The Natural Diamond Industry is Entering a Pivotal Transformation Driven by Millennials and Gen Z - Who Increasingly View Natural Diamonds Not Merely as Heirlooms or Occasion Pieces, But as Meaningful Assets and Personal Statements
NEW YORK CITY, NEW YORK / ACCESS Newswire / November 13, 2025 / Ritani, the New York-based fine jewelry brand known for its handcrafted settings and transparent pricing, today announces a shift in generational natural diamond purchasing patterns.
Industry Snapshot
The global diamond market was valued at US $41.49 billion in 2024 and is forecast to reach US $50.23 billion by 2030 (CAGR ~ 3.3%).
Broader diamond sector forecasts show potential growth from US $97.57 billion in 2024 to US $138.66 billion by 2032 (CAGR ~ 4.5%).
Natural diamond production has declined sharply - from more than 175 million carats in 2005-06 to roughly 121 million in 2023 - reflecting supply constraints and mine closures.
Millennials and Gen Z are projected to represent nearly 75% of global luxury spending by 2026, fundamentally reshaping demand.
1. Production & Supply Trends in Natural Diamonds
Recent data reveals a critical dynamic shaping the natural diamond landscape.
Production is slowing: Global natural diamond output fell approximately 8% year-over-year to ~111.5 million carats in 2024, and is forecast to grow less than 2% annually through 2027.
Tighter supply is driving value: Despite reduced output, the average value per carat has risen ~15 % since 2019, reflecting market scarcity and growing consumer appreciation for rarity.
Strategic implication: As production plateaus, natural diamonds' inherent scarcity strengthens their long-term appeal - especially to younger consumers who view authenticity and rarity as integral to perceived worth.
"As supply tightens, rarity drives renewed value perception among Millennials & Gen Z," says Ria Papasifakis, Chief Revenue Officer at Ritani.
2. Generational Jewelry & Diamond Demand Shifts
While supply tightens, demand is simultaneously being redefined by younger generations.
Rising participation: 55% of Millennials and 64% of Gen Z buyers report purchasing jewelry in the past year, compared with 41% of Gen X.
Expanding category share: Gen Z's portion of mined diamond jewelry purchases grew from 6% in 2021 to 17% in 2022.
Motivations have evolved: Younger buyers are more likely to purchase diamonds for self-expression and self-reward rather than milestones. They value ethical sourcing, daily wearability, and versatility over tradition alone.
Design implications: Stackable, unisex and minimalist natural diamond pieces are driving this shift, merging luxury with accessibility.
"Meaning, authenticity, and self-celebration are the new symbols of modern luxury," adds Papasifakis.
Why This Matters for the Industry
To sustain and grow relevance:
Update assortments with approachable, ethically sourced natural diamond designs that reflect self-purchase behavior.
Emphasize storytelling about provenance, craftsmanship, and long-term value.
Reimagine retail - both online and offline - to empower personalization and transparency.
As production decreases and cultural value rises, natural diamonds stand at a crossroads: positioned not only as luxury artifacts, but as enduring emblems of individuality for the generations shaping the future of the luxury market.
Contact Information
Marisa Delatorre
Senior Director of Communications
marisad@ritani.com
(888) 974-8264
SOURCE: Ritani
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/consumer-and-retail-products/younger-generations-are-re-valuing-natural-diamonds-a-strategic-inflec-1100524