MARKET INTELLIGENCE 市场情报 JNA January/February 2024 | 39 This gap between intention and actual purchase represents a significant opportunity for the diamond industry, said De Beers Group Senior Vice President of Strategy Development Esther Oberbeck, who leads the company’s insight generation programme. Romantic gifts The most effective way to convert purchase intent into sales is to promote diamonds for romantic-love gifting, Oberbeck remarked. After all, Chinese women view diamonds as their third most preferred gift, after gold jewellery and travel. And 80 per cent of people who bought diamond jewellery as non-bridal gifts saw these as a testament to everlasting love. “The global diamond industry is focused on romance, but more effort must be made in China to promote diamonds as romantic gifts. There is still a very large core of women in China that would love to receive diamonds as a special token of love. This presents massive opportunities if properly addressed,” she explained. Preferences differ slightly among Chinese consumers in households earning over RMB30,000 (around US$4,240) a month, Oberbeck continued. While 53 per cent of their diamond purchases are romantic or relationship gifts, design plays a pivotal role in their buying decisions. Many opt not to buy diamond jewellery if they could not find a design that resonated with them. Then again, 70 per cent of this market segment cited natural diamonds as their most desired luxury item costing over RMB10,000 (around US$1,400) for any occasion. Affluent consumers, for their part, are more likely to buy diamond jewellery to celebrate significant relationship milestones, particularly wedding anniversaries. But while 46 per cent intended to acquire diamond jewellery in the next 12 months, only nine per cent of them actually bought it in the previous year. They are highly selective too in their choices, with design playing a pivotal role. One in four affluent consumers who did not purchase diamond jewellery in 2022 stated that they could not find the design they wanted. Tapping this group thus requires a greater focus on designs that reflect their specific preferences. Emotional significance Chow Tai Fook Jewellery’s 2023 Jewellery Consumer Trends Report – Shaping the Future of Jewellery Consumption in China and Beyond: Preferences and Desires of Generation Z and Millennials likewise attested to diamonds’ strong gifting appeal on the mainland. “Mainland Chinese consumers purchase diamond jewellery as gifts because they symbolise celebration, love, significant life achievements and respect towards the recipient,” stated the study, which surveyed consumers aged 18 to 40 in Hong Kong and mainland China. The study revealed that 58 per cent of mainland Chinese consumers purchase diamonds as gifts because these symbolise love, and 57 per cent preferred diamond jewellery for marriage proposals. Consumers in Tier 1 and 2 cities expressed the greatest interest in purchasing natural diamond jewellery, at 56 per cent and 53 per cent respectively. “Natural diamonds provide a distinct value to consumers. As a jewellery category, they have a strong long-term growth trajectory, supported by continued appetite for diamonds among consumers in mainland China and Hong Kong,” said Simon Hui, director, Diamond Management Centre at Chow Tai Fook. Purchase drivers As in most markets, younger consumers lie at the heart of China’s diamond jewellery sector. The De Beers report indicated that millennials in China spend disproportionately more than others on diamond jewellery. “Consumers aged between 26 and 34 – the younger millennials – will be driving natural diamond sales in China. They prize quality and purity in diamond jewellery, followed by the size and cost of the piece. Design and colour influence their decision-making process. They also pay closer attention to the ethical credentials of brands and are in search of special designs for themselves,” Oberbeck said. Older millennials, meanwhile, value design and size when purchasing diamonds, followed closely by purity and price. Since both groups of millennials consider the uniqueness of a piece and the ethical responsibility of the brand in their decision-making process, retailers should focus on a strong design ethos with top-quality diamonds and competitive pricing, while ensuring they communicate their commitment to ethical practices. As 55 per cent of millennials purchase diamond jewellery to commemorate relationship milestones, effective engagement measures include marketing campaigns that resonate with emotional narratives as well as designs that cater to these occasions, the De Beers report noted. Future customers Gen Z consumers are another force to reckon with in China. Their share of the market value almost doubled in three years, from five per cent in 2020 to nine per cent in 2022, according to the De Beers report. Sustainability, gender inclusivity and digital engagement are among this group’s main traits, said Oberbeck. Gen Z consumers are characterised by greater use of digital media, heightened interest in sustainability considerations and a continuing journey to financial maturity. 74% Percentage of Chinese women who see diamonds as a symbol of everlasting love, according to the 2023 Diamond Insight Report by De Beers Group 根据戴比尔斯集团的《2023年钻石行业洞察报告》， 将钻石视为永恒爱情象征的中国女性比例
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