Selfies and Diamonds, Millennials Love Them

The latest issue of The Diamond Insight Report by De Beers Group reveals that millennials desire diamond jewelry than any other generation.The 2016 issue of the report published by the world’s largest Diamond producer and retailer says that millennials in the four major markets alone have spent nearly US$26 billion on diamond jewelry in 2015. This represents 45 % of new diamond jewelry sales in the top four markets comprising US, China, India and Japan. The four countries account for 73 % of the global diamond demand. In the United States alone demand for diamond jewelry from millennials rose to US$16 billion in 2015 from US$10 billion in 1999, the report reveals.CEO of De Beers, Bruce Cleaver sees the trend to be very encouraging as the millennials who are currently between ages 14- 34 are yet to achieve the most affluent stage of their lives."Perhaps most encouragingly, Millennials are still 10 years away from their most affluent life stage, presenting a significant opportunity for the sector to capitalize fully on a generation comprising more than 220 million potential diamond consumers in the four main markets", Cleaver says in the report.The report also suggests that the volatility in diamond industry is a not short-term phenomenon but the new normal despite the strong consumer demand. Also, the customer preferences are expected to change with more focus on self-expression, demanding more innovation in jewelry design.Meanwhile, as the new customers belongs to a more informed generation they are likely to be concerned about ethical production and "blood diamonds". This may increase demand for conflict-free diamond from arctic regions in Canada. The newly opened Gahcho Kué mine by De Beers, Canada is expected to supply 4.5 million carats of Arctic Diamonds to the market during the next five years

The largest among the world’s new diamond mines is now officially opened in Canada. According to CBC news Gahcho Kué located in the North West Territory (N.W.T) was declared open on September 20, 2016 at a ceremony attended by indigenous leaders, territory and mining officials.The mine which is among the 10 biggest in the world ensures continued influx of guaranteed conflict free diamonds to the market for another 12 years. Arctic Diamonds as they are commonly known have been available since Canada started producing diamonds just over two decades ago.The Gahcho Kué mine is co-owned by De Beers Canada and Mountain Province Diamonds. It is the third Canadian diamond mine operated by De Beers.De Beers says the mine is expected to add $6.7 billion to the Canadian economy during the its 12-year life span. With $1 billion has been invested in developing the mine, company claims around $440 million has been already added to the N.W.T economy. Another $4 million has been paid to six aboriginal groups singed the impact and benefit agreement.The Gahcho Kué mine is to reach commercial production level early next year and expected to produce 4.5 million carats annually for the next five years.

I am the blogger who write for arctic gem labs, this article all about diamonds