“I’ve always felt that an engagement ring should reflect the woman and who she is, what she’s like. When he proposed and I saw this ring, it meant and said so much. I look at this ring seeing myself and how he sees me: set apart from the rest, elements of enigma, special, and unique. Everyone seems to follow the ‘diamond’ standard but this Charles & Colvard stone I wear proudly because it is thoughtfully and ethically made for the wearer. Wearing it will not only tell our story but also be a tool to advocate moissanite for millennials. It warms my heart every time I look at it.” – Ania E., Charles & Colvard customer
Some of today’s millennial consumers are opting to forge their own engagement ring traditions, favoring alternative gemstones that align with their personal beliefs and won’t break the bank. This generation is increasingly spending time and money on experiences, rather than possessions. They perceive happiness to be about creating memories and marking them with something unique and meaningful. This opens the door to offer an alternate engagement for this generation: moissanite for millennials.
Millennials differ from their parents and grandparents’ generations—and the numbers are telling us so.
The global diamond jewelry market rakes in an excess of $80 billion in annual sales.1 Lab-created gemstones are becoming more prolific in the market with De Beers estimating synthetic gems could account for nearly one-tenth of rough diamond sales in the next five years.2 Lab-created gems boast the same optical and physical properties of their natural counterparts at a fraction of the cost. To a generation who prioritizes environmental conservation, while concerned about student loan debt, it’s no surprise that only 62% of female millennials own diamond jewelry compared to 76% of females in older generations.3
Enter Charles & Colvard’s moissanite for millennials
Moissanite is not just an environmentally and socially responsible gemstone that sets new standards in the fine jewelry industry. This premium, lab-created gem outshines other natural gemstones and ranks excellent on the toughness scale. Its eco-friendly roots offer an alternative to mined gemstones, making moissanite a distinctive choice among colorless stones. And moissanite is building an audience to prove it, too. Over the course of 2017, Charles & Colvard, the original creator of moissanite, has seen exponential growth on their social channels, and it’s being driven by millennials.
“Millennial consumers have distinctive preferences, which in many ways diverge from previous generations,” reports Bank of America Merrill Lynch analyst Ashley Wallace. “They tend to be more value conscious, more concerned with sustainability and ethical production, and often value unique and individual products versus items that are standardized and mass-produced.” 4
In a survey of 1,000 millennials conducted by The Shelton Group, 70% of respondents said a company’s environmental focus impacts their purchasing decisions.5 In fact, according to the 2015 Cone Communications Millennial CSR Study, 87% of millennials are more willing to purchase a product with a social or environmental benefit.6 David Dews, creative managing director at the Speed Agency says millennials are “very, very conscious of brand image” and how what they buy reflects who they are as people.7
With that said, as a lab-created gemstone, moissanite produces a smaller carbon footprint, thus making it an attractive alternative for environmentally conscious shoppers.
A generation defying the two-month salary myth
In the 1980s, De Beers ran a campaign that suggested a good budget benchmark for an engagement ring was two month’s salary. Flash forward 35 years, the average millennial graduating in 2016 has $37,172 in student loan debt and makes an average of $35,592 per year.8,9 The two month’s salary tradition may be harder for today’s millennials. Additionally, millennials enjoy spending their disposable income on desirable experiences they can post on social media. But fear not, when they do make a purchase, they want it to be meaningful and to mark an extraordinary moment in their lives.
“I can’t say enough about moissanite and Charles & Colvard. I am absolutely in love with my engagement ring. I wanted something stunning that I would love, but I didn’t want my fiancé spending a down payment on a gorgeous ring. This is so beautiful, delicate, and just a stunning stone that looks just like a diamond. I get complimented on my ring frequently; it is just perfect. Amazing quality at the fraction of the cost of a diamond engagement ring—I couldn’t be more pleased!” – Sarah H., Charles & Colvard customer
Offer moissanite for millennials who want an enchanting, affordable stone that will become part of their love story.
2. The Wall Street Journal, 2016