74 STATE OF THE MAJORS 2026 He said lab grown continues to gain market share and now ac- counts for about 15 percent of total diamond sales. He estimates the category accounted for just over half of engage- ment ring units sold in 2025. A UNIFIED MESSAGE The trend reflects a lack of clear differentiation between the two products and underscores the need to better articulate what makes natural diamonds distinct, says Mahiar Borhanjoo, chief commercial officer at De Beers Group. “We haven’t really targeted the consumer for more than a decade,” he says, referring to the point when De Beers stepped back from funding and leading category marketing campaigns. “We need to re-educate consumers about the uniqueness of natural diamonds, and we need to move toward that differentiation sooner rather than later.” That urgency prompted De Beers to resume category marketing in 2024 and 2025, revitaliz- ing “A Diamond Is Forever” as a channel for in- dustry campaigns and introducing its “Desert Diamonds” concept to spotlight stones with warm yellow, white, and brown hues. The marketing moves come amid growing recognition that natural diamonds do not hold the same significance for Gen Z as they did for previous generations, who grew up with “A Diamond Is Forever,” beacon programs like the right-hand ring, and dancing shadows suggesting that two months’ salary can last forever. Raluca Anghel, head of external affairs and indus- try relations at the Natural Diamond Council (NDC), maintains that the industry has been speaking to consumers, pointing to NDC’s strong engagement on social media. However, she stresses, it has not done so with one clear, unified voice. That fragmented messaging has confused the consumer, adds Borhanjoo. “We need to be much more collective, much more aligned, and really drive this together, especially when it comes to getting the consumer’s attention,” he says. That calls for greater consistency and coherence in how diamonds are presented, argues Rebecca Foerster, president of Hearts On Fire. She urges the trade to settle on a handful of core messages it can rally around in its outreach. “What are the five big ideas we could craft together as a consistent story that’s really going to make that consumer look at this product category and say, ‘I want to be part of this,’” Foerster asks. “Then we need to communicate it properly. There’s a lot of infor- mation out there, and people don’t have the appetite for overload. The real challenge is making that first impression.” TAPPING THE EXPERIENCE ECONOMY It isn’t only a matter of messaging. It’s also economic. Consum- ers have less discretionary income than they did 10 to 15 years ago and far more options competing for it, from technology to travel, Borhanjoo notes. Gen Z is directing a greater share of spending toward experiences rather than products, Christina Adams, a partner at McKinsey & Co., said on a company podcast. That shift is also evident across the luxury market, where consum- ers worldwide are increasingly favoring experiential indulgence over the conspicuous consumption that defined prior cycles, according to Bain & Company’s annual Luxury Goods Market Study. However, the growth in spending on concerts, major sporting events, fine dining, and travel does not have to come at jewelry’s expense, Anghel argues. “Jewelry is your forever companion because you’ll always have it on you,” she says. “You’re using jewelry as an accessory to enhance those experiences you’re having.” Raj Mehta, CEO of Antwerp-based polished supplier Spectrum B.V., shares that view. The industry often frames the experience around the moment of purchase, he says, but the more meaningful experience is in the wearing. That includes everyday wear, particularly as fashion trends have shifted toward combining accessible clothing with high-end accesso- ries, Mehta observes. Consumers are pairing jeans and a T-shirt from Zara or H&M with a Birkin bag, a Rolex watch, or diamond jewelry without it feeling ostentatious. DIAMONDS VERSUS JEWELRY Emphasizing the enjoyment of wearing diamond jewelry does not dismiss the importance of providing a compelling in-store experience, which independent jewelers typically do well, Mehta acknowledges. He observes that many anchor their sales pitch in the material components of the piece of jewelry rather than in lifestyle, heritage, or symbolism, elements more commonly emphasized by high-end luxury houses. THE STATE OF DIAMONDS JEWELRY DESIGN COLORED STONES Hearts On Fire’s “Barre Floating Diamond Choker” with 4.85 carats of diamonds “We need to re-educate consumers about the uniqueness of natural diamonds, and we need to move toward that differentiation sooner rather than later.” —Mahiar Borhanjoo, De Beers Group Continued on page 77 RETAIL
View this content as a flipbook by clicking here.