Diamond World (DW) May - June 2020

DW Promotion
Source: Limelight Handcrafted Diamonds
2. Increasing ACCEPTANCE
of lab grown CVD diamonds
in India
Indian consumers have begun
embracing lab grown diamond jewellery
mainly due to the wide education drive
on the creation process conducted by
several brands in the country. This
has helped consumers understand that
these diamonds are as REAL as natural
diamonds and originate from a natural
diamond itself – similar to the concept
of IVF technology / test tube babies.
Along with that, the recent campaign
conducted by Limelight Diamonds with
support from the Royal Families of
India who have been prime custodians
of some of the most precious diamonds
in the world, and their encouragement
for technology and its ability to produce
the purest Type IIa diamonds through
the CVD process yet saving the planet,
helped the consumers understand that
these are not low in quality but the
purest type of diamonds – maintaining
the aspiration behind the purchase just
like any other precious gemstone.
Moreover, the millennials and Gen Z
of the country have shown even stronger
support for these diamonds because of
their ethical, social and environmental
benefits as there is no mining involved.
However, a lot more education is still
required to the trade and the consumers
to infuse the confidence of establishing
this as a distinct product category
by the trade and a distinct product
offering/choice to the consumers.
3. Indian MILLENNIAL
– the diamond jewellery
CUSTOMER for next 15-20
years
410 million millennials. The largest
millennial population in the world.
An opportunity that cannot be
missed.
Millennials, those roughly born
between 1980s – 2000’s, and the target
audience of every growing industry, are
increasingly leaning towards spending
less on high value luxury items and
more willing to spend on experiences.
Whilst post Covid era will see some
short term shift in spending from travel
and food into more luxury purchase, the
millennial is likely to remain more price
conscious and will only PURCHASE
WITH A PURPOSE.
On taking a look at their purchasing
preferences, a recent Deloitte report
on Millennials in India states that
climate change & environment has
become the no.1 priority or concern for
them. Statistics also state that 44% of
these millennials are willing to a pay
a premium on sustainable products/
materials. 70% of a survey in U.S.
conducted by MVI Marketing, said the
millennials would consider buying a
lab grown diamond engagement ring as
it provides a bigger stone for the same
money and they would like to save
money on an engagement ring.
“Among consumers in general, and
millennials most specifically, mineddiamonds
have a bad reputation for the
high human cost and environmental
damage that mining operations entail.
This generation is fixated on responsible
sourcing and manufacturing of the
products they buy. Lab-grown diamonds
meet that demand, while mineddiamonds
fall short.” – Forbes.com
106 | may-june 2020 | DiamonD WorlD