May 17, 2020

Millennials spent more than $25 billion on diamond jewellery in 2015

De Beers Group
de beers diamond
diamond production
Dale Benton
3 min
Millennials spent more than $25 billion on diamond jewellery in 2015
De Beers Group, the worlds leading diamond production company, has announced that millennials aged between 15-34 spent more than US$25 billion on diamon...

De Beers Group, the world’s leading diamond production company, has announced that millennials aged between 15-34 spent more than US$25 billion on diamond jewellery in 2015, more than any other generation.

This comes from the company’s Diamond Insight Report 2016.

In the four largest markets (US, China, Japan and India), which makes up 73 percent of global diamond jewellery demand, the Millennial generation account for more than half of the total retail value of new diamond jewellery.

This is just over 220million people, and the report outlines that amazingly, this generation is yet to reach its most affluent life stage. That is expected to happen in another 10 years, which means this generation is also one of diamond sector’s largest growth opportunities.

With such a huge figure, there are undoubtedly a number of myths as to why it is so high. De Beers have gone to the effort of making sure those myths are knocked back – the pick of the bunch? Millennials have a different attitude to romance and the romantic significance of diamonds.

Well, take it away De Beers: “Millennials share many of the same views and attitudes to life, love, marriage and family, and lifetime values as older generations, but these manifest themselves later in their lives, as they reach financial maturity later.”

The report also identifies nine fundamental trends that will shape the future of the industry over the next 10 years:

  • Global economic growth will continue to be volatalie, with business becoming more highly leveraged, markets interconnexctiong, foreign exchange rates fluctuating and geopolitical instabilitiy increasing.
  • AConsumers, particulaty Asian consumers from China and India, will drive positive consumer demand growth. With an increase in international travel, national demand is not strictly restricted to domestic.
  • Retiriing and elderly consumers are expected to generate the majority of global urban consumption growth by 2030. An increase in focus on self-expression will see design and branded jewellery continue to increase in relevance. Importantly, consumers are becoming more knowledgable meaning they will push for ethical products more and more
  • Global luxury players, such as retail focused on branded diamond jewellery, will be able to differentiate themselves from generic proportions
  • Financial challenges will persist, with a tighter grip on lending standards and an increased pressure on outdated and unprofitable business models to be adapted. There will also be a clearer transparency of supply chains through digitalisation, coupled with rigorous professional standards.
  • Mines are getting deeper, which means more production is going to come from these costly operations and additional investment from producers will be needed to drive productivity.
  • There will be a “relatively stable” and predictable diamond production
  • Producing companies will face increased pressure in maximising the value of diamond assets
  • And finally, the capacity to produce synthetics for gem applications is likely to continue to expand meaning that over time, production cost and value of synthetics is expected to reduce.

Looking to the future, De Beers state that as with most things – consumer attitudes to diamonds is entirely unpredictable. New demographics and company innovation will have a huge say in the matter as demand could broaden or even shrink.

Visit the De Beers Group website, where you can read the Diamond Insight Report 2016.

The September issue of Mining Global Magazine is live!

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Get in touch with our editor Dale Benton at [email protected]

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Dec 3, 2020

Net zero benefits the mining industry and the environment

digital mining
Dan Brightmore
3 min
Learn how to future proof your business for a zero-carbon world with help from Emitwise and the Oren Marketplace.
Learn how to future proof your business for a zero-carbon world with help from Emitwise and the Oren Marketplace...

How do we get the world to net-zero faster?

Emitwise’s founders, Mauro Cozzi, Eduardo Gómez and Ben Peddie, approached a network of more than 100 of the world's largest enterprises and asked their CEOs, CFOs, and sustainability managers the big question: How do we get the world to net-zero faster? The challenge many shared was the lack of timely and accurate emissions data to enable strategic decisions. Companies often relied on annual audits of their carbon footprint for carbon accounting purposes. However, static yearly results were outdated upon publishing.

Emitwise saves companies an average of 260 working days a year by automating their scope 1, 2 and 3 emissions data. With the added benefits of clean audit trails and auto-populated accounting reports in line with GHG Protocol, all at the click of a button. Their easy to use solution enables businesses to quickly identify the carbon hotspots to target, and the precise real-time data empowers teams to remain agile and respond effectively, making achieving those goals possible.

Unique AI Technology

Emitwise’s unique AI technology empowers businesses to automatically measure, report and reduce their carbon footprint across their operations and supply chain, future-proofing companies for a zero-carbon world. It is the only solution that enables companies to fully automate their carbon accounting across all business units and suppliers, therefore liberating them from the drudgery of collecting and processing emissions data.

By using artificial intelligence to precisely measure emissions in real-time, businesses can identify and tackle carbon hotspots swiftly, enabling them to devise a trackable roadmap to net-zero carbon. At the same time, accurate audit trails and auto-populated annual reports ensure that companies comply with international reporting requirements, and align businesses with global climate targets to mitigate risk across their operations and supply chain. 

The Oren Marketplace

Environmental management, social license to operate, safety, renewable energy to lower emissions and operational efficiency for mining can be supported by a range of digital solutions enabling dynamic operations. To address these issues, Shell and IBM joined forces to create the Oren Marketplace – the first B2B solutions platform for the mining sector. 

With the adoption of many of the digital solutions offered through Oren, mining companies can adapt in real-time to risks or adjust plans ahead of a problem occurring. The goal is a shift towards proactive management as the optimal outcome for all stakeholders – community, shareholders, and employees.

Emitwise was founded with the goal of helping industries across all sectors reduce their carbon footprint. Similarly, Shell aims to become a net-zero emissions energy business by 2050, or sooner, in step with society and its customers. And Oren is focused on offering innovative products and services that can help mining companies track and reduce their emissions. 

“Oren is the starting point for how we help our mining customers to de-carbonise,” explains Carol Chen, Global Lubricants Marketing, Vice President, Shell. “It’s our ambition to work with sectors like mining to help them find their own pathway to net-zero emissions through collaboration. The Oren marketplace offers a great opportunity for collaboration between the miners and technology companies that are joining this digital marketplace.” 

Web Summit

Emitwise will be showcasing its vision for a net-zero future live from Lisbon at this year’s Web Summit. Bringing together the people and companies redefining the global tech industry, the online event welcomes 100,000+ attendees from around the world to hear from more than 800 speakers and view offerings from 2,500 startups covering a vast range of topics from Data Science and Climate Change to AI and Machine Learning. To find out more and book your ticket visit Web Summit. 

Emitwise is one of many solutions providers on the Oren platform seeking to address the pain points and environmental concerns of heavy industries like mining. To discover a range of solutions that can further support your operation’s digital transformation and commitment to sustainability, visit the Oren Marketplace.

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