A surge in luxury spending among younger consumers is reshaping the U.S. diamond market and offering fresh momentum for African producers.
New findings from De Beers’ latest US Diamond Acquisition Study show that Gen Z is driving a notable uptick in demand for natural diamonds, with average purchase values now exceeding $4,000 per piece.
The study, which surveyed 18,500 women across the United States - the world's largest diamond jewelry market, found that 11% of respondents ranked natural diamond jewelry as their most desired luxury gift.
This placed natural diamonds ahead of lab-grown diamonds (8%), other gemstones (5%), and plain gold jewelry (4%).
The generation is not only spending more than older cohorts but is also expanding diamond buying beyond traditional engagement occasions into lifestyle-driven purchases such as career milestones, celebrations and self-gifting.
