Experts are Seeing a Revival in Consumers’ Interest for Diamond Rings

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In celebration of their 250th anniversary, leading art business Christie’s netted nearly £78 million during its semi-annual Geneva sale. The top lot, a diamond ring graded fancy vivid pink and weighed 9.14 carats went for £14.44 million. This, according to a report from Reuters, was the second highest price for a pink pear-shaped diamond sold at an auction.

“It made a great price for a really fabulous pair of diamonds,” said Rahul Kadakia, international head of jewellery at Christie’s. Kadakia further noted that such healthy prices can “give a great boost to the white diamond market”. Truly, as Christie’s noted, interest in diamond rings are experiencing a long-overdue revival, especially amongst the millennials.

Millennials acquiring more jewellery

In The Diamond Insight Report 2016 by the De Beers Group of Companies, they found that millennials spent more than £18.8 billion on diamond jewellery in 2015, especially in the four largest consumer markets. This number suggests that millennials acquired more than any other generation, despite facing more financial challenges compared to those faced by their parents’ generation. Post originally appeared on JacobsTheJewellers.com blog page. http://bit.ly/2jXgkBh

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