Sustainability now plays a crucial role in global consumers’ buying decisions when purchasing diamonds alongside price and design, according to De Beers Group’s 8th annual Diamond Insight Report.

Younger consumers who value evidence of sustainability credentials are leading the trend, the new research, titled Sustainability: Shaping the future of the diamond sector, also revealed.

“As is clear from this research, a tipping point has been reached – sustainability is no longer a trend that’s coming over the horizon; it’s already one of the key considerations in diamond purchases,” Bruce Cleaver, CEO of De Beers Group, commented. “Today’s consumers want to know that the diamond they have purchased aligns with their own values and has contributed to a better future for people and the planet – and they increasingly want evidence of this.” 
 
Based on a global study of more than 8,400 people across seven key consumer markets for diamonds – the US, China, India, United Kingdom, France, Italy and South Africa – the report found that sustainability considerations were influencing consumer purchase decisions across all sectors, with 60 per cent of consumers and more than 80 per cent of opinion leaders (those who influence decisions of friends and family) having chosen to buy a product made in a more environmentally or socially responsible way over any other product. 

The study also found that fine jewellery ranks third, after only food and clothing, as the category most frequently purchased with sustainability as a factor, with one in five consumers globally having bought jewellery because of its sustainability credentials in recent years. When it came to diamond jewellery, the study found that a product's sustainability element influenced buying decisions for consumers in all markets. Sustainability was ranked by 30 per cent of consumers as their most important consideration – above price and design – when choosing a diamond.

The top five sustainability considerations for diamond consumers in the study were protection of the environment, fair worker treatment, conflict-free sourcing, supporting local communities and diamond origin. 

According to the research, a younger generation of buyers are spearheading the trend, with 30 per cent of millennials having bought jewellery with sustainability credentials as part of its branding, compared with only 8 per cent of baby boomers. Sustainability considerations were also higher among consumers with a higher education (67 per cent) and those from affluent backgrounds (70 per cent).