Thursday, October 28, 2021

Women are buying diamonds for themselves

The diamond sector has in recent years been uncovering apparent shifts which seem to dare the traditions etched over the past century, but perhaps the most glaring to date is the female economic independence, which depicts the newly acquired power of women in their participation in the diamond market.

“More women than ever before across the world are in paid employment and their earnings are on the rise. As a result, they are buying more diamond jewellery for themselves, but their motivations for purchase, and the types of jewellery they buy, vary across the major consumer nations,” reveals the findings by De Beers in its latest diamond insight report. The brief report eloquently describes the changing dynamics surrounding the new role of the female consumer, one she has fallen into because of increased participation in tertiary education. Due to access to higher education the female consumer is no longer waiting for their partner to gift her with a box that contains a sparkling and bright something but is rather indulging in self purchases.

De Beers acknowledges variances in the rate of growth between countries but it observed that globally the number of working women has been ramping up over the years. It gives an example of the most of member countries of the Organisation for Economic Co-operation and Development (OECD), where it seen that the proportion of women aged 25 to 54 in the workforce continues to increase. Between the years 2010 and 1980 the proportion of women in the workforce increased by 17 percentage points from 54 percent to 71 percent. The trend is demonstrated largely in De Beers’ key consumer markets, which are in the four leading diamond consumer nations being the US, China, Japan and India.

Not only is the female consumer disrupting the status quo of the symbolism of diamonds around romantic partnerships, but she is also offering the diamond market potential future growth. This could possibly be a significant lever that diamond manufactures and retailers can pull to save what appears to be an industry under siege. The diamond market has been rippling through the volatile and uncertain conditions which played themselves out in both the production levels and sales figures, quite often described as disappointing. To point this out, the report indicates that diamond purchases have branched out from what is referred to as linear milestones such as engagements, graduations and anniversaries, to what is called multiple moments which include first job pay slip, career achievements, big birthdays and I can afford it now status to mention but a few. It is such celebrations which avail manufacturers and retailers the opportunity to tap on them, hence supporting the longevity to which the diamond has enjoyed since its discovery. “Female economic independence is bringing about changes in how women view and participate in marriage and other personal relationships,” cites the report, clearly demonstrating the opportunity of future growth in the industry.

The world over has experienced a dramatic makeover to its face, it seems from the newly released diamond insight report that the diamond market has not been spared from the changes. The rise of women into a more powerful economic standing represents in part their relevance to shaping the global economic framework. This is more so because the report says that more than a quarter of women’s diamond jewellery bought in 2016 in each of the four main consumer nations represents more than $18 billion in value which was generated through the self purchase route.

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