I think the diamond industry is in for big shock with the next generation or two of people. I don't know a single person between 18-35 (prime ages for getting married) who got a diamond engagement...
I think the diamond industry is in for big shock with the next generation or two of people. I don't know a single person between 18-35 (prime ages for getting married) who got a diamond engagement ring.
This current generation a) probably can't afford them and b) knows they're a giant ripoff even if they can afford them.
What would you rather have, a shiny rock or a down payment on a car or even a house?
I assume from your comment that you're in a western country. "Emerging markets" is one of the terms many industries use for the expectation that they won't be selling the majority of their stock...
I assume from your comment that you're in a western country. "Emerging markets" is one of the terms many industries use for the expectation that they won't be selling the majority of their stock in the west any longer. Asia is already consuming more luxury goods than many western countries and with image being seemingly even more important there, isn't likely to slow down any time soon.
That said, I know several people in that age group (despite not being in it any longer) that have diamonds, but with only a couple of exceptions, all are using superior in every way lab grown diamonds. They still like things that are shiny, they just don't like overpaying for them or the slave labor used to mine them, so will happily take a flawless lab grown version of the mined item for less than a tenth of the price.
For those that do not have a subscription: https://outline.com/kbpVA2 Edit: Having read the article now, I'm not sure how the title makes sense. The majority of the article is about history of...
Edit: Having read the article now, I'm not sure how the title makes sense. The majority of the article is about history of diamond mining, then a short bit at the end to talk about how some rich women own a diamond company and mine that also has women in leadership positions. What exactly is being 'shook up' about a couple of rich white women backed by a rich white billionaire that run another, undoubtedly slave run, mine in Africa?
You don't really need a sub. New Yorker has a "number of articles viewed" based soft paywall, which if you have gone over the limit, you can get around by simply clearing your newyorker.com...
You don't really need a sub. New Yorker has a "number of articles viewed" based soft paywall, which if you have gone over the limit, you can get around by simply clearing your newyorker.com cookies, or (my preferred method) by opening the article in a new Firefox container.
I think the diamond industry is in for big shock with the next generation or two of people. I don't know a single person between 18-35 (prime ages for getting married) who got a diamond engagement ring.
This current generation a) probably can't afford them and b) knows they're a giant ripoff even if they can afford them.
What would you rather have, a shiny rock or a down payment on a car or even a house?
I assume from your comment that you're in a western country. "Emerging markets" is one of the terms many industries use for the expectation that they won't be selling the majority of their stock in the west any longer. Asia is already consuming more luxury goods than many western countries and with image being seemingly even more important there, isn't likely to slow down any time soon.
That said, I know several people in that age group (despite not being in it any longer) that have diamonds, but with only a couple of exceptions, all are using superior in every way lab grown diamonds. They still like things that are shiny, they just don't like overpaying for them or the slave labor used to mine them, so will happily take a flawless lab grown version of the mined item for less than a tenth of the price.
I am from the US.
I generally agree with what you’re saying but I’d consider lab grown diamonds a separate thing from mined ones.
This Dilbert strip comes to my mind every time I read the word "diamonds".
For those that do not have a subscription: https://outline.com/kbpVA2
Edit: Having read the article now, I'm not sure how the title makes sense. The majority of the article is about history of diamond mining, then a short bit at the end to talk about how some rich women own a diamond company and mine that also has women in leadership positions. What exactly is being 'shook up' about a couple of rich white women backed by a rich white billionaire that run another, undoubtedly slave run, mine in Africa?
You don't really need a sub. New Yorker has a "number of articles viewed" based soft paywall, which if you have gone over the limit, you can get around by simply clearing your newyorker.com cookies, or (my preferred method) by opening the article in a new Firefox container.