a Sarine diamond is a diamond for the 21st century. Our AI-based and Data-based diamond technologies guiding diamonds away from the traditions of the last century and into a new era, as the verified data empowers retailers to reinvent themselves and their brand and give a generation of more shrewd consumers a gem that speaks their unique language. Diamonds haven’t been this relatable in decades.
If you want to delve deeper into the Sarine Diamond Journey™ report, sustainability and diamond traceability click here and begin your journey.