Diamonds are forever – aren’t they? Although Shirley Bassey boomed out this message in 1971, jewellery company De Beers had been saying it since 1948, when ad exec Mary Frances Gerety dreamed up the slogan ‘A diamond is forever’. The subtext was that these beautiful rocks were formed billions of years before you, and they’ll certainly be here after you’re gone: so, what better symbol is there for everlasting love?
The concept was a huge success and De Beers capitalised on it by linking diamonds with weddings (engagement rings as a concept had actually been around for centuries). It was a clever move says Aja Raden (presenter of last year’s Netflix documentary Nothing Lasts Forever) not because the stones in these modern engagement rings were small, white diamonds – the least desirable kind. It was because, as Raden puts it: ‘People want the best thing and [De Beers] convinced us that that’s a diamond.’
The idea had a sparkling allure, and it stuck. Until it didn’t. Because, 75 years on, diamonds are having an identity crisis. ‘Rough diamonds of a size that would usually be employed for engagement rings have gone down in price,’ explains London-based jewellery journalist and consultant Milena Lazazzera. ‘The industry is under pressure.’ Announcing unremarkable sales figures in June, the CEO of De Beers Group referred to ‘global macroeconomic challenges’ and described the industry’s mood as ‘cautious’.
Behind the scenes, there are rumours that Russia, the largest producer of natural diamonds, is coping with trade sanctions from the UK and US by selling its products cheaper elsewhere, pushing prices down across the board. But there are also societal changes contributing to the downturn: associating diamonds with marriage is backfiring, because fewer couples are tying the knot. Between 1989 and 2019, the number of weddings in the UK fell by 36.6 per cent. ‘Some of those who do marry are saying, ‘Why spend so much money on a ring when we could put it towards a down payment on a house?’ says Lazazzera. ‘These are reasonable considerations, especially in a cost-of-living crisis.’
Another factor is that we live in an individualistic era, and those who do want a rock on their finger aren’t necessarily opting for a diamond. Everything from your birthday card to your manicure can be customised, so why wouldn’t you want a more unique piece of jewellery? ‘I have a black onyx engagement ring, surrounded by little emeralds and pink tourmalines,’ says one London fashion editor.
‘I just adored it and hated anything traditional to do with getting married. Also, it was more affordable – because the only diamond I’d want would be a huge one.’
Other kinds of gemstones can also feel more meaningful to younger generations. ‘There’s a vogue for stones that have new-age properties,’ says trend forecaster and brand strategist Lucie Greene. ‘Millennials are more interested in the wellbeing movement than previous generations were, and there are lots of fine-jewellery pieces using crystals that claim to have a certain energy. A diamond can feel quite interchangeable – customers now want to build more of their personalities into that special piece.’
Since engagement rings usually represent about 30 per cent of a jewellery brand’s business, these companies are having to think again. In…
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