What’s It Worth? On Millennials And Diamonds

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It’s been said that millennials aren’t interested in diamonds, but I haven’t found that to be the case. While statistics indicate that they prefer to shop online, diamonds are one of the few items that should never be purchased sight unseen — even experts don’t do that. Why? Because a diamond’s visual impact can vary considerably due to the tiniest differences in cut or polish.

One of the interesting things about millennials is that they are reportedly waiting until later in life to get married. (On average, they typically earn about 20 percent less than baby boomers did at the same stage of life, which could be a factor.)
When shopping for an engagement ring, millennials tend to gravitate toward old Euro cut, conflict-free diamonds; rubies, sapphires (as shown), unorthodox stones (such as the custom ring pictured), or even manmade diamonds. This makes them more unusual and interesting to deal with.

And that is where Old Northeast Jewelers comes in. With five GIA graduates on staff, we enjoy an excellent reputation – and while we are expertly qualified to deal with diamonds and precious gems of every sort, sometimes our customer wants something different. We are here not to convince millennials (or anyone) to buy diamond rings in particular, but rather to encourage them to buy the ring that speaks to them personally, a ring that will symbolize their commitment and the uniqueness of their relationship. So while we have sold several unique engagement rings to millennials (like the blue solitaire, left) – including rubies, aquamarines and unusual cuts in contemporary settings – we also recently mounted up a rock. Yes, a rock (see lower photo) – which our millennial client and his betrothed found on a beach. It may have little intrinsic value, and even though we spent a lot of time sourcing and it wasn’t inexpensive, the ring turned out to be extraordinary. The value of this stone is $0 – but to this couple, it most certainly is priceless.

We are always buying and selling diamonds and precious gems. All Rights Reserved.

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GIA, Gemological Institute of America Inc IWJG, International Watch and Jewelry Guild NAWCC, National Association of Watch and Clock Collectors Inc DDC, Diamond Dealers Club New York ISG Global Network