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A NEW
 DIAMOND 
WORLD
The Diamond Insight Report 2022
Bringing trusted brands to new  
generations in a digital age

CONTENTS
FORWARD-LOOKING STATEMENTS
This report includes forward-looking statements. All statements other than statements of historical facts in 
this report, including, without limitation, those regarding De Beers Group’s future expectations and/or future 
expectations in respect of the diamond industry, are forward-looking statements. By their nature, such 
forward-looking statements involve known and unknown risks, uncertainties and other factors which may 
cause the actual results, performance or achievements of diamond markets, or industry results, to be 
materially different from any future results, performance or achievements expressed or implied by such 
forward-looking statements. Such forward-looking statements are based on numerous assumptions made by 
De Beers Group in respect of the present and future business strategies and the wider environment of the 
diamond industry. Important factors that could cause actual results, performance or achievements to differ 
materially from those in the forward-looking statements include, among others, levels of actual production 
during any period, levels of global demand and commodity market prices, mineral resource exploration 
and development capabilities, recovery rates and other operational capabilities, the availability of mining 
and processing equipment, the ability to produce and transport products profitably, the impact of foreign 
currency exchange rates on market prices and operating costs, the availability of sufficient credit, the 
effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions 
of competitors, activities by governmental authorities such as changes in taxation or safety, health, 
environmental or other types of regulation in the countries relevant to the diamond industry, conflicts 
over land and resource ownership rights, the impact of global pandemics and other such risk factors. 
Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance 
should not be placed on forward-looking statements. These forward-looking statements speak only as 
of the date of this report. De Beers Group expressly disclaims any obligation or undertaking to release 
publicly any updates or revisions to any forward-looking statement contained herein to reflect any 
change in De Beers Group’s expectations with regard thereto or any change in the events, conditions 
or circumstances on which any such statement is based.
DISCLAIMER
This report has been prepared by De Beers Group and comprises the written materials concerning 
De Beers Group and the wider diamond industry. This report has been compiled by De Beers Group  
and/or its affiliates from sources believed to be reliable, but no representation or warranty, express 
or implied, is made as to its accuracy, completeness or correctness. All opinions and estimates contained 
in this report are judgements as of the date of this report, are subject to change without notice and are 
provided in good faith but without legal responsibility. This report should not be construed as business 
advice and the insights are not to be used as the basis for investment or business decisions of any kind 
without your own research and validation. This report is for information purposes only. The information 
contained in this report may be based on internal data, or data sourced from, or provided by, third parties 
or publicly available sources. As such, it may include the disclosures and/or views of those third parties, 
which may not necessarily correspond to the views held by De Beers Group. De Beers Group does not 
offer any representation or warranty as to the accuracy or completeness of this report and no reliance 
should be placed on the information disclosed for any purpose. Nothing in this report should be interpreted 
to mean that De Beers Group or the diamond industry (as the case may be) will necessarily perform in 
accordance with the analysis or data contained in this report. All written or oral forward-looking statements 
attributable to De Beers Group or persons acting on its behalf are qualified in their entirety by these 
cautionary statements. To the full extent permitted by law, neither De Beers Group nor any of its affiliates, 
nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from  
any use of this report or the information contained herein.
Note: Some figures may not add up to 100 per cent due to rounding.
P3
3
Foreword
P4
DIAMOND VALUE  
CHAIN DASHBOARD
5
Downstream
9
Midstream
11
Upstream
P14
IN FOCUS
15
Introduction
18
Forces shaping a new diamond world
18
Trend 1 – Values will underpin
industry value
22
Trend 2 – The rise of brands
25
Trend 3 – Phygital retail is here to stay
33
Trend 4 – Web3 and the metaverse are
potential game-changers
40
Conclusion
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CHAIN DASHBOARD
IN FOCUS

The trends affecting consumer preferences are 
particularly critical because the pace of this 
evolution is accelerating, spurred by global 
events, the power of digital technology and 
attitudes of new generations. 
As this report demonstrates, however, 
preferences we had been observing for some 
years – such as the desire to buy from trusted 
brands, to purchase more sustainably, to know 
where and how a diamond is sourced, and to 
shop digitally – are no longer future predictions 
for the diamond industry. These preferences 
are already in evidence today and are set 
to become even more integral to the natural 
diamond purchase journey in the years to 
come, particularly as they are being led by 
Gen Z, which represents the next generation  
of diamond consumers.
With the unprecedented events the diamond 
industry – and the world at large – have faced 
in recent years, businesses could be forgiven 
for not always having the future as their top 
priority. The present has certainly given us all 
enough to focus on. But as the African proverb 
states, tomorrow belongs to the people who 
prepare for it today. Getting ready now for a 
future where the younger generations of today 
will be the primary diamond client in less than 
a decade is a pre-condition of success for 
every business in the diamond sector. 
The Covid-19 pandemic was a timely example 
of this for the diamond industry. Those who 
had invested in their e-commerce offerings 
prior to the pandemic were far better placed 
to continue meeting the needs of their 
customers when stores closed during 
lockdowns. The sanctions imposed by the US 
this year following the conflict in Ukraine have 
also highlighted how an area of emerging 
focus for the industry – provenance assurance 
– can become an overnight priority. 
With the advent of Web3 and the metaverse, 
the diamond industry needs to keep an eye 
on these new technologies, the opportunities 
they present and consider how to respond. 
Importantly, these trends are not occurring in 
isolation. They are interconnected and it is their 
convergence that is forming what we call a 
new diamond world – one where the industry 
must bring trusted brands to new generations 
in a digital age.
This report explores four key trends that are 
shaping the new diamond world, based on 
De Beers Group’s unique research insights 
and expert third-party perspectives, with 
a particular lens on the emerging Gen Z. 
They are:
	
– Values will underpin industry value
	
– The rise of brands
	
– ‘Phygital’ retail is here to stay
	
– Web3 and the metaverse are potential 
game-changers.
In doing so, it aims to provide guidance to 
assist trade participants in preparing for and 
responding to future opportunities. Because 
while it is inevitable the future will continue to 
surprise us, one thing of which I am sure is the 
enduring appeal of diamonds. But businesses 
must embrace the new diamond world to 
avoid being left behind.
As in previous years, this year’s report also 
includes the diamond value chain dashboard 
which tracks industry performance during 
2021 and the first half of 2022. As ever, the 
dashboard contains useful data relating to 
the upstream, midstream and downstream, 
reflecting on the industry’s record performance 
in 2021 and providing an outlook for 2022. 
I hope you find the report as interesting to 
read as we found it to develop.
BRUCE
FOREWORD
This year’s Diamond Insight Report 
is focused on the future. Or more 
accurately, how ‘future’ trends are 
arriving at an increasing pace and 
are in the process of reshaping the 
natural diamond industry. 
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ILLUSTRATION
DIAMOND 
VALUE CHAIN 
DASHBOARD
5
Downstream
9
Midstream
11
Upstream
4
DIAMOND INSIGHT REPORT 2022
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DIAMOND VALUE 
CHAIN DASHBOARD
IN FOCUS

2021 was a year of recovery from the decline in consumer demand for natural diamond jewellery caused by the Covid-19 pandemic 
restrictions in 2020. The pace of the global recovery was strongest in the early part of 2021 compared with a low base a year earlier, 
but this moderated in the second half when the comparative base was higher. The US was the main driver of growth throughout the year.
*	
Demand for diamond jewellery includes pre-owned pieces, while the demand for polished diamonds is for new diamonds only. In 2021 it is estimated that considerably more diamond jewellery demand came from pre-owned, compared to 2020, and this resulted in negative 
demand growth for new polished diamonds.
1	
Natural diamond jewellery demand has been defined for the purposes of this report as demand for jewellery containing both new and pre-owned diamonds, while demand for polished diamonds excludes any pre-owned diamonds sold as new. This has an impact mainly in the US 
and Japan where there is more significant pre-owned diamond resale activity among consumers. 
2	
The currencies of the main diamond consuming countries in the Gulf – UAE and KSA – are pegged to the US dollar.
REGION
POLISHED DIAMOND – (USDbn)
CHANGE
DIAMOND JEWELLERY – (USDbn)
CHANGE
GLOBAL 
(US$BN)
Global demand for natural diamond jewellery grew by 27% in 2021 to US$87bn 
which was 10% higher than demand in 2019. The US was largely responsible for this 
growth from pre-pandemic levels. 
0
40
2020: 22
2021: 28 +27%
40
2020: 68
2021: 87 +27%
US 
(US$BN)
Natural diamond jewellery sales in the US rose by approx. 34% to $47 billion, 
representing more than half (54%) of total global diamond jewellery demand. 
Demand for diamonds was supported both by the government’s fiscal stimulus 
programmes and by the savings consumers had accumulated by spending less on 
travel and entertainment during Covid-19-related restrictions. The end-of-year holiday 
season saw unprecedented growth on an already stronger 2020 base. 
2020: 11
2021: 15
0
40 +36%
2020: 35
2021: 47
0
40
+34%
CHINA 
(US$BN)
Demand for natural diamond jewellery by Mainland Chinese consumers grew by 
23% in local currency and by 32% in US dollar terms. Chinese acquisitions abroad 
remained dormant due to Covid-19 related international travel bans. Domestic 
diamond jewellery sales recovered strongly in the first half of the year from a low 
base, while growth moderated in the second half. 
0
40
2020: 3
2021: 3
+32%
2020: 8
2021: 10
0
40
+32%
INDIA 
(US$BN)
Consumer demand increased by an estimated 20% in both local currency and US 
dollars. The India market faced Covid-19 related challenges in the early part of the 
year when demand was depressed, but recovery gained pace as cities started to 
come out of lockdowns, culminating with a surge in consumer sentiment and demand 
during the Diwali holiday season.
2020: 2
2021: 2
0
+20%
2020: 4
2021: 5
0
40
+20%
JAPAN 
(US$BN)
Demand from Japanese consumers grew by 15% in local currency and by 12% in 
US dollar terms. Recovery was strongest in the first half of the year, but year-on-year 
growth continued in the fourth quarter despite pre-pandemic levels of demand having 
been reached 12 months earlier.*
2020: 1
2021: 1
0
40
-7%
2020: 5
2021: 5
0
40
+12%
GULF 
(US$BN)
Demand from consumers in the Gulf rose by an estimated 24% in US dollar terms2. 
Consumer demand had recovered to 2019 levels.
2020: 1
2021: 2
0
40 +24%
2020: 2
2021: 3
0
40
+24%
REST OF 
WORLD
Demand for diamond jewellery in all remaining markets grew by an estimated 15% 
in US dollars, with Western European markets increasing at a faster pace, supported 
by the strong recovery in consumer sentiment and a favourable movement of the 
exchange rate of the Euro against the US dollar.
2020: 5
2021: 5
0
40 +15%
2020: 15
2021: 17
0
40
+15%
2021 NATURAL DIAMOND JEWELLERY AND POLISHED DIAMOND DEMAND1 (IN US DOLLARS, NOMINAL)
Global demand for natural diamond jewellery in 2021 rose by an estimated 27 per cent year-on-year and by 10 per cent vs 2019 to reach an all-time high of US$87 billion. 
DOWNSTREAM
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0
200
0
200
0
200
0
200
LMVH
RICHEMONT
KERING
HERMES
FULL YEAR 2021
+44%
+46%
+35%
+41%
+167%
+55%
+43%
+57%
0
200
0
200
0
200
0
200
LMVH
RICHEMONT
KERING
HERMES
H1 – 2022
+28%
+25%
+23%
+70%
+22%
+24%
+30%
+93%
Note: All figures represent actual revenue growth: Jewellery definitions: LVMH – Watches and Jewellery, Richemont – Jewellery 
Maisons, Kering – Other Houses, Hermès – Other Business Lines 
Source: S&P Capital IQ Pro; De Beers analysis
DOWNSTREAM
continued
GLOBAL POLISHED DIAMOND 
SHARE BY GEOGRAPHY 
(AT WHOLESALE PRICES)
Among the main diamond-consuming 
countries, polished diamond demand in the 
US grew by more than the global average, 
which resulted in its increased share of 
global demand to over half (52 per cent). 
The share of Greater China in polished 
diamond demand recovered somewhat 
year-on-year but remained below the 2019 
level. India and Japan lost share due to 
slower than global growth rates.
2022 DEMAND OUTLOOK
The luxury goods sector performed strongly 
in 2021 as consumers experienced the benefit 
of pandemic-related fiscal stimulus and a lack 
of opportunities for experiential spending. 
The positive momentum carried over to the 
first half of 2022, with major luxury brands 
reporting strong sales growth in Europe and 
North America which offset the deceleration 
in China. Luxury jewellery outperformed other 
luxury categories in 2021 and continued 
to post strong sales growth in the first half 
of 2022.
Global demand for natural diamond jewellery 
in the first half of 2022 grew by an estimated 
high single digit figure compared with the first 
half of 2021. Growth was estimated to be 
strongest at low double digits for the US and 
Japan, while India and the Gulf grew in 
single-digit figures. China was the only country 
to experience a decline in diamond demand, 
largely due to the impact of Covid-19-related 
lockdowns.
A combination of above-trend nominal wage 
growth and a steady pace of employment 
growth contributed towards higher consumer 
demand for natural diamonds in the US in 
the first half of 2022. However, the persistent 
high rate of inflation and the global economic 
challenges exacerbated by the Russia-Ukraine 
conflict dented consumer confidence in the 
second quarter and diamond demand 
subsequently started to soften at the end of the 
quarter, although it remained positive overall 
for the half-year. 
China is estimated to have experienced a 
mid-single-digit year-on-year decline during 
the first half of 2022. This was caused by 
depressed consumer demand in the second 
quarter as a result of Covid-19 lockdowns 
in a number of major cities and slowing 
macroeconomic fundamentals.
TOTAL
JEWELLERY
LUXURY JEWELLERY VS LUXURY HOUSES’ OVERALL PERFORMANCE 
2021 AND H1 2022
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2018
$1,100
(RMB7,075)
2019
$1,952
2020
$1,400
(RMB9,437)
2021
$2,876
DOWNSTREAM
continued
In the short to medium term, fears around 
a resurgence of the Covid-19 pandemic 
have been overtaken by concerns about 
historically high rates of inflation, the soaring 
cost of energy and the rising cost of living for 
consumers globally. The geopolitical turmoil 
in Eastern Europe and other regions 
exacerbates the challenges for the global 
macroeconomic environment, leading to 
reduced consumer confidence and lower 
discretionary spending. Taking into account 
these factors, as well as the higher comparison 
base from last year, the outlook for diamond 
demand growth for the second half and the 
full year 2022 is of a further slowdown in 
countries with higher inflation, as well as 
caution globally. However, it is expected 
that more affluent Millennials will continue 
to drive sales of luxury, fine jewellery and 
diamond jewellery. 
CONSUMER TRENDS DURING  
THE POST-COVID-19 RECOVERY
INCREASED SPEND BY FEWER BUT MORE 
AFFLUENT DIAMOND ACQUIRERS
The Covid-19 pandemic had an uneven impact 
on consumers around the world, with the 
higher income groups’ spending remaining the 
most resilient. This stimulated demand for luxury 
goods in 2021 and resulted in higher spend 
on diamond jewellery by fewer but more 
affluent acquirers. 
In China, the number of female new diamond 
jewellery acquirers in 2020 (the year worst 
affected by the pandemic) declined by 
32 per cent compared with 2018, while 
average spend increased by 33 per cent over 
the same period. In the US, in 2021 (the year 
of post-Covid-19 recovery), there were 25 per 
cent fewer acquirers compared with 2019 
but they were responsible for a 27 per cent 
increase in diamond jewellery demand in 
value terms as average spend increased. The 
share of the highest income groups3 increased 
in the two leading diamond markets during 
these periods – by 39 per cent in China (to 
22 per cent of all acquirers) and by 44 per 
cent in the US (to 26 per cent of all acquirers).
3	
 The highest income groups are defined as follows: US 
– annual household income US$150,000 or more; China 
– monthly household income RMB20,000 or more
Source: De Beers commissioned Diamond Acquisition Studies, China 2021 and US 2022
USA
CHINA
AVERAGE SPEND PER DIAMOND JEWELLERY PIECE
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DOWNSTREAM
continued
Notes:
4	
De Beers commissioned Diamond Acquisition Studies (DAS) US 2022 and China 2021
5	
De Beers commissioned Diamond Acquisition Study (DAS) US 2022
6	
De Beers Diamond Insight Report 2021, In Focus: Sustainability: shaping the future of the diamond sector
7	
De Beers commissioned Diamond Acquisition Study (DAS) US 2022
OMNICHANNEL IS THE FUTURE  
FOR DIAMOND JEWELLERY RETAIL
The increasing importance of digital is a trend 
that affected the diamond industry in similar 
ways to other consumer goods sectors during 
the pandemic. For diamonds, the impact was 
in two areas of the consumer journey – 
researching the acquisition and making the 
purchase. In the US, 49 per cent of newly 
acquired diamond jewellery pieces were 
researched online in 2021 (up from 37 per 
cent in 2019). In China, in 2020 that number 
was 39 per cent (up from 25 per cent in 
2018)4.
With regards to online purchases, the US was 
a considerable way ahead. In 2021, nearly 
one-third (31 per cent) by volume of new 
diamond acquisitions by women and 25 per 
cent of sales by value contained an online 
component. By contrast, in China, the 
respective proportions in 2020 were four per 
cent of acquisitions and three per cent of sales 
value. Even though online acquisitions by 
Chinese consumers were reported as relatively 
small, possibly due to the merging of digital 
and physical into ‘phygital’ retail, nearly two 
in five Chinese diamond jewellery retailers 
(38 per cent) offered e-commerce in 2021. 
The online share of diamond jewellery sales 
overall reached an estimated seven per cent 
by value – more than double the share in 2020. 
The big question facing the diamond retail 
trade was: is digital here to stay beyond the 
pandemic? This was clearly answered 
affirmatively in new De Beers research 
commissioned among female US consumers 
in 20225. Nearly half of digital acquisitions 
(46 per cent) were repeat online purchases 
and more than two-thirds of online diamond 
acquirers (68 per cent) said they intended to 
continue buying natural diamond jewellery 
online. The potential of online is supported by 
consumers’ confidence in this sales channel – 
three in five digital acquirers (60 per cent) 
said they were happy to buy online remotely 
without seeing the physical product. 
	 Read more about this trend in the  
InFocus section of this report.
PROVENANCE AND SUSTAINABILITY  
ARE A GROWING OPPORTUNITY FOR 
DIFFERENTIATION
As the 2021 Diamond Insight Report6 
revealed, sustainability is becoming a growing 
consumer imperative in the diamond industry, 
as the younger generations increasingly 
choose products which can demonstrate 
their sustainability credentials. What is more, 
they are also prepared to pay a premium 
for sustainably produced diamonds.
The latest De Beers consumer research7, 
conducted among more than 18,000 US 
women in 2022, showed that more than half 
of US women (51 per cent) would not buy 
diamonds if they knew they were not ethically 
sourced and 40 per cent said that knowing 
about the positive impact of diamonds on local 
mining communities would make them more 
likely to buy diamonds. A total of 36 per cent 
of US women specifically look into the ethical 
credentials of the diamond jewellery brands 
they are considering buying.
Environmental, social and governance (ESG) 
factors play an important role in consumers’ 
choice of diamond brands. Two in five US 
women (39 per cent) rank preserving wildlife 
around the diamond mines and sourcing 
from conflict-free zones as the most influential 
ESG considerations when choosing a 
diamond brand. 
	 Read more about this trend in the  
InFocus section of this report.
THE USE OF DIGITAL IN  
RESEARCHING DIAMONDS
49% of pieces
US 2021
39% of pieces
China 2020
E-COMMERCE SHARE OF ACQUISITIONS 
BY VALUE (2021)
25%
US
7%
China
ESG CONSIDERATIONS RANK HIGHLY 
IN DIAMOND ACQUISITION
39%
Proportion of US women allocating the highest 
rating to each of the following ESG 
considerations:
– Preserving wildlife around the diamond mines
– Sourcing from conflict-free zones
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MIDSTREAM
In 2021, the diamond midstream recovered strongly from the effects 
of the Covid-19 pandemic bolstered by strong consumer and retailer 
demand for diamond jewellery. The robust polished diamond 
wholesale demand, and limited supply due to historically low levels 
of producer stocks, created a supportive environment for polished 
diamond price growth in 2021. However, the sanctions introduced 
by the US and other countries on Russia in 2022 have presented 
the midstream with new challenges and led to a greater focus 
on provenance and supply chain transparency. 
The momentum in rough diamond demand 
continued in the first half of 2021 following 
positive retail sales over the 2020 holiday 
season and a desire by diamond cutting 
and polishing factories to restock. Overall, 
strong sales of polished diamonds and higher 
polished prices supported rough diamond 
price growth in the first half of 2021. 
Despite a brief interruption as a second wave 
of Covid-19 swept through India in April 2021, 
impacting cutting centres, manufacturing 
capacity improved. It did not return to full 
utilisation in 2021, however, as the midstream 
faced rough diamond shortages for the rest 
of the year. 
Net rough diamond imports to India grew 
more than 190 per cent year-on-year in the 
first half of 2021. This was due to a continued 
strong recovery and the comparison with 
a low base from the first half of 2020 when 
global Covid-19 restrictions were at their peak. 
Compared with the pre-pandemic 2019, 
net rough diamond imports were 23 per cent 
higher in the first half of 2021.
In the second half of 2021, polished trading 
performance was mixed. Demand from the US 
was stronger than demand from China, where 
economic growth slowed as Covid-19 spread 
more widely. Demand was particularly soft for 
polished diamonds sized between 0.30 to 
1.00 carats, which are mainly in demand 
in China. 
Polished diamond demand improved further at 
the end of 2021, mainly as a result of demand 
from US and Indian retailers responding to 
strong consumer appetite during the holiday 
season. This continued to create a positive 
environment for polished price growth.
Net rough diamond imports into India grew 
more than nine per cent year-on-year in the 
second half of 2021 from an already strong 
base in the second half of 2020 (when rough 
diamond demand started to recover following 
the peak of the global Covid-19 restrictions). 
Net rough diamond imports were seven per 
cent above the second half of 2019. For the 
2021 full year, the growth in net rough 
diamond imports to India was 60 per cent 
year-on-year and 15 per cent when compared 
with 2019.
Midstream liquidity and financing remained 
healthy in 2021. There was no evidence of 
liquidity pressure as assets rotated normally 
in lenders’ borrowing bases and bankers 
experienced minimal late payments on 
receivables. Utilisation of bank credit was stable 
but slackened slightly due to scarcity of rough.
For the major diamond producers, 2021 
also marked the start of new supply contracts. 
The new contracts supported efficiency and 
value-addition in the diamond pipeline through 
the creation of customised contracts for 
manufacturers, dealers and retailers, designed 
to meet the needs of different business models. 
Beneficiation (diamond cutting and polishing in 
producer countries) also expanded in 2021 as 
the number of factories operating in southern 
Africa increased.
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-20
0
20
40
60
80
100
120
H2-2015
H1-2015
H2-2015
H1-2014
H1-2016
H2-2016
H1-2017
H2-2017
H1-2018
H2-2018
H1-2019
H2-2019
H1-2020
H2-2020
H1-2021
H2-2021
H1-2022
MIDSTREAM
continued
Source: Gem and Jewellery Export Promotion Council (GJEPC) 
THE FIRST HALF OF 2022  
FOR THE MIDSTREAM
The positive midstream demand continued into 
the first two months of 2022 as US retailers 
restocked following the strong holiday season 
sales, leading to lower polished stocks over 
this period. The long-term trend for retailer 
stocks has seen reduced months of stock held 
by US independent retailers. 
Rough diamond sales remained robust in 
January and February 2022. The positive 
supply and demand conditions continued to 
support polished price growth. India’s cutting 
and polishing industry remained at below full 
capacity, however, due to rough diamond 
shortages.
The start of the Russia-Ukraine war at the end 
of February created a new environment in the 
midstream. Secondary rough diamond trading 
and polished diamond trading softened, with 
polished inventory increasing as the midstream 
became uncertain regarding how retailers 
would scrutinise their purchases following US 
sanctions on Russia. 
The slowdown in China due to renewed 
Covid-19 lockdowns further slowed polished 
diamond trading. Net rough diamond imports 
into India fell 31 per cent year-on-year in the 
first half of 2022 compared with a strong base 
in the first half of 2021. Net rough diamond 
imports were 14 per cent lower compared 
with the first half of 2019. 
LOOKING AHEAD 
The short-term outlook depends greatly on 
the geopolitical environment and potential 
associated impact on the diamond industry 
and the world economy. 
Driven by consumer preference, some brands 
and retailers have reportedly started asking 
their polished suppliers for assurances of 
diamond origin. We expect this trend to 
continue.
For the longer-term outlook: 
	
– Covid-19 has accelerated the transformation 
that was already underway in retail: 
increased omnichannel, personalisation, 
greater e-commerce sales and better 
inventory management. This shift has 
created a more efficient and healthy 
diamond pipeline and is expected to 
continue to deliver benefits over the 
longer term. 
	
– Sustainability and ethical consumerism 
are likely to be considerations of growing 
importance for the midstream, as consumers 
become more environmentally and socially 
conscious. 
	
– The Russia/Ukraine conflict and resulting 
sanctions are expected to accelerate the 
transformation that was already underway 
around provenance and traceability.
IMPORT
EXPORT
NET-IMPORT
INDIA ROUGH DIAMOND TRADE (MCTS)
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UPSTREAM
Notes: 
At the time of publishing, De Beers Group estimates for rough diamond production volumes for 2021 (128 Mct8) were six per cent higher than 
the estimates in the Kimberley Process (KP) report for 2021 (120 Mct13). The variance is likely due to differences in timings of data sourcing 
and reporting methodology. For example, in 2021, around one-third of the six per cent variance was due to a difference in the estimated 
production volumes from Russia. For 2021, ALROSA reported production of 32 Mctt10 and AGD Diamonds – the only other key producer in 
Russia – is estimated to have produced approx. 5 Mct. The total output from Russia, based on ALROSA’s reported actuals and AGD Diamonds’ 
production estimate was lower than the KP figure, reported at 39 Mct.13 As De Beers Group production estimates have been continually 
updated (as and when producers and national statistics agencies published their production updates), the estimate could be updated at a 
different cadence than that of the KP and may include late reporting adjustments, which can lead to a discrepancy in total production figures. 
Also, see note (i) below on confidence levels of De Beers Group estimates of artisanal and informal rough diamond production. 
GLOBAL PRODUCTION 
In 2021, rough diamond volumes produced by 
miners increased by approximately 11 per cent 
to an estimated 128 million carats (Mct)8, 
as production capacity recovered across 
the industry following the Covid-19-related 
operational disruptions in 2020. The easing 
of lockdown measures, reopening of retail 
storefronts, and greater levels of personal 
savings (boosted by stimulus packages in 
certain countries) led to a boom in consumer 
demand for diamonds towards the end of 
2020 and accelerated the recovery of rough 
diamond production to meet this rebound in 
downstream demand. 
Following the closure of the Argyle mine in 
2020, Rio Tinto’s output fell by over 10 Mct 
in 2021.9 De Beers Group and ALROSA both 
reported production growth in 2021 – the 
combined output of rough diamonds across the 
two producers grew around 10 Mct year-on-
year.10 Arctic Canadian Diamond’s Ekati mine 
returned to operation, which increased the 
miner’s production by an estimated 4 Mct in 
2021.11 Petra Diamonds’ output remained flat 
against 2020, as the reopening of Williamson 
was delayed until the fourth quarter of 2021.12 
Russia continued to be the largest producing 
country in volume terms for 2021, contributing 
an estimated 29 per cent of global output. 
Botswana was the second largest producing 
country, responsible for approximately 
18 per cent of volumes. 
ESTIMATED PRODUCTION BY COMPANY IN MCTS
PRODUCTION
2020 
2021 
1. DE BEERS GROUP
25
33
2. ALROSA
30
32
3. RIO TINTO
15
4
4. DOMINION DIAMOND
3
6
5. CATOCA
7
6
6. INFORMAL SECTOR
18
25
7. JUNIORS/ROW
17
22
TOTAL
114
128
PRODUCTION BY COUNTRY IN MCTS
PRODUCTION
2020 
2021 
1. RUSSIA
34
37
2. BOTSWANA
17
23
3. CANADA
13
18
4. DRC
13
19
5. AUSTRALIA
11
0
6. ANGOLA
8
9
7. SOUTH AFRICA
8
9
6. ALL OTHERS
10
12
TOTAL
114
128
In 2021, global rough diamond production increased by an estimated 
11 per cent year-on-year in volume terms. Rough diamond sales to 
cutting centres increased by an estimated 47 per cent year-on-year in US 
dollar terms as producers supplied into the strong rebound in demand 
from cutting centres by selling much of their surplus inventories. 
Notes:
8	
Figures for informal production remain at a lower level of confidence than other production figures due to data 
availability but could be updated if new information becomes available
9	
Rio Tinto Quarterly Operations Review (Jan 2022)
10	 Q4&12M 2021 ALROSA Trading update (Jan 2022)
11	 Ekati to produce 4M carats in 2021 under new owners, Arctic Canadian Diamond (Jun 2021)
12	 Petra Diamonds H1 FY 2022 Trading Update (Jan 2022)
13	 Kimberley Process: 2021 Global Summary (Jun 2022)
11
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CHAIN DASHBOARD
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UPSTREAM
continued
Notes:
14	 Okavango Diamond Company sales, by value, are included in the De Beers Group share of sales estimate as sales from Diamond 
Trading Company Botswana
15	 Sales values are based on De Beers Group estimates where company reports are unavailable
16	 The United States Sanctions Major Russian State-Owned Enterprises (Apr 2022) 
17	 ALROSA Sales Results (2022)
18	 Alrosa stands by plans to produce 34-35 mln cts of diamonds in 2022 and restore Mir mine (Jun 2022)
19	 Q2&6M 2021 ALROSA Trading update (July 2021)
20	 Ekati Eyes 5M Carats as Production Resumes (Mar 2021)
21	 Rio Tinto becomes sole owner of Diavik Diamond Mine (Nov 2021)
22	 Firestone Diamonds Q4 FY21 Quarterly Update (Mar 2022)
ROUGH DIAMOND SALES TO 
CUTTING CENTRES 
Rough diamond sales to cutting centres rallied 
in 2021, as the easing of lockdowns and travel 
restrictions enabled downstream activity to 
resume at pre-pandemic levels from the second 
half of 2020. Sales to cutting centres had 
recovered strongly in the third and fourth 
quarters of 2020, with producers capitalising 
on the rebound in demand by selling much of 
the surplus inventory that had built up during 
the earlier part of the year due to the global 
lockdowns that heavily restricted rough sales 
activity across the industry. This pattern 
continued into the first half of 2021 and, in 
an environment of high demand and limited 
supply of rough that was observed for most of 
2021, rough prices grew throughout the year.
Overall, global rough diamond sales increased 
by an estimated 47 per cent in 2021. 
De Beers’ share of global rough diamond sales 
in US dollar terms grew to an estimated 33 per 
cent (29 per cent in 2020)14, while ALROSA’s 
estimated share remained flat at 24 per cent 
(24 per cent in 2020).15 SODIAM provided an 
estimated nine per cent of global rough 
diamond sales by value to cutting centres 
in 2021 (11 per cent in 2020). Rio Tinto 
contributed an estimated three per cent of 
global sales by value in 2021 (four per cent 
in 2020).
2022 AND BEYOND 
In the first half of 2022, De Beers Group 
produced 17 Mcts – a 10 per cent increase 
versus the first half of 2021 when production 
capacity had not yet fully recovered and was 
hampered by further Covid-19 outbreaks. 
In July 2022, De Beers Group reported an 
increase in its full-year 2022 production 
guidance, up from 30 to 33 Mct to 32 to 34 
Mct, to help meet the robust levels of demand. 
Against the backdrop of sanctions imposed 
on Russian diamonds and ALROSA16 by some 
western nations, ALROSA ceased the reporting 
of operational results and sales activities as 
of the second quarter of 202217. However, in 
June of 2022, the company confirmed at the 
St. Petersburg Economic Forum that it remained 
committed to producing 34 to 35 Mct in 2022 
(as per published production guidance for 
the year).18 Based on the company’s normal 
seasonality of production, ALROSA’s 2022 
first half production can be estimated at 
approximately 16 Mct (versus 15 Mct in 2021).19
In terms of other notable changes in production 
expected in 2022, the Ekati mine is reportedly 
expected to produce around 5 Mct this year, 
increasing year-on-year production by 1 Mct.20 
Also, after becoming the sole owner of the 
Diavik mine in the fourth quarter of 2021, 
Rio Tinto’s attributable production is expected 
to increase by around 2 Mct in 2022.21 
Finally, Firestone Diamonds’ Liqhobong mine 
is expected to be the only mine that has not 
reopened since being placed under care and 
maintenance at the onset of the pandemic in 
2020 and is also expected to remain closed 
for the remainder of 2022.22 
Overall, global rough diamond production 
is not expected to return fully to pre-Covid-19 
levels in carat volume terms. The closure of the 
Argyle mine owned by Rio Tinto at the end of 
2020 resulted in more than 10 Mct of annual 
production being removed from global supply; 
this mine alone accounted for approximately 
10 per cent of global production volumes 
in 2020. 
Overall, global rough 
diamond sales increased  
by an estimated 47 per cent 
in 2021.
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2020
2021
1
1
2
2
3
3
4
10
9
4
5
6
7
8
11
10
12
11
12
67
8
9
$16.4bn
estimated
5
1*
1*
UPSTREAM
continued
Notes:
23	 Angola: Projecto do Luaxe Anima Contestação a Ganga Jr. na 
ENDIAMA (Oct 2020)
24	 ALROSA Capital Markets Day 2021 (Mar 2021)
25	 Preliminary Economic Assessment – Chidliak Project (Aug 2017)
26	 Based on historical production at Ellendale – Gem Diamonds 
puts sparkle back in Australia’s Ellendale mine (July 2008)
27	 Karowe Mine Underground Feasibility Study Technical Report 
(Dec 2019)
28	 Paul Zimnisky State of the Diamond Market (Aug 2022)
i	
Rio Tinto Quarterly Operations Review (Jan 2022)
While there are several diamond projects on 
the horizon that may be able to fill the gap to 
some extent, these are not expected to reach 
full production in the near term. 
As the global economy grapples with a myriad 
of issues (such as the return of higher price of 
inputs, consumer price inflation, new Covid-19 
waves and geopolitical challenges), there 
remains the potential for volatile demand from 
cutting centres.
Looking beyond 2025, several mines of the 
key producers (e.g. Diavik, Ekati, Nyurbinskaya 
and Almazy-Anabara) are expected to cease 
production by 2030. The closure of these 
operations ould represent a loss of 17 to 
20 million carats of annual production, which 
represents approximately 16 per cent of global 
volumes in 2021.28
MAJOR NEW EXPECTED PROJECTS  
AND CLOSURES TO 2025
NOTABLE NEW DIAMOND PROJECTS & 
EXPECTED DATE OF FULL PRODUCTION
 
Luaxe (ALROSA / Endiama) 
Unspecified – approx. 8 Mct p.a.23 
Maiskaya (ALROSA) 
2025 – approx. 2 Mct p.a.24
Vodorazdelnye Galechniki (ALROSA) 
2026 – less than 1 Mct p.a.24
Chidliak (De Beers Group) 
Unspecified – 1-2 Mct p.a.25 
Ellendale (Burgundy Diamonds) 
2024 – less than 1 Mct p.a.26
Karowe Underground (Lucara Diamond), 
2026 – less than 1 Mct p.a.27  
MINES APPROACHING END OF LIFE
 
Diavik (Rio Tinto) 
2025 – approx. 4 Mct produced in 2021i
2020
2021
ROUGH DIAMOND SALES TO CUTTING CENTRES (US$M)
Source: De Beers estimates, Kimberley Process statistics and company reports
1. De Beers 1*. of which DTCB to ODC     2. ALROSA    3. Rio Tinto    4. Petra Diamond    5. Gem Diamond    6. Lucara  
7. Stornoway    8. Firestone Diamonds    9. Mountain Province    10. SODIAM    11. Informal sector  12. Other
13
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ILLUSTRATION
IN FOCUS
BRINGING TRUSTED  
BRANDS TO NEW 
GENERATIONS IN 
A DIGITAL AGE
15
Introduction
18
Forces shaping a new diamond world
18
Trend 1 – Values will underpin
Industry value
22
Trend 2 – The rise of brands
25
Trend 3 – Phygital retail is here to stay
33
Trend 4 – Web3 and the metaverse are
potential game-changers
40
Conclusion
14
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THE FUTURE IS ARRIVING
For millennia, natural diamonds have been 
the ultimate symbol of love, strength and 
connection between two people. This 
continues in modern times, with consumer 
desire for diamonds being incredibly enduring 
in the main consumer markets around the world 
despite a range of recent global challenges. 
However, while the allure of diamonds 
continues unabated, how people interact with 
each other – and with products and brands – 
is changing and more rapidly than ever before. 
Social and technological change has been 
accelerated in recent years by the Covid-19 
pandemic, geopolitical events and evolving 
societal attitudes as younger generations 
make their mark on the world. Many of the 
consumer trends the diamond industry has 
been observing and anticipating for some 
years – the desire to shop more sustainably, 
wanting to know where and how diamonds 
are sourced and the preference for ecommerce 
– have become an embedded part of the 
diamond acquisition journey. As a result, 
considerations such as provenance, brand 
and digital presence now sit alongside 
traditional attributes of design, quality and 
price when people choose diamonds. 
Expected developments in digital technology 
will further put consumers, wherever they 
are in the world, in control of how they 
research diamonds and interact with brands. 
A melding of the physical and digital worlds 
is now a way of life for most consumers. 
Smartphones have transitioned from a 
once luxury product to an essential enabler 
in our daily lives, including in developing 
economies. In China, the number of 
smartphone users is expected to increase 
over the coming years from 670 million in 
2020 to 1.3 billion by 202629. In India, the 
number of smartphone users in 2021 was 
750 million and is estimated to reach one 
billion by 202630. This ‘always connected’ 
lifestyle is most pronounced among Gen Z 
– the next generation of ‘digital native’ 
adults who increasingly expect a seamless, 
personalised and even immersive 
brand experience. 
So while it may be a given that a compelling 
omnichannel marketing strategy is a must for 
any brand today, the emergence of Web3 
and the metaverse – and their until-now 
unimagined possibilities – has the potential 
to be a game-changer, presenting new 
opportunities and considerations for brands 
and retailers. 
INTRODUCTION
The convergence and acceleration of these 
trends place the diamond industry on the 
cusp of a new diamond world – one which 
presents immense opportunity along with major 
implications for how brands and retailers must 
engage with current and future generations 
of diamond consumers.
The key question for the diamond industry is: 
how to ensure the availability of transparent, 
trusted and sustainable branded offerings 
that resonate with new generations in an 
increasingly digital world? 
This report seeks to explore that question 
and share insights to assist diamond trade 
participants in adapting to the forces shaping 
the new diamond world so that diamonds 
maintain and grow their place as enduring 
symbols of celebration and connection. 
In doing so, it provides an analysis of four 
separate but interconnected megatrends 
that will have fundamental implications for 
the industry’s future.
Notes:
29	 China: smartphone users 2026 | Statista
30	 Deloitte study quoted in: Deloitte: India to have 1 billion smartphone users by 2026: Deloitte – The Economic Times (indiatimes.com)
SMART PHONE USERS IN CHINA
  1.3bn
The number of smartphone users in China is 
expected to increase to 1.3 billion by 2026, 
up from 670 million in 2020 
15
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Consumers increasingly prioritise 
sustainability and ethics alongside 
traditional attributes of design, quality 
and price when choosing diamonds and 
are prepared to pay a premium for 
ethical assurances. Jewellers and brands 
that effectively communicate their ethical 
credentials will be best placed to drive 
value differentiation.
Branded diamond jewellery, which 
can act as a shortcut to trust and 
differentiation for consumers, has been 
steadily capturing market share and 
today accounts for the majority of 
purchases in both the US and China. 
With Gen Z being the generation most 
likely to buy branded diamond jewellery, 
the power of a trusted brand is only set 
to increase.
The Covid-19 pandemic rapidly 
accelerated the share of online purchases 
of diamond jewellery, which accounted 
for a quarter of all US acquisitions by 
value in 2021. But it is a compelling and 
seamlessly integrated merging of physical 
and digital channels – ‘phygital’ – that 
consumers most desire when researching 
and buying diamonds and retailers that 
invest in their omnichannel offerings will 
reap most rewards.
While an omnichannel strategy is a must 
for any brand today, the arrival of Web3 
and the metaverse has the potential to 
be a game-changer which opens up 
new revenue, customer acquisition and 
brand opportunities – but also new 
considerations – for diamonds and 
the luxury sector more broadly.
INTRODUCTION
continued
Read more on page 25–32
Read more on page 33–39
Read more on page 22–24
Read more on page 18–21
VALUES WILL UNDERPIN  
INDUSTRY VALUE
THE RISE OF BRANDS
PHYGITAL RETAIL IS HERE  
TO STAY
WEB3 AND THE  
METAVERSE ARE POTENTIAL 
GAME-CHANGERS
16
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INTRODUCTION
continued
In analysing these trends, it is clear the younger 
generations, namely Millennials and Gen Z, 
are the driving forces shaping the new 
diamond world. While Millennials represent 
the largest cohort of diamond buyers today, it 
is the even younger Gen Z that will shape the 
industry’s future. Understanding the preferences 
and attributes of Gen Z – who desire and 
aspire to own diamonds but who expect to 
engage with the category in vastly different 
ways to previous generations – is essential for 
all industry participants.
UNDERSTANDING GEN Z – A NEW GENERATION 
OF NATURAL DIAMOND CONSUMERS 
For the purposes of this report, Gen Z refers to 
adults born from 2000 onwards in the US or 
from 1998 in China. Gen Z is the next major 
generation of potential diamond acquirers and 
is expected to have a profound impact on the 
diamond industry as it comes of age. As such, 
in exploring the four megatrends presented in 
this report, a dedicated lens has been placed 
on Gen Z to understand the unique perspective 
and influence of this group. The insights are 
designed to help trade participants fully 
capture the opportunities presented by 
Gen Z as it matures.
As the generation is still very young, the 
research findings presented in this report 
include only Gen Z’s oldest members. In the 
US, this accounts for five per cent of the adult 
(18 – 74) female population and the same 
proportion of diamond jewellery acquirers – 
although represents only two per cent of 
diamond acquisitions by value, as the 
generation’s young age means its diamond 
spend is still below average. In China, where 
the adult market for diamonds is considered 
18 to 54, Gen Z accounts for 10 per cent of 
the population and five per cent of diamond 
acquisitions by both volume and value. But this 
contribution will increase significantly in the 
years to come, underpinned by the current 
positive attitudes of Gen Z towards diamonds. 
De Beers Group has worked with specialised 
agencies and undertaken surveys with Gen Z 
to understand what motivates them. This work 
found that unique traits of Gen Z adults are 
that they tend to be self-expressive, competitive 
and optimistic. Entrepreneurship and personal 
achievement are important to them31. They are 
more likely than other generations to aspire to 
diamonds as a mark of success (60 per cent 
versus 54 per cent overall), with nearly two 
in three (64 per cent) seeing diamonds as an 
attribute of personality strength – compared 
with an average among all consumers of a little 
over a half (56 per cent). Diamond marketers 
should look to communicate this symbolism 
of diamonds when engaging with Gen Z.
Another very important, even defining, 
characteristic of Gen Z is their relationship 
with the digital world. As digital natives who 
have grown up in a world where technology 
is a way of life, they expect full integration of 
physical and digital (i.e. phygital) when they 
shop and interact with brands. 
These are tomorrow’s big spenders. While 
Gen Z accounted for only four per cent of 
luxury purchases in 2020, by 2035 its share 
could grow to 40 per cent.32 It is therefore 
critical for retailers and brands to capture 
the hearts and minds of this generation. 
Notes:
31	 This was discussed in more detail in the 2018 Diamond  
Insight Report In Focus section: The Future of Diamond  
is with Millennials and Gen Z available on  
https://www.debeersgroup.com/~/media/Files/D/ 
De-Beers-Group-V2/documents/reports/insights/ 
the-diamond-insight-report-2018.pdf
32	 https://www.bain.com/insights/eight-themes-that-are- 
rewriting-the-future-of-luxury-goods/ 
IN NUMBERS  
SELF-EXPRESSIVE, COMPETITIVE  
AND OPTIMISTIC ARE DEFINING  
TRAITS OF DIGITALLY-NATIVE GEN Z
60%
Gen Z are more likely to aspire to diamonds 
as a mark of success compared with other 
generations – 60% vs 54% overall
64%
64% of Gen Z see diamonds as an attribute 
of personality strength – compared with 56% 
of all consumers
40%
By 2035, Gen Z could make up 40% of 
luxury purchases, up from 4% in 2020
Another very important, 
even defining, characteristic 
of Gen Z is their relationship 
with the digital world. 
17
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FORCES SHAPING A NEW 
DIAMOND WORLD
Consumers are increasingly conscious of the 
environmental and social ramifications of their purchases 
– the impacts on planet and people. Values are becoming 
the new markers of status in luxury as consumers seek 
to align their purchases with products and brands that 
signal to the wider world their own values and priorities. 
Where previously a product’s origin (French champagne, 
Italian leather) was the marker of status and value, 
increasingly, it is how products are sourced and what a 
brand stands for that are driving value differentiation33. 
This presents an immense opportunity for the diamond industry. 
With its decades-long track record of creating meaningful and 
lasting socioeconomic benefits for the people and places where 
diamonds are discovered, the industry has a compelling platform 
on which to engage with a new generation of consumers whose 
priorities extend beyond the traditional considerations of price, 
quality and design.
VALUES WILL UNDERPIN 
INDUSTRY VALUE
TREND 1
Notes:
33	 Why ‘where’ and ‘how’ matter, De Beers Group Diamond Insight ‘Flash’ Report, 
November 2021 https://www.debeersgroup.com/~/media/Files/D/De-Beers-
Group-V2/documents/reports/insights/de-beers-group-diamond-insight-flash-report-7.pdf
18
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FORCES SHAPING A NEW  
DIAMOND WORLD
continued
The 2021 Diamond Insight Report took a 
deep dive into how sustainability and ESG 
factors were influencing consumer purchase 
decisions when it came to diamonds. In that 
report, De Beers research conducted across 
seven consumer markets for diamonds found 
that when it came to making a purchase, 
jewellery was ranked only after food and 
clothing as the category where consumers 
most often consider sustainability. It also 
found that Millennials were the generation 
most engaged in sustainable purchasing, 
with just under 70 per cent reporting they 
had opted to buy a responsibly sourced 
product in the past five years and 30 per 
cent reporting they had done so for 
jewellery specifically. Gen Z followed 
closely behind when it came to purchasing 
sustainable products in general (at 65 per 
cent); however, they were less engaged 
in sustainable jewellery (at 21 per cent)34. 
This lower level of engagement compared with 
Millennials is likely due to Gen Z’s nascence 
as diamond consumers who have not yet fully 
engaged with the category. 
While these trends alone should signal a 
changing tide in consumer preferences, 
perhaps most telling was that 84 per cent of 
consumers in the study reported they had paid 
more for the environmentally and socially 
responsible jewellery they bought. Among 
Gen Z this proportion was 77 per cent. 
Focusing on diamonds specifically, the 2021 
study showed that 58 per cent of all consumers 
globally would prefer a diamond produced 
in a socially and environmentally responsible 
way, with a similar proportion of 59 per cent 
for Gen Z. Among those making the 
sustainable choice, 85 per cent overall and 
92 per cent among Gen Z were willing to 
pay a premium for the sustainable diamond.
TREND 1 VALUES WILL UNDERPIN INDUSTRY VALUE
NEW RESEARCH REINFORCES THE DESIRE FOR 
SUSTAINABILITY AND ETHICAL ASSURANCES
New research commissioned by De Beers 
Group in 2022 among more than 18,000 
US women reinforces that sustainability 
considerations remain top of mind for 
consumers and are having tangible impacts on 
their purchasing decisions. This latest research 
also highlighted that, beyond environmental 
and social sustainability, trusting ethical 
business practices behind a diamond’s 
journey to retail is increasingly important. 
More than one-third of women (36 per cent) 
specifically look into the ethical credentials 
of the diamond jewellery brands they are 
considering purchasing and around half 
(51 per cent) say they would not buy diamonds 
if they knew they were not ethically sourced. 
In addition, 40 per cent of women say 
that knowing about the positive impact of 
diamonds on local mining communities would 
make them more likely to buy diamonds35.
As might be expected, these concerns are not 
evenly spread across age groups: it is younger 
consumers who are driving the demand for 
more transparency and integrity. Compared 
with older generations, Gen Z and Millennials 
are more likely to research the ethical 
credentials of the diamond jewellery brands 
they would consider buying and are more 
likely to buy diamonds if they are informed 
of their positive impact36.
Notes:
34	 De Beers commissioned study Consumers and Sustainability in the Diamond Industry, 2021, conducted in the US, China,  
India, UK, France, Italy and South Africa
35	 De Beers commissioned Diamond Acquisition Study USA 2022.
36	 De Beers commissioned Diamond Acquisition Study USA 2022
3rd
Jewellery ranks 3rd, after only food and clothing, 
as the category where consumers most often 
consider sustainability factors
30%
of Millennials have bought jewellery with 
responsible sourcing credentials in the past 
five years
58%
of consumers would prefer diamonds produced 
in a socially and environmentally responsible 
way. Of those, 85% overall and 92% among 
Gen Z are willing to pay a premium
A RECAP OF THE FINDINGS OF THE 2021 DIAMOND 
INSIGHT REPORT
INDUSTRY 
INSIGHT
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YOUNGER CONSUMERS ARE MORE LIKELY 
TO SEEK OUT ETHICAL ASSURANCES WHEN 
BUYING DIAMONDS
Reassuringly for the diamond industry, a 
considerable proportion of consumers already 
understand that diamonds benefit the nations 
where they are sourced and processed. In the 
US, this accounts for 49 per cent of women 
overall, while awareness is higher among Gen 
Z (52 per cent) and Millennials (53 per cent)37. 
However, these findings also demonstrate 
there is significant opportunity for the diamond 
industry to further reinforce its ethical and 
sustainability credentials to consumers 
through prominent and digestible information, 
both in-store and online.
When it comes to the specific ESG factors that 
play a role in consumers’ choice of diamond 
brands, the two most influential factors for 
women in the US are preserving wildlife 
around diamond mines and sourcing from 
conflict-free zones. Nearly two in five women 
(39 per cent) gave these considerations their 
highest importance rating. In China, just over 
one in five women (22 per cent) place a top 
influence on ethical and ESG factors (e.g. 
worker welfare, impact on the environment 
and transparent supply chain) when choosing 
diamond brands. For Gen Z, this is even 
more relevant with 28 per cent ranking it 
as their most important consideration. 
Notes:
37	  De Beers commissioned Diamond Acquisition Study USA 2022
In Numbers: Agreement with statements
Source: De Beers commissioned Diamond Acquisition Study USA 2022
KNOWING ABOUT THE POSITIVE IMPACT OF DIAMONDS ON LOCAL MINING 
COMMUNITIES WOULD MAKE ME LIKELY TO BUY MORE DIAMONDS
I LOOK INTO THE ETHICAL CREDENTIALS OF THE DIAMOND JEWELLERY BRANDS 
I CONSIDER BUYING
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
When it comes to the 
specific ESG factors that 
play a role in consumers’ 
choice of diamond 
brands, the two most 
influential factors for 
women in the US are 
preserving wildlife 
around diamond mines 
and sourcing from 
conflict-free zones.
TREND 1 VALUES WILL UNDERPIN INDUSTRY VALUE
YOUNGER CONSUMERS ARE MORE LIKELY TO SEEK OUT ETHICAL ASSURANCES WHEN 
CHOOSING DIAMOND JEWELLERY BRANDS
50%
Gen Z
47%
Millennials
40%
Average
39%
Gen Z
41%
Millennials
36%
Average
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THE PROVENANCE IMPERATIVE
Provenance has been a focus for the diamond 
industry for almost two decades, beginning 
with the Kimberley Process (KP) in 2003, 
designed to stem the flow conflict diamonds 
around the world. Since then, the Best Practice 
Principles (BPPs), introduced by De Beers 
Group, went beyond the KP protocols to 
require compliance with a broader set of 
ethical, financial and governance best practice 
standards for the company’s supply chain; and 
in 2005, the Responsible Jewellery Council 
(RJC) was established, creating a similar set 
of standards (the RJC ‘Code of Practices’) 
for its members across the entire jewellery 
value chain. 
The evolution of social concerns has increased 
the number of consumers who want assurance 
about the impact their diamond has made on 
people and planet. While it has long been 
common for purchasers to request grading 
certificates for the size and quality of a 
diamond (39 per cent of pieces acquired 
by US women in 2021), there is a gathering 
momentum of requests for certificates of 
diamond origin, with 27 per cent of new 
diamond acquisitions coming with such 
certification in 202138. 
The conflict in Ukraine has further heightened 
interest in provenance. The consumer response 
to US sanctions on diamonds of Russian origin 
shows that one in five Americans are now 
more likely to look for the origin of diamonds 
and about one in 10 are more likely to buy 
diamond jewellery from reputable brands39. 
Government sanctions, together with a shift  
in retailers’ sourcing approaches, have made 
source assurance a rapidly increasing priority 
for many retailers.
Fortunately, the diamond industry has been 
developing provenance programmes for 
several years, often enabled by new 
technologies such as blockchain. Such 
programmes can give retailers – and 
consumers – the confidence they require. 
Beyond assurance of origin, provenance 
programmes can also inform consumers about 
the positive impact their diamond has helped 
create on its journey to them. In doing so, 
diamond jewellery brands have a significant 
opportunity to respond to the consumer 
desire for this information and drive value 
differentiation by bringing a diamond’s story 
to life through digitally enhanced storytelling. 
As encapsulated by Marc Jacheet, CEO 
De Beers Brands, “In the next decade, the 
4Cs will be complemented by the 3Ps – 
provenance, purpose and partnership. Where 
provenance becomes key – both as a sign 
of quality and through end-clients wanting 
to know they are part of a story that creates 
positive impact for people and the planet.”
Notes:
38	 De Beers commissioned Diamond Acquisition Study USA 2022
39	 De Beers OnePulse surveys conducted in five waves since January 2022 among 500 US men and women aged 16-54 with household 
incomes of US$25k+ in each wave
UNDERPINNING TRUST – DE BEERS  
CODE OF ORIGIN AND TRACR™
The De Beers Code of Origin is a synonym 
to trust for diamond end-clients, providing 
assurance that their diamond is natural and 
was discovered by De Beers in Botswana, 
Canada, Namibia or South Africa, 
where it helped provide jobs, healthcare 
and education. Supported by digitally-
enhanced storytelling, it also confirms that 
a diamond has been responsibly sourced in 
line with De Beers Group’s stringent ethical 
standards and has made a positive impact on 
people and the planet through the company’s 
Building Forever sustainability commitments. 
The Code itself is a unique customised 
code inscribed on the table of a diamond, 
which is invisible to the naked eye. 
Supplementing Code of Origin is Tracr, 
De Beers Group’s innovative diamond 
traceability platform and the world’s only 
distributed diamond blockchain that starts 
at the source and provides tamper-proof 
source assurance at scale. With more people 
wanting to know the source of the products 
they acquire, the deep meaning associated 
with a diamond purchase requires a 
technological step-change to meet their 
expectations. The Tracr platform combines 
distributed ledger technology with advanced 
data security and privacy so that users have 
control over their own data. In addition, the 
decentralised nature of the platform ensures 
its speed and scalability, with the ability 
to register one million diamonds a week. 
Tracr has twice been named by Forbes as 
one of its 50 leading blockchain solutions.
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 1 VALUES WILL UNDERPIN INDUSTRY VALUE
21
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FORCES SHAPING A NEW  
DIAMOND WORLD
continued
Notes:
40	 De Beers commissioned Diamond Acquisition Study US 2022
41	 De Beers commissioned Diamond Acquisition Study China 2021
42	 De Beers commissioned Diamond Acquisition Study US 2022
43	 De Beers commissioned Diamond Acquisition Study China 2021
Brands play a powerful role for consumers when it 
comes to diamonds. Trusted brands can give consumers 
the quality and provenance assurance they often seek 
while also being an expression of uniqueness and 
personal values. So, it’s perhaps unsurprising that 
brands have been taking an increasing share of all 
diamond jewellery sales over time. 
The popularity of brands in diamond jewellery and diamonds 
continues to rise. Asked whether the diamond jewellery acquired 
in 2021 was branded or unbranded, US consumers say that 
two-thirds of all diamond jewellery acquisitions were branded. 
This is double the proportion seen in 2015 and represents almost 
80 per cent of women’s diamond jewellery sales by value40.  
In China, brands accounted for an even higher proportion of 
acquisition value, at 85 per cent in 2020. Once again, Gen Z  
is a driving force behind this trend41. Three-quarters of diamond 
jewellery purchases in the US in 2021 by Gen Z were branded, 
compared with two-thirds for Gen X and only a little more than 
one-third for Baby Boomers42. In China, brands represented 79 
per cent of diamond jewellery pieces purchased by Gen Z43.
TREND 2
THE RISE OF BRANDS
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BRANDED ACQUISITION IN THE US, 2015-2021
(self-claimed, % of acquired diamond jewellery pieces)
BRANDED ACQUISITION IN THE US BY GENERATION, 2021
(% of acquired diamond jewellery pieces)
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
Marc Jacheet, CEO De Beers Brands, believes 
we are seeing an evolution when it comes to 
diamonds, moving from the ‘diamond as the 
category’ to the ‘diamond as the brand’. 
“Brands create desirability and communicate 
an outstanding idea of quality,” he said. 
He states that desirable brands should:
	
– Create stories to immerse the end client 
in the brand’s DNA and heritage
	
– Create aspirations by providing a vision 
of beauty and making the end client feel 
a certain way
	
– Excel in design
	
– Continually innovate.
This trend of growth in branded diamond 
jewellery is only set to continue, as it is 
underlined by the fact it is the younger 
generations who most acquire branded 
products. Brands are more important to the 
younger generations as they contribute to 
their sense of self-worth and desire to express 
individuality. The importance of brands 
to Gen Z in helping them build their own 
personal brand as part of their individualistic 
and competitive nature was discussed in more 
detail in the 2018 Diamond Insight Report. 
Since the younger generations tend to highly 
prioritise issues of climate change and social 
justice, acquiring brands espousing such values 
can enhance their own personal brand. 
TREND 2 THE RISE OF BRANDS
Source: De Beers commissioned Diamond Acquisition Study USA 2022
BRANDED
UNBRANDED
DON’T KNOW
1
1
1
1
2015
2017
2019
2021
In value = 79%
BRANDED VS UNBRANDED DJ (IN PIECES)
33
25
41
34
25
41
42
25
33
65
12
23
Gen Z
Millennials
Gen X
Boomers
BRANDED VS UNBRANDED DJ (IN PIECES)
76 3
21
72
10
18
64
11
25
38
21
41
23
DIAMOND INSIGHT REPORT 2022
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CHAIN DASHBOARD
IN FOCUS

FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 2 THE RISE OF BRANDS
IN NUMBERS  
THE RISE OF BRANDS
74%
of pieces acquired by high-income (US$150k+) 
US women are claimed to be branded
BRANDED (NET)
PIECES
VALUE
BRIDAL
62%
76%
GIFTING
61%
73%
SELF-PURCHASING
73%
87%
Source: De Beers commissioned Diamond Acquisition Study US 
2022
AFFLUENT AND SELF-PURCHASING CONSUMERS 
ARE MORE LIKELY TO BUY BRANDED DIAMOND 
JEWELLERY
Diamond brands are more sought after by 
high-income consumers than others. In the US, 
nearly three-quarters (74 per cent) of diamond 
jewellery acquisitions by women with incomes 
of $150,000 or more were branded, 
compared with an average of nearly two-thirds 
(65 per cent) for all income categories44. 
Among the different reasons for purchase – 
bridal, gifting or self-purchase – it was the 
self-purchase category where brands were 
most prized, accounting for 73 per cent 
of acquisitions45. 
In China, the majority of brand acquisitions 
were those of Chinese retailers (66 per cent by 
volume), with international brands representing 
seven per cent and other brands 12 per cent47.
If brands are now established as key drivers 
of diamond jewellery selection, what can 
we discover from the methods that consumers 
use to conduct their research and make 
their purchase? 
LOCAL AND INDEPENDENT BRANDS ARE 
GAINING SHARE
While there is a clear difference between 
acquisitions of branded and non-branded 
products, there are also some noteworthy 
distinctions within the branded category 
overall. In the US, the smaller US local designer 
and retailer brands most increased their 
growth between 2019 and 2021, reaching 
a 30 per cent share of acquired pieces. 
This compares with a share of 17 per cent for 
the international luxury diamond jewellery 
brands (the likes of Cartier and Bulgari) and 
13 per cent for the international designer 
brands (the likes of Gucci and Chanel)46. 
If brands are now established as 
key drivers of diamond jewellery 
selection, what can we discover 
from the methods that consumers 
use to conduct their research 
and make their purchase? 
Notes:
44	 De Beers commissioned Diamond Acquisition Study US 2022
45	 De Beers commissioned Diamond Acquisition Study US 2022
46	 De Beers commissioned Diamond Acquisition Study US 2022
47	 De Beers commissioned Diamond Acquisition Study China 2021
24
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FORCES SHAPING A NEW  
DIAMOND WORLD
continued
One of the key trends resulting from the Covid-19 
pandemic was an acceleration of consumer 
willingness to purchase diamond jewellery online. 
Even before the pandemic, consumers widely used 
online to research their diamond acquisitions,  
but the reality of lockdowns gave a strong impetus 
to online buying. In 2021, online sales of diamond 
jewellery in the US reached 25 per cent by value and 
31 per cent by volume, compared with 14 per cent 
and 18 per cent respectively in 2015. 
PHYGITAL RETAIL IS HERE TO STAY 
TREND 3
25
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Notes:
48	 De Beers commissioned Diamond Acquisition Study US 2022
49	 De Beers commissioned Diamond Acquisition Study US 2022
50	 De Beers commissioned Diamond Acquisition Study US 2022
Source: De Beers commissioned Diamond Acquisition Studies US 2016-2022
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
Of the 31 per cent of online sales by volume, 
online acquisition was higher than average 
among Gen Z acquirers (42 per cent of 
acquisitions in this group), self-purchasers 
(40 per cent) and single women (37 per cent)48.
In addition, about half (54 per cent) of online 
acquisitions in the US were made by people 
buying diamond jewellery for the first time49. 
While this is likely to have been driven by the 
Covid-19-related store closures, it also indicates 
a growing acceptance of and trust in diamond 
jewellery e-commerce.
While the average value of pieces purchased 
online in the US increased by a significant 
17 per cent from 2019 to 2021, this still 
lagged behind offline where the increase 
in average value was 50 per cent 50. 
However, despite the majority of diamond 
jewellery purchases by both value and 
volume still taking place in-store, online is 
an increasingly critical part of the diamond 
acquisition journey, especially when it comes 
to researching designs and brands and 
particularly among the younger generations. 
This combined use of physical and digital 
channels in consumer purchasing patterns – 
known as phygital – is a defining feature of 
the new diamond world, where a dedicated 
and compelling omnichannel strategy is 
business-critical.
ONLINE SALES OF DIAMOND 
JEWELLERY CONTINUED TO 
GAIN MARKET SHARE IN 2021
25%
of diamond jewellery sales by value were 
made online in the US in 2021
54% 
of online acquisitions in the US were made by 
people buying diamond jewellery for the first 
time 
0
0
0
0
2015
2017
2019
2021
VALUE SHARE
86
14
78
22
77
23
75
25
0
0
0
0
2015
2017
2019
2021
VOLUME SHARE
82
80
77
69
18
20
23
31
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
IN STORE
ONLINE
SHARE OF ONLINE DIAMOND JEWELLERY ACQUISITIONS IN THE US, 
2015-2021 (% OF RETAIL VALUE)
26
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Notes:
51	 Gartner, Brave New Worlds: Tapestry of Trends 2022 – By Gartner Futures Lab, 2021
52	 Ibid
53	 De Beers commissioned Diamond Acquisition Study USA 2022
54	 Mastercard, SpendingPulse US Executive Data August 2022
55	 The term acquisition is used in the research and in this report to signify diamond jewellery purchasing by women for themselves or receipt 
by women of diamonds as a gift
56	 De Beers commissioned US Diamond Acquisition Studies 2016-2022
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
Gartner forecasts a potential increase in 
total revenues of 20 per cent by 2025 for 
organisations offering a unified commerce 
experience by seamlessly moving customers 
through journeys51. The short-term impacts 
of this approach are expected to be a more 
robust remote customer experience and, on 
that basis, creation of new digitally enhanced 
physical customer experiences. To help 
achieve this, organisations may consider 
making digital the default experience and 
remote the default delivery model. The digital 
remote experience will need to be enhanced 
and extended into the physical space52.
THE PREFERENCE FOR ONLINE IS NOT JUST 
A PANDEMIC-ERA TREND
The question facing retailers as the world 
started coming out of lockdowns was: is 
online shopping for diamonds here to stay? 
Latest research53 shows that the answer is yes.
Looking at the broader jewellery category in 
the US, Mastercard SpendingPulse data for the 
past four years shows that online purchasing of 
jewellery in the eight months to August 2022 
reached 37 per cent of all jewellery store 
sales, slightly above the 2020 full-year share 
of 36 per cent and well above 2019’s 
pre-pandemic level of 25 per cent54. It can 
be expected that holiday gift purchases during 
the last two months of 2022 will see this share 
increase further. 
But regardless of whether the ultimate purchase 
is made in-store or online, natural diamond 
jewellery acquisition increasingly includes 
a digital journey, with about half (49 per cent) 
of all acquisitions55 now researched online 
compared with around three in 10 (29 per cent) 
in 2015. 
ONLINE RESEARCH IS AN INCREASINGLY 
IMPORTANT PART OF THE DIAMOND 
ACQUISITION JOURNEY
49%
of all diamond jewellery purchases in the US 
are now researched online (vs 29% in 2015)
HISTORICAL 
TREND56
% PIECES RESEARCHED  
ONLINE
2015
29%
2017
30%
2019
37%
2021
49%
Source: De Beers commissioned Diamond Acquisition Studies US 
2016-2022
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
The question facing 
retailers as the world 
started coming out of 
lockdowns was: is online 
shopping for diamonds 
here to stay? 
27
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18%
17%
16%
14%
14%
13%
13%
13%
13%
13%
12%
11%
11%
9%
9%
8%
Visit jewellery stores to see range of options
Online – to pre-select designs liked
Online – to ﬁnd a jeweller
Online – for diamond characteristics/speciﬁcation
Online – to learn about diamond pricing & value
Social media – for ideas and opinions
Ad for diamond jewellery that caught attention
Talk to friends/family
Social media – looked up the brand
Advice from preferred jeweller
Ad for brand that caught attention
Online – to ﬁnd out about diamond sourcing
Magazines for ideas
Social media – saw inﬂuencer/celebrity wearing 
a jewellery piece
Article written about a piece of diamond jewellery 
Email from retailer 
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
Source: De Beers commissioned Diamond Acquisition Study US 2022
RESEARCHING THE DIAMOND JEWELLERY ACQUISITION
JEWELLERY RESEARCH
The following table illustrates the different 
methods consumers use to research diamond 
jewellery. 
While 18 per cent of pieces are researched 
by visiting physical jewellery stores, this is now 
virtually on par (17 per cent) with using the 
internet to select diamond jewellery designs, 
showing just how important it is for jewellers 
to present their range online, as well as offline.
For one in six pieces (16 per cent) acquired, 
the purchaser even uses an online search 
to find a jewellery store57, highlighting the 
importance for retailers to maintain a well-
managed internet presence, not only with 
optimised search results, but with a variety 
of designs on show, as well as having their 
sustainability credentials positioned front 
and centre.
THE PHYGITAL RETAIL EXPERIENCE
What does this mean for the traditional retail 
experience? As many as six in 10 online 
shoppers (60 per cent) are happy to buy 
diamonds online without seeing the physical 
product, but for 54 per cent of consumers58, 
the possibility of seeing the product in-store 
gives them greater confidence to buy online. 
This point is reinforced when we consider the 
split between the use of physical and digital in 
the complete shopping journey, from research 
to acquisition. While two in five consumers still 
solely use the traditional method of researching 
and buying in-store, one in five consumers now 
uses only digital for both parts of the process, 
and two in five use a mix of physical and 
digital – phygital. We can expect the move 
towards greater use of digital to increase 
further in the coming years, emphasising the 
need for brands and retailers to recognise 
that omnichannel marketing is a must. 
In China, the picture is similar, albeit on a 
smaller scale. Using digital to conduct research 
of diamond jewellery before acquisition 
increased from one in four (25 per cent) in 
2018 to two in five (39 per cent) in 202059. 
Online acquisition has grown in China too 
but remains much lower than in the US: it 
stands at four per cent in 2022, compared 
with one per cent in 201660. There is every 
reason to believe that this trend will not only 
continue but gather pace.
Notes:
57	 De Beers commissioned Diamond Acquisition Study USA 2022
58	 De Beers commissioned Diamond Acquisition Study USA 2022
59	 De Beers commissioned Diamond Acquisition Study China, 2021
60	 De Beers commissioned Diamond Acquisition Studies China, 
2019-2021
PHYSICAL
DIGITAL
28
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Notes:
61	 De Beers commissioned Diamond Acquisition Study USA 2022
RESEARCHED  
IN STORE
RESEARCHED  
ONLINE
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
When tailoring their online offer, jewellers 
need to be aware that in 2021, half of 
online diamond jewellery acquirers in the 
US (50 per cent) were aged 18 to 34 
and more than half (54 per cent) already 
owned several pieces of diamond jewellery.61 
This means that the online offer needs to 
include a good range of designs and brands 
which will appeal to a young audience, 
many of whom already have a rich diamond 
jewellery box and are looking for uniqueness.
The success of an online retail offer also 
depends heavily on the retailer’s ability to 
deliver the product quickly – nearly half 
(47 per cent) of online acquirers claim they buy 
online only if the piece is available in stock to 
be delivered within a week.61 Consequently, 
retailers need to ensure that the purchase and 
shipping service they offer online is every bit 
as good as its in-store counterpart.
The importance of an integrated physical and 
digital retail strategy was recently highlighted 
by Signet Jewelers CEO, Virginia C. Drosos, 
in the company’s earnings call for the 
second quarter of 2023, where she said: 
“Our connected commerce presence … 
ensures that we are uniquely able to meet our 
customers’ needs whenever, wherever and 
however they want to engage. Relevance plus 
readiness is a powerful combination.”
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
51%
49%
40%
Purchased in  
physical store
30%
Purchased in  
physical store
11%
Purchased  
online
19%
Purchased  
online
RESEARCHING AND BUYING DIAMONDS INCREASINGLY INVOLVES A PHYGITAL APPROACH
Source: De Beers commissioned Diamond Acquisition Study US 2022
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AFTER NATIONAL JEWELLERY CHAINS, 
ONLINE-ONLY RETAILERS ACCOUNT FOR THE 
MAJORITY OF GEN Z PURCHASES
While 30 per cent of diamond jewellery 
pieces were purchased online in the US in 
2021, only four per cent of total purchases 
were through online-only retailers. However, for 
Gen Z, it was 16 per cent of pieces, indicating 
what the future holds for this channel as the 
youngest generation grows in maturity and 
comes of age as diamond buyers. The only 
other retail channels ahead of pure online for 
Gen Z were the national chains, such as Zales 
and Kay (21 per cent of acquired pieces)62.
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
GEMIST: A DIGITAL-FIRST FINE 
JEWELLERY BRAND 
Notes:
62	 De Beers commissioned Diamond Acquisition Study USA 2022
INDUSTRY 
INSIGHT
Gemist CEO and founder, 
Madeline Fraser, was spurred to 
create Gemist’s unique digital fine 
jewellery offering when shopping 
for her own engagement ring. As a 
digital consumer and tech start-up 
founder, buying online was her 
natural first instinct. However, in 
attempting to do so, it soon became 
apparent that the offering she was 
seeking – one which also enabled 
personal customisation – was not 
readily available. 
Gemist was born to capitalise on this 
opportunity, as an online-only brand which 
also offers customisation and a ‘try before you 
buy’ option where clients receive a replica  
of their chosen design prior to purchase.
As Millennials and Gen-Z consumers make 
their mark, more jewellery sales are moving 
online. According to McKinsey, the global fine 
jewellery category is predicted to be valued at 
$340 billion by 2025, with up to 21 per cent 
of sales coming from online channels. 
However, a significant statistic that goes up 
with the increase in online shopping is the rate 
of returns as customers are unable to see and 
feel what they purchase. In a recent Forbes 
interview, Fraser commented: “We know that 
85 per cent of today’s modern consumers 
expect customisation and 71 per cent want  
to try before they buy. It’s common in other 
industries like fashion and eyewear, so it  
makes perfect sense when it comes to rolling 
these experiences into jewellery.”
The brand’s trial service has proven popular 
with younger couples shopping for their 
engagement rings and has even facilitated 
new proposal experiences where the 
proposer orders a try-on box and proposes 
with three options, following which both 
partners design the ring together. 
Further, return rates have reduced to under 
two per cent and Gemist has also seen a 
2.5 times higher average order value when 
clients engage in the try-on experience. 
On the back of this success, Fraser said: 
“We will continue to expand our product 
offerings, roll out exciting partnerships 
with designers to enable this unique 
functionality on their sites and create 
even more advanced digital experiences 
for our consumers.”
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GEN Z AND MILLENNIAL ONLINE RESEARCH 
PREFERENCES
Younger generations tend to use online 
methods for diamond jewellery research more 
than older consumers. For example, in China, 
as many as half (49 per cent) of the total 
pieces acquired by Gen Z consumers are 
researched online, compared with an average 
of two in five (39 per cent) pieces for all 
consumers63. 
Gen Z consumers in China are particularly 
likely to conduct research via social media 
but tend to use shopping sites and apps less 
than Millennials64. US Millennials are the 
biggest users of online and social media for 
researching diamond acquisition – three in five 
(58 per cent) of the pieces they acquire are 
researched this way65. This indicates a trend 
toward greater use of social media for 
diamond jewellery research in the future, 
and retailers will need to prepare for this. 
GEN-Z ARE MORE LIKELY TO RESEARCH VIA SOCIAL MEDIA: 26% (MILLENNIALS: 13%)
YOUNGER MILLENNIALS (24-30) ARE MORE LIKELY TO RESEARCH VIA SHOPPING SITES: 8% (GEN-Z: 2%)
DIAMOND JEWELLERY ACQUISITIONS RESEARCHED ON SOCIAL MEDIA
DIAMOND JEWELLERY ACQUISITIONS RESEARCHED VIA SHOPPING SITES/APPS
12%
6%
Source: De Beers commissioned Diamond Acquisition Study China, 2021
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
IN CHINA, GEN-Z ARE MORE LIKELY TO RESEARCH VIA SOCIAL MEDIA WHILE MILLENNIALS ARE 
MORE LIKELY TO USE SHOPPING SITES
4%
JD
9%
The Red
4%
Weibo
4%
Tmall
7%
Douyin
3%
Taobao
6%
Wechat  
moment
Notes:
63	 De Beers commissioned Diamond Acquisition Study China, 2021
64	 De Beers commissioned Diamond Acquisition Study China, 2021
65	 De Beers commissioned Diamond Acquisition Study USA 2022
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ONLINE BUYING IS HERE TO STAY
68%
of online buyers intend to continue buying 
diamond jewellery online in the future
Gen Z consumers are particularly likely to use 
a digital search to preselect a design, with 
23 per cent of pieces acquired this way. What 
is more, they are more likely than others to say 
that a reason for not acquiring diamonds is a 
lack of appealing designs66. This emphasises 
a real opportunity for retailers to engage better 
with Gen Z by understanding their preferred 
design choices and placing them clearly on 
their websites and social media platforms.
CONSUMERS SPEND MORE OFFLINE THAN THEY 
DO ONLINE 
Despite this upward trend in the use of digital 
channels, however, it remains the case that 
consumers tend to spend more on average 
when they purchase offline. In the US, the 
average online sale was $2,204 in 2021, 
compared with an average of $2,994 for 
diamond jewellery bought in-store. And this 
gap has increased since 2019.67 
In China, there was a similar gap with an 
average value of RMB7,400 (approx. US$1,100) 
online, compared with an offline average price 
of RMB9,500 (approx. US$1,400).66 This may 
indicate that consumers buying diamonds of 
particularly high value still favour seeing and 
touching them first for the full experience;  
but as the trust in e-commerce grows, this gap 
may shrink.
THE FUTURE
Looking to the future of online diamond 
jewellery sales in the US, over two-thirds of 
online acquirers (68 per cent) intend to 
continue buying diamond jewellery online, as 
they are quite comfortable with this channel.67 
The proportion of online purchases of 
diamond jewellery remains much larger than 
pre-pandemic and is a feature that’s here to 
stay. A compelling, user-friendly and seamlessly 
integrated omnichannel experience is therefore 
essential for all diamond jewellery brands and 
retailers to meet the needs of their end-clients 
in the new diamond world. 
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 3 PHYGITAL RETAIL IS HERE TO STAY
Notes:
66	 De Beers commissioned Diamond Acquisition Study China, 2021
67	 De Beers commissioned Diamond Acquisition Study USA 2022
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With today’s technology, we may now all take 
digital shopping for granted, but this was a pipe 
dream only 20 or 30 years ago. Fast forward, 
and Web3 – the next iteration of the internet – is 
leading the next digital revolution. But it is NFTs 
(non-fungible tokens) and the metaverse – a new 
immersive 3D world enabled by Web3 – that are 
gaining the most attention in the luxury sector for 
their potential to engage with consumers in entirely 
new ways and, in doing so, open up new sources of 
revenue, brand equity and customer acquisition.
WEB3 AND THE METAVERSE ARE POTENTIAL 
GAME-CHANGERS
TREND 4
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TREND 4 WEB3 AND THE METAVERSE
Demand for NFTs has expanded considerably 
in recent years, notwithstanding high levels of 
volatility common with cryptocurrencies (the 
currency most used to buy NFTs) which led to  
a decline in 2022. Despite this, luxury brands 
continue to test and invest in the space, with 
several high-profile NFT ‘drops’ taking place 
over the past 12 months from the likes  
of Tiffany & Co, Dolce & Gabbana and Nike 
(through its acquisition of RTFKT Studios)68,  
to name a few. In 2021, Morgan Stanley 
estimated that luxury NFTs could become  
a $56 billion market by 2030, out of a total 
NFT market size of $240 billion69.
When it comes to the metaverse, while still 
nascent as a concept, enthusiasts claim it will 
revolutionise the way we live our lives as we 
find new ways to connect to people, places 
and objects in parallel worlds – melding the 
physical and digital in previously unforeseen 
ways. It is expected there will be many 
metaverses existing in tandem in the future, 
serving the needs of various communities in the 
same way there are a variety of social media 
platforms today. Gaming is expected to be 
the earliest adopter of these new technologies, 
with platforms such as Fortnite and Roblox 
already providing metaverse experiences70. 
Forecasts for the future potential of the 
metaverse are astonishing. McKinsey estimates 
that the value of the metaverse could reach 
$5 trillion by 203071. It also states that more 
than $120 billion in investment had flowed  
into the metaverse in the first half of 2022,  
and that 27 per cent of users active in the 
metaverse had made a purchase – highlighting 
the metaverse’s potential as both a virtual 
playground and shopping mall. 
The technologies behind the metaverse 
are developing at great speed, including 
augmented reality (AR), head-mounted 
displays, AR Cloud, Internet of Things, 5G, 
artificial intelligence and spatial computing. 
According to statistics published by Influencer 
Marketing72, there are expected to be 
more than 1.1 billion mobile AR users globally 
by the end of 2022, and 1.7 billion by 2024, 
making this a prime and still relatively 
untapped opportunity for luxury brands  
and retail jewellers.
Notes:
68	 Nike leads NFT success by revenue as fashion shines over Pepsi, Time magazine | Vogue Business
69	 https://markets.businessinsider.com/news/currencies/luxury-nfts-metaverse-56-billion-market-revenue-2030-morgan-stanley-2021-11
70	 https://www.forbes.com/sites/paultassi/2021/10/15/roblox-makes-a-metaverse-move-fortnite-should-worry-about/?sh=7118ef1372c1
71	 Value creation in the metaverse, McKinsey, June 2022:  https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/
value-creation-in-the-metaverse
72	 https://influencermarketinghub.com/metaverse-stats/
73	 What is Web3? https://www.nytimes.com/interactive/2022/03/18/technology/web3-definition-internet.html
74	 What is Web3? https://hbr.org/2022/05/what-is-web3
75	 Defining The Metaverse Today (forbes.com)
76	 https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-fe-series/index.html
WHAT ARE WEB3, THE METAVERSE, 
AVATARS AND NFTs?
WEB3
Web3 refers to the next iteration of the internet 
that is built using decentralised blockchains 
with a focus on creator and community-run 
networks73. The vision for Web3 includes 
cryptocurrencies, NFTs (non-fungible tokens), 
metaverse, decentralised finance and more 
– with users having more control over, and 
a financial stake in, the web communities 
to which they belong74. 
METAVERSE
The metaverse remains an evolving concept but 
can perhaps best be thought of as immersive 
space that connects the digital and real-world 
lives of users. By incorporating technologies 
like AR, virtual reality (VR), AR Cloud, Internet 
of Things, 5G, artificial intelligence and 
blockchain, the metaverse offers new 
digital ways to work, learn, shop, socialise, 
and relax75.
AVATARS
While some metaverse experiences do not 
require users to be present in an embodied 
form, for others an ‘avatar’ is a required – a 
3D representation of oneself (photorealistic 
or fantasy), which the user controls. 
NFTs
A non-fungible (meaning non-replaceable, 
‘one-of-a-kind’) token is a unique digital code 
that represents a digital asset which could be 
an image, audio, music video or item in a 
video game. An NFT is secured and stored 
on a blockchain with immutable metadata 
and ownership history76. NFTs also offer the 
potential for ‘smart contracts’ which allow the 
creator to embed royalties within the NFT. 
Such royalties ensure the original creator of 
the NFT receives a percentage of the sale 
price each time the NFT is traded on a 
secondary market.
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2022 was the year when one could 
not open a magazine or news 
website without seeing headlines 
about Web3, NFTs and the 
metaverse. Despite this news 
overload, these concepts remain 
vague and abstract to much of 
the general public.
So, why should the diamond industry pay 
attention to Web3 and all related 
technologies? Because it is the next iteration 
of the internet. It is the next source of creativity 
and inspiration for brands and luxury brands, 
and it is set to dominate culture for at least the 
next decade. 
At the core of Web3 is blockchain technology 
(which started with the cryptocurrency, Bitcoin, 
in 2009), which has been adopted across 
various industries for its ability to underpin trust 
in digital platforms through an immutable, 
decentralised record of ‘transactions’ (or data 
entries). It is also the technology that sits behind 
NFTs (non-fungible tokens), with blockchain 
making it possible to certify the ownership of 
these unique digital assets. 
In turn, blockchain technology and NFTs 
have given power and a platform to millions 
of creative minds. Every single artist, designer 
or creative talent now has the ability to 
showcase and sell their work digitally, 24/7, 
to gain royalties in perpetuity, and to build 
their communities. 
Beyond blockchain, recent progress in 
computing power, 3D streaming and 
augmented and virtual reality, underpin the 
advent of the metaverse. The metaverse is not 
a destination, but any digital experience 
which is immersive 3D, where people can 
hang out, socialise, consume content, and also 
shop. It is the experiential part of e-commerce, 
and by the way, you do not need virtual reality 
goggles to experience the metaverse. It can 
be accessed now via desktop computers 
and mobile phones.
HOW TO START YOUR WEB3 JOURNEY?
The first guiding principle is to have long-term 
ambitions in the space. Building your 
community and leveraging Web3 technology 
is a long-term endeavor, not a one-time project. 
Then, it is about approaching the space with 
creativity and aligning with the right partners 
who will help design and execute the strategy 
that best fits your objectives and brand DNA. 
The number one pitfall is to think that there 
is easy money to be made with NFTs, 
metaverse and Web3. It can become a 
new revenue stream, but it requires proper 
investment, time and resources. 
One of the early opportunities taking hold 
in the luxury sector is in the NFT space, 
which can offer both commercial and 
brand opportunity. Looking at diamonds 
specifically, the industry could leverage 
three aspects of NFT technology already: 
1. Certification and traceability: 
The data related to a diamond (including 
origin, 4Cs, responsible sourcing 
information), and each piece of jewellery, 
can be registered on a blockchain and 
becomes immutable. Throughout the lifecycle 
of a piece of jewellery, information is public, 
easily accessible and tamper-proof. 
NFTS, THE METAVERSE AND WHY THE DIAMOND INDUSTRY SHOULD TAKE NOTE 
By Olivier Moingeon, co-founder of Exclusible, a premium e-retailer for digital collectible assets in the luxury sector 
EXPERT 
INSIGHT
Continued on next page 
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 4 WEB3 AND THE METAVERSE
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TREND 4 WEB3 AND THE METAVERSE
2. Digital twins: 
Imagine a beautiful million-dollar diamond 
necklace, which comes with its digital 
replica in the form of an NFT, given only 
to the client who purchased that necklace. 
This client could ‘wear’ the necklace through 
an augmented reality filter and post the 
picture to social media, while the physical 
piece rests in a safe. With this technology, 
the client is able to flex and enjoy showing 
their necklace, without ever having to 
worry about theft or loss. It is also a 
great visualization tool for virtual try-on, 
which helps increase conversion. 
3. NFTs as collectibles: 
Collectible NFTs give access to a wide array 
of CRM (customer relationship management) 
rewards from a brand. This is a great way for 
brands to release creative tokens either for sale 
or for free, but always with the objective to 
develop a tight knit community of brand 
enthusiasts. NFTs can then become the access 
key to exclusive products, content, and events. 
In that sense, Web3 is a new channel, and it is 
up to brands to decide if they want to leverage 
that channel for acquisition, sales or retention. 
NFTs will also enable digital fashion. We can 
expect every fashion brand to release digital 
collections regularly and to have a new 
product division for these digital assets. 
There is a common saying in Web3 that 
‘we are early’. Web3, NFTs and the metaverse 
came to mainstream media in 2021 and 
their adoption accelerated massively in 2022, 
with a lot of brands entering the space to 
test-and-learn. Recently Shopify launched 
NFT token-gating as a stand-alone feature, 
Instagram is launching crypto wallet connection 
and NFT minting, Salesforce enabled 
distribution of NFTs and Facebook rebranded 
as Meta. When tech giants adopt Web3, 
it means the march towards mass adoption 
has begun. While it may still be a long way 
ahead, the direction is clear.
We expect 2023 will be the year when luxury 
brands start launching deeply creative and 
engaging projects of the kind never seen 
before. Such projects will offer renewed 
emotions and appeal to an entire new 
generation of fans, who are the customers 
of tomorrow. The future is bright!
NFTS, THE METAVERSE AND WHY THE DIAMOND INDUSTRY SHOULD TAKE NOTE 
By Olivier Moingeon, co-founder of Exclusible, a premium e-retailer for digital collectible assets in the luxury sector 
EXPERT 
INSIGHT
Continuation from previous page 
 
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TOTAL NFT REVENUE (US$)
NFT USE CASES
When it comes to revenue generation,  
Nike’s /RTFKT NFT strategy has been the most 
successful of all brand Web3 entries, bringing 
in $185.3 million as of August 202277, 
followed by Dolce & Gabbana and Tiffany. & 
Co. What is interesting is that each brand used 
a different strategy to enter the NFT space 
which highlights the range of options available 
to brands.
ENTRY VIA ACQUISITION – NIKE AND RTFKT 
Web3 digital fashion start-up, RTFKT, made 
its mark in 2020 by selling digital sneakers for 
the equivalent of $90,000. It followed that 
in 2021 by auctioning 600 NFTs. Hopeful 
bidders could ‘try on’ the virtual sneakers on 
Snapchat before the sale began. Winners 
were able to redeem a physical, real-life pair 
of sneakers – though the brand was clear that 
the ‘real’ value item was the digital pair. In 
seven minutes, the auction raised more than 
$3 million. A few months later, an avatar 
partnership with artist Takashi Murakami 
garnered nearly $65 million in 
transaction volume. 
In December 2021, Nike announced it had 
acquired RTFKT for an undisclosed sum. Nike 
Inc President and CEO John Donahoe said: 
“This acquisition is another step that 
accelerates Nike’s digital transformation and 
allows us to serve athletes and creators at the 
intersection of sport, creativity, gaming and 
culture.” Since the acquisition, Nike and RTFKT 
have launched various NFT drops, such 
as bringing licensed Nike sneakers to the NFT 
industry through the Cryptokicks collection of 
20,000 virtual sneakers, one of which sold for 
$134,00078. Most recently was the launch of 
RTFKTs’ first physical plus digital clothing NFT 
– the RTFKT x Nike AR Genesis Hoodie – that 
harnesses AR to enable wear for both avatars 
and real-life holders of the NFT. Holders of 
previous RTFKT ‘Clone X’ avatar NFTs were 
given early access to the sale of the hoodie 
NFTs, providing perks to existing NFT holders 
while highlighting the recurring revenue 
potential that can be gained by nurturing 
exclusive and engaged Web3 communities.
FORCES SHAPING A NEW  
DIAMOND WORLD
continued
TREND 4 WEB3 AND THE METAVERSE
Notes:
77	 Nike leads NFT success by revenue as fashion shines 
over Pepsi, Time magazine | Vogue Business
78	 https://www.nytimes.com/2022/05/26/style/
nike-nft-sneaker.html
Source: Dune NFT Brands Case Study   © Vogue Business
Nike/ 
RTFKT
Dolce &  
Gabbana
Tiffany  
& Co.
Gucci
Adidas
25.7m
11.6m
185.3m
12.6m
11m
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TREND 4 WEB3 AND THE METAVERSE
ORGANIC ENTRY: DOLCE & GABBANA
In August 2021, Domenico Dolce and 
Stefano Gabbana created a landmark first – 
a nine-piece one-of-a-kind luxury NFT fashion 
collection called Collezione Genesi. The 
collection involved both digital and physical 
works, bridging the real and the metaphysical. 
Each NFT included the promise of D&G 
experiences, such as invitations to future Alta 
Moda (high fashion) events. One month after 
launch, D&G sold the NFT collection, 
alongside the actual couture, for a total of 
around US $5.7 million. In 2022, D&G 
launched an NFT community called DGFamily, 
selling ‘boxes’ offering access to different tiers 
of exclusive digital and experiential benefits 
in the metaverse and real life. Box holders 
were granted rights to the first ever Metaverse 
Fashion Week, where buying virtual clothing 
would also lead to a physical twin being 
shipped to the purchaser’s real wardrobe. 
ENTRY VIA EXISTING COMMUNITY:  
TIFFANY & CO. WITH CRYPTOPUNKS
CryptoPunks, created in 2017, are a collection 
of 10,000 pixelated punk rock characters with 
unique combinations of distinctive, randomly 
generated features79. Considered one of the 
earliest NFT projects, to hold one is to be part 
of an exclusive club whose members include 
Alexandre Arnault, Vice President of Tiffany & 
Co., Serena Williams and Jay-Z80. For its first 
NFT foray, Tiffany & Co. tapped into this highly 
exclusive CryptoPunks community with the 
creation of ‘NFTiffs’, a collection of 250 
CryptoPunk-inspired digital passes. The passes 
could be redeemed by CryptoPunks holders 
for a custom pendant of their ‘punk’ created 
in 18k rose or yellow gold with at least 
30 gemstones, designed and crafted by 
Tiffany & Co. NFTiff holders would also receive 
an NFT digital artwork resembling the final 
jewellery design. Each NFTiff cost 30 ETH 
(approx. $50,000). The collection of 250 
NFTs was sold out within minutes generating 
around $12.5 million in sales and highlighting 
the power of tapping into an existing and 
already engaged Web3 community.
METAVERSE USE CASES
Some brands are already seizing the 
chance to make their mark in the metaverse, 
mainly in 3D games, which are at the 
vanguard in the metaverse.
BALENCIAGA 
Luxury fashion brand Balenciaga is partnering 
with the online game, Fortnite, to sell four 
signature items from its collection to serve as 
skin and accessories for avatars81. Users can 
submit photos of their avatars fitted out with 
the items they purchase to be included on 
billboards of the game’s town square; they 
can also enter a Balenciaga store to perform 
a custom dance. In real life, people can walk 
up to the Madison Square Balenciaga store 
and shop the Fortnite x Balenciaga collection. 
BULGARI
For Jean-Christophe Babin, Chief Executive 
of Bulgari, the question is not whether luxury 
goods brands should enter the metaverse, 
but how? If his high-end jewellery is to be 
worn by avatars in the metaverse, he wants to 
make sure that the body on which they appear 
is not just “a cubic avatar that looks like three 
pieces of Lego put together”. So, Bulgari is 
investing in an innovation business unit and 
has a creative laboratory in Rome to make 
“more elegant” avatars82. 
Notes:
79	 https://www.larvalabs.com/cryptopunks
80	 https://nftnow.com/collectibles/from-celebrities-to-ceos-meet-
15-of-the-most-famous-cryptopunk-holders/ 
81	 From Nike to Balenciaga: These brands already have a 
presence in the Metaverse https://www.lifestyleasia.com/
ind/gear/tech/these-brands-already-have-a-presence-in-the-
metaverse/ 
82	 Financial Times, 8 July 2022: https://www.ft.com/
content/13aa0026-b559-4c03-af76-96c5d61d2f4f
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– By 2025, 10% of workers will regularly use virtual spaces, up from 1% in 2022
	
– By 2027, a majority of companies will have dedicated marketing budgets for digital humans  
(avatars) in metaverse experiences
	
– By 2028, 10% of public events (sporting, performing arts, etc) will offer participation in metaverse
	
– Potential for new revenue streams and expansion of product offerings (e.g. NFTs)
	
– Expand customer base through enhanced, immersive customer experience and additional reach
	
– Improve customer engagement through avatars being used in phygital retail strategies – customer acquisition,  
virtual selling and customer support
	
– Longer term – fully digitally-enhanced retail spaces (smart mirrors, product details available on AR glasses) 
	
– Longer term – leverage metaverse technologies to immerse customers in sourcing, supply chain and sustainability stories
	
– Start building business competency in metaverse technologies to understand the opportunity
	
– Consider where metaverse technologies could optimise or create new products and services
	
– Evaluate potential of metaverse technologies to enhance customer reach and engagement rates
	
– Use caution when investing in a specific metaverse – too early to determine which investments  
will be most effective in the long term
Source: Adapted from Brave New Worlds: Tapestry of Trends 2022 – By Gartner Futures Lab
TREND 4 WEB3 AND THE METAVERSE
METAVERSE PREDICTIONS AND ASSESSING THE OPPORTUNITY
WHAT TO EXPECT
OPPORTUNITIES
HOW TO RESPOND
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Given phygital is increasingly becoming a way 
of life for many consumers, particularly Gen Z, 
brands and retailers need to ensure that their 
processes for fulfilling end-client needs through 
digital channels are every bit as engaging and 
resourced as their traditional systems. Trust in 
e-commerce, which has been building over 
time, must be nurtured by ensuring that goods 
are shipped quickly and backed by high-
quality customer service that matches that 
in other competing industries. 
The diamond industry cannot afford to rest 
on its laurels. It must continue to innovate and 
embrace new technologies if it is to remain 
relevant to a new generation. With the advent 
of Web3 and the metaverse on the horizon, 
this is all the more important.
So when it comes to addressing the question: 
how can the diamond industry bring trusted 
brands to new generations in a digital age? – 
a holistic approach is required, taking into 
account the following considerations:
The effect of geopolitical events and a zeitgeist 
where priority is placed on societal and 
planetary welfare is that the industry must use 
all the technological and communications 
resources at its disposal to give consumers 
the evidence they require of a diamond’s 
ethical credentials. 
Underpinned by technology, the means now 
exist, through provenance programmes like 
Tracr and De Beers Code of Origin, to give 
diamond consumers the reassurance they seek 
about a diamond’s journey from discovery 
through to store. However, it’s one thing to act 
responsibly, deliver a meaningful and lasting 
impact for the people and places where 
diamonds are discovered and have the 
mechanisms in place to provide such 
assurance; but it’s another to ensure that this 
story is properly understood. So, it’s incumbent 
on brands and retailers to make this information 
readily and transparently available, bringing 
together the growing consumer desire for 
values-driven purchases, trusted brands 
and digitally-enabled storytelling into a 
compelling downstream proposition. 
	
– Are provenance and ethical assurances 
highly visible and easily accessible to 
end-clients, both in-store and online?
	
– Is value differentiation being supported 
by clearly communicating the values that 
a product or brand stands for beyond 
aesthetic and price propositions – and 
how is the brand living these values?
	
– Is there an effective phygital retail strategy 
and are investments being adequately 
prioritised to ensure a compelling and 
seamlessly integrated omnichannel 
proposition across in-store, online and social 
media that enables end-clients to research 
and purchase diamond jewellery however, 
wherever and whenever they choose?
	
– How is the evolving digital landscape, 
including Web3 and the metaverse, 
being monitored and prepared for, as new 
retail, brand and revenue opportunities 
are created? 
There is no shortage of opportunity when it 
comes to natural diamond jewellery. However, 
it is essential to capture the hearts and minds 
of younger consumers, who represent the 
next major cohort of diamond buyers. Trade 
participants will benefit from monitoring and 
tracking changes in technology and consumer 
behaviour in relation to how today’s consumers 
shop and interact with brands and adopt what 
is right for their individual businesses. As noted 
by Marc Jacheet, CEO De Beers Brands, 
“Huge potential lies ahead. It’s a potential that 
requires us to evolve our business models – not 
reinventing, not rocking the boat, but steering 
the ship in a slightly different direction – where 
brands prevail, where the end-client is at the 
heart of everything we do and where our 
offerings are underpinned by digitally-
enhanced content.” 
The trends discussed in this report are by no 
means an exhaustive summary of the forces 
shaping the new diamond world, but trade 
participants that prepare for the opportunities 
it presents with well-developed strategies  
are likely to be better placed to unearth the 
significant growth potential that lies ahead.
CONCLUSION
As we enter the new diamond world, it’s clear that the traditional 
considerations for marketing diamond jewellery – design, quality, price 
– are no longer solely sufficient given consumers’ changing preferences 
and behaviours. Industry value growth will depend on meeting the 
evolving needs of new and existing generations in relation to what they 
want diamonds to say about themselves and how they now go about 
researching and acquiring them.
There is no shortage of opportunity when it comes to 
natural diamond jewellery. However, it is essential to 
capture the hearts and minds of younger consumers,  
who represent the next major cohort of diamond buyers.
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DE BEERS UK LTD 
17 CHARTERHOUSE STREET
LONDON EC1N 6RA
www.debeersgroup.com