Retail News / Oren Cash for Gold

Millennials Are Increasing Their Demand for Diamonds

Via: ReleaseWire

Updated 12:59 PM CDT, Tue, March 13,2018

The world's biggest diamond producer reported that they account for 45% of the purchases.

Toronto, ON -- (ReleaseWire) -- 03/13/2018 -- In 2016, popular magazine, The Economist wrote that millennials were not buying diamonds and thus responsible for the slow decline of that industry. This sentiment has been echoed throughout online spaces. However, there is little evidence this is the case. The truth is that millennials are actually buying more diamonds than previous generations.

Headings like Millennial couples aren't buying diamonds and Diamonds aren't forever are being replaced by Diamonds are a millennial's best friend.

"Increasing demand is good for retailers, but it's also good for buyers. If you want to sell your diamonds you might get more money for them, and if you want to buy, you'll have access to a wider variety of options," explained Oren Kravchik, owner of Oren Cash for Gold, Toronto's leading diamond jewellery buyer.

Nimesh Patel, the Chief Financial Officer of the world's biggest diamond producer, confirmed this changes in the demand in a recent interview with the Business Insider. According to Patel, in their top four markets, millennials account for 45% of diamond purchases. This impressive number reflects a demand higher than previous generations.

For many millennials, diamonds are more accessible, since they are available in a wider range of locations, online and offline. "People that are into luxury jewellery, including diamonds, can find a wide variety of options online. They also have local stores like ours which provide good money for old items," Kravchik suggests.

About Oren Cash for Gold
Oren is Toronto's leading gold and diamond jewellery buyer. They sell and buy precious metals for competitive prices. They buy used luxury watches and purses. Flexible and instant loan is another service offered by Oren.

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