Those who have been in the business of collecting and selling diamonds know what it takes to hold a firm position. Even though the phrase, ‘A Diamond is Forever’ is popular and valid to some extent, but that doesn’t give some longevity to these businessmen in the industry. Just having diamonds won’t make them persistent. Instead, you need to have the buyers who will buy the gems forever. The sense of commitment that the product shows needs to be balanced and reciprocated by the market as well. Rick Casper who has been in the business of selling diamonds for quite a long time knows what it takes, and rightly points out the profound change that has come across the industry since the dawn of the 21st century.
A Change that Had Its Impact Quintessentially- Rick Casper and His Take On It
Quite a few brands, who had their monopoly hold over the market were bound to give it up so that they could operate freely in the United States. Even though there has been a couple of wobbles in the entire diamond industry for quite a few years, the Diamond business has been successful in maintaining the luster to a great extent. Even though the global revenue has lowered by few percentages and China facing some considerable loss, the US market still perseveres hard. The diamonds might be forever, but the consumers are probably not.
However, it is true that the 21st-century generation is considered to be the generation of millennials, and hence, their expectations and demands from the market are different as well. Diamond being one of the rarest of the germs present on the Earth has to change its module and sustain these ever-changing demands. Experts like Rick Casper who has been in the industry for a considerable amount of time rightly points out the silver lining in the performance shown by diamonds in 2015.
The US market has got more than fifty percent of the stocks for the global market, and that has been found to increase by 5 percent. Most of the UK and US market has got millennials who aren’t that crazy about the diamonds, and since the alternatives of colored stones have come up to give some intense competition, the diamond market is suffering some colossal loss.
As far as the younger generation is concerned, their primary focus has been on the digital platforms and technologies and hence the knack to have a comprehensive collection of diamonds is fading. Also, the recession has hit the market hard reducing the average income of the people when compared to the last decade. This is not just a shocker, but also comes up with a descending graph for the diamond producers. Even though the industry is aware of this apathy, but they can’t do much with this traditional industry. Repeat purchases won’t help them long if they fail to bring in new consumers at all.