“Millennials aren’t buying diamonds anymore.”
May I just add my two cents to this statement here? Shall the audience permit me to throw in my statement for the record on this topic? Such nonsense the Economist spouts, there is a reason why younger people buy less and less diamonds. Imagine, a grocery store clerk able to afford diamonds in the first place; imagine a college graduate saddled with mountains of debt able to afford diamonds en mass – such fantasies are only just that, fantasies.
People live in a world that is presently suffering from a lack of employment opportunities; where jobs are outsourced or simply eliminated altogether with no viable replacement (minimum wage is not a viable replacement for something that can pay the bills and afford a down payment for a home per se). Nevermind how corrupt and utterly broken the diamond market is, for that is an entirely different can of worms. No Millennials dislike diamonds because they either cannot afford it, or are against the practices to which are utilized to acquire this rock, of which is only useful in certain circumstances ie: engagement rings. Everything else is just luxury goods; useless at its core, and lacks fulfillment other than the initial shock and awe of purchase.
“Why aren’t Millennials buying diamonds?” Same statement as: “Millennials aren’t eating cereal because they’re too lazy to wash the bowl,” or “Millennials aren’t buying homes anymore, why, WHY?!?!” Old ideas are dying, and Millennials will not prop up decaying values when they can find a better route towards a better, brighter future (that’s just my optimistic-side talking).