What Does “the Next Generation of Jewelry Buyers” Want?
In addition to being a haven for discovering rarely seen high jewelry and the best Italian gold jewelry producers—and even sumptuous packaging solutions, which get an entire building to themselves—Italy’s VicenzaOro (VO) show is known for offering robust educational programming.
The biannual trade fair’s presentations and panel discussions always tackle topics that affect the jewelry industry on a global scale. Led by experts from all over the world, these sessions foster an exchange of diverse ideas and insights, providing VO audiences with a truly international perspective on everything from gold prices and tariffs to the latest trends and cultural shifts.
At VO’s January edition, “Educating the Next Generation of Jewelry Buyers”—part of the Jewelry Industry Voices series sponsored by the World Jewellery Confederation (CIBJO) and the Italian Exhibition Group, organizer of VO—stood out as one of the show’s most engaging conversations.
Moderated by author and journalist Kyle Roderick (aka @bijouxreview), the panel included Feriel Zerouki, president of the World Diamond Council; Bebe Bakhshi, the Australia-based @champagnegem blogger; Raluca Anghel, head of external affairs and industry relations at the Natural Diamond Council (NDC); and Melissa Wolfgang Amenc, director of Swiss jeweler Golay Fils & Stahl.
Roderick began the discussion with the widely reported fact that “the next generation of jewelry consumers will be inheriting massive amounts of money from their baby boomer parents.” If this so-called “great wealth transfer” ends up turning an entire generation into spendy jewelry shoppers, that’s definitely great news for retailers.
But what factors, Roderick wondered, are currently influencing jewelry-purchasing decisions, especially when it comes to natural diamonds?
The first panelist to respond, Anghel, shared something that could be useful to retail jewelers looking to capture a “Zennial” audience—that is, Gen Zers and millennials, those in their 20s and 30s. “Our consumer base is highly conscious of their appearances and love to put their style out there through the choices that they make,” said Anghel, who participated in the panel via Zoom. Their purchasing decisions, she clarified, will be informed by “how they want to express themselves.”
This age cohort is also influenced by media content about celebrities and their jewelry choices. “Our stats show that, on average, there is a daily video consumption of 9.5 hours,” Anghel said, adding that this indicates “this generation is more influenced by celebrity endorsements than before.”
On the subject of natural diamonds, Bakhshi said that consumer-facing platforms continue to struggle with how to communicate the gems’ value, as well as the particulars of mining practices as they relate to ethical and environmental concerns.
The imperative here, according to Anghel, is for content creators—and jewelers—to refer to the NDC’s educational resources, packaged on the group’s website as “bite-sized information” that “you can adapt to your own tone of voice.”
Meanwhile, the retail experience still plays a vital role in Zennial purchasing decisions. “I’ve heard from a lot of my younger private clients, especially when it’s for an engagement ring, that it’s quite daunting and intimidating,” said Amenc. “Our industry is often perceived by the outside to be very opaque.”
Bakhshi said her followers often want to know if they can simply go to their local jeweler and request a diamond for which the jeweler can verify its journey from mine to market. She queried the panel on whether retailers were using sourcing platforms, like Tracr and Sarine, that do such analysis.
The short answer: Not really. Zerouki, of the World Diamond Council, said that’s because retail jewelers largely trade in “legacy stock,” and tracer technology is designed for new production. She added that most diamonds come “from one of something like eight mines, and they’re all publicly listed on the NDC’s website. There’s not 100 diamond mines out there.” (Note: The NDC website does not provide a complete list but offers a general discussion of diamond origin here.)
The conversation then turned to another important question: Are Zennial consumers focused on “sustainable” diamonds and finished jewelry?
“I have never once heard a client say to me, ‘I would like to buy a secondhand diamond or colored stone because it is more environmentally friendly or sustainable,’” said Amenc. “And let me just add to that that we have been working in secondhand and vintage jewelry for six generations. We were in the circular economy before it was linked to sustainability, before it was a buzzword or a hot topic.”
Bakhshi noted, “I see so many estate and vintage dealers doing huge sales to millennials and Gen Z because their clients are looking for something that has Old World charm, and I think that is part of the sustainability conversation. That intention is part of that, isn’t it?”
“It’s very possible, perhaps on a subconscious level,” Amenc replied. “However, it has not been verbalized to me as an intention.
“What I observe,” she continued, “is that it’s really about taste.” In other words, consumers are drawn to a particular piece of jewelry “because it’s chic, because it’s stylish, and it’s what they want,” Amenc said.
Somewhat abruptly, due to a time limit, the discussion ended there. I wanted more! And if you’ve read this far, I’d love to hear your thoughts in the comments.
The “Educating the Next Generation of Jewelry Buyers” panel is viewable in its entirety is available on YouTube. Some quotes have been edited here for clarity.
Top: “Educating the Next Generation of Jewelry Buyers,” held in the Palladio Theater at VicenzaOro, featured Raluca Anghel on Zoom along with (seated, from left) Feriel Zerouki, Bebe Bakhshi, Kyle Roderick, and Melissa Wolfgang Amenc.
