A diamond ring used to be one of the defining moments of a young woman’s life. Her lover getting down on one knee and asking her to marry her with a beautiful big ring was what she had dreamed of since she was a little girl. However, Millennials are not buying into this storybook romance as much as past generations. While the diamond industry continues to thrive, it is surely feeling the crunch from the disinterest that millennials have towards diamond rings.
Millennials understand that synthetic diamonds are virtually the same
One thing that Millennials are understanding now is that lab created diamonds are virtually identical to “real” diamonds. It just isn’t making as much sense for Millennials to spend a large portion of their on a diamond that doesn’t have much utility value. With the amazing way that diamonds are being created in a lab today, it doesn’t make much sense to buy a diamond that may have been mined unethically.
More Millennials aren’t getting married
In the past, there were very few individuals that would not be married by the time they were in their 30s. However, it is not the same in our modern day. There are plenty of Millennials that are happy to not be married at all. Living the single life is getting easier every year with the culture of dating changing. Long relationships are also an alternative to actually getting married. A lot of millennials are now feeling just how easy it is to have virtually unlimited options when it comes to dating. This makes individuals feel like they never really have to settle down because of their endless stream of potential partners.
There is less of an emphasis on standard traditions with Millennials
Even when Millennials do decide to get married, there is less of an emphasis on standard traditions. Millennials are now understanding that spending a great deal of their net worth on a ring isn’t really going to make them happy. These young couples are more interested in creating their own traditions within their new family that doesn’t necessarily have ties to any other type of societal standard. While buying a ring for your sweetheart may have been a time-honored tradition that people in the past had to adhere to, it is not something that Millennials feel they need to be a part of.
Millennials are feeling the overwhelming weight of student loan debt
Even if Millennials wanted to buy traditional wedding rings, there is a great deal of student debt that is keeping them from buying things like this. University education is now becoming much more expensive than ever before. While buying a ring may be something that a young couple wants to do, buying a synthetic ring is something that will just be much more practical to do. While there is so much student debt that has to be paid back, it doesn’t seem very practical for Millennials to be spending a great deal of their net worth on diamond rings when their lives are already so expensive.
Millennials have different priorities other than diamond rings
In the Millennial generation, there are other priorities that are going to come before buying a diamond ring. Purchasing a house is more difficult than it was in the past. Using the money that you would normally spend on a diamond ring on downpayment is a much more practical use of their money. Millennials are also much more interested in traveling, going to festivals, and creating experiences rather than purchasing items.
The diamond industry is going to have to make some changes if they are expected to appeal to Millennials. There are very few ways that the diamond industry is going to survive if they don’t start focusing on synthetic diamonds and change their business model. It is the future and the diamond industry needs to take advantage of the new technologies available to them.