The saying “diamonds are a woman’s best friend” is losing weight day by day. Back in 2022, diamond sales per unit dropped almost 24%. Similarly, there was an 11.6% decline in the sale of engagement rings.
While lab-grown diamonds sold well, the market for natural diamonds witnessed a plummet in America. It was all because of the rise in diamond alternatives and the change in the millennial mindset. For example, most gemstones are easier to harvest and cheaper.
In today’s era, the importance and significance of diamonds in the commercial industry have taken a backseat. The CAGR growth of the natural diamond market is only 3% now. This blog will discuss the diamond alternatives, reasons for its decline, and more.
4 Reasons Why Millennials Are Not Buying Diamonds
There are over 72.24 millennials in America, making it the largest generational group. That means these individuals will have the largest spending potential in the diamond market. However, Yahoo! News states that millennials are less attached to the tradition of gifting diamond rings to their partners.
Similarly, CNBC proved that fewer millennials are getting married, giving rise to a decrease in diamond sales. The main reasons for the decline in diamond purchases amongst millennials are:
- The cost of diamonds is too high, and they would rather spend it on real estate or investments
- Diamond harvesting can cause ecosystem destruction, and millennials hate harming the environment
- Some diamond mines violate human rights, which does not sit well with this generation
- Most millennials would invest in memories rather than having physical possessions that could land them in debt
Technically, they do not hate diamonds. Instead, they are more conscious of exploitive labor, environmental impacts, and practicality.
3 Alternatives to Traditional Diamond Rings
Even though diamond rings are losing popularity, they will never go obsolete. Celebrities love diamonds and are willing to spend thousands of dollars on them. For example, Hilary Duff has a 14-carat white diamond ring that cost USD 1 million. Usually, celebrities get their jewelry custom-made.
However, regular people can get engagement rings at any price range. It can range between USD 1500 to USD 70,000, depending on the color, carat, cut, and clarity of the diamond. Even then, millennials would prefer alternatives like:
#1. Sapphire Rings
Sapphires, such as the ones by Leibish, are elegant, beautiful, and classic. They have an aesthetic appeal if bought from reliable dealers. Ideally, these are colored gemstones and are considered a hardy alternative to diamonds. Moreover, it is a practical choice to wear daily as it requires little to no upkeep.
According to Leibish, the blue color symbolizes honesty and loyalty. Hence, it can be a symbol of trust and commitment between two partners.
#2. Ruby Rings
Rubies offer a classic look with a bold touch. These are the gemstones that symbolize love due to their bright red and deep pink shades. It can be an inspiring gift for jewelry enthusiasts if they are of unique color, cut, and clarity.
These gemstones are known for their durability and easy wearability. However, rubies are rare and have a higher price point than any other colored gemstone.
#3. Emerald Rings
Emeralds have a gorgeous green hue that makes them very soothing to look at. This classic choice symbolizes royalty, wit, and eloquence. Even though emerald rings are not the crowd favorite for proposing, they can still be a great addition to someone’s jewelry collection.
Emeralds are not as hardy as sapphire. Hence, it requires extra care when being stored or worn. Moreover, most emerald rings have an appealing green stone that has a unique transparent appearance.
Things to Consider When Buying a Diamond Alternative
Other than the alternatives mentioned, one can also get stones like aquamarine and tanzanite. Similarly, artificial diamonds are a good alternative.
Irrespective of the gemstone chosen, customers must ensure to consider these facts:
- Some might not be ideal for daily wear due to the bold and bright colors
- Keep a regular lifestyle in mind when choosing the gemstone
- Buy one that is durable, wearable, and easy to maintain
- Some gemstones can be more expensive than diamonds, depending on their quality and rarity
When choosing a gemstone, individuals need to be vigilant about the return policy. In the end, customers must discuss the strength of the stone with the jeweler to determine its usability. Remember, gemstones are not as strong as diamonds.
The Bottom Line
Diamonds are losing their popularity even with technical advancements. The betterment of high-frequency sand screens, unique X-ray systems, and more have reduced the “mine to market” timelines. As a result, industrial usage has increased, but commercial usage has plummeted.
The main reason was the change in customer sentiment and mentality. Diamonds are not ethically mined, and nor are they economical.
Hence, millennials are boycotting precious stones and choosing gemstones like sapphires, moissanite, and emeralds. However, customers need to choose one that is durable and versatile. This way, they will have access to the best alternatives to diamond rings.
