While some experts argue that millennials are buying less diamonds than previous generations, the founder of Dubai-based online diamond platform FergusJames.com believes they are simply shrewder with their purchases.
Speaking to Arabian Business, Fergus James said millennials focus on getting value for their money, with regular “off-the-shelf” offerings no longer satisfying them.
“My main observation is that millennials are increasingly sophisticated in the way they research and make their purchases. It’s not necessarily that they don’t want to buy. You just need to work harder to convince them,” he said, adding that they make up 60% of the website’s customer base, with the percentage continuously increasing.
In this edition of Inside AB, Jeremy Lawrence and Lubna Hamdan look at how the retail diamond business is changing and how companies need to appeal to the male shopping psyche by easing the process of buying engagement and wedding rings through swift online guidance, unique customisation options and cost savings.
(Source: Arabianbusiness.com YouTube channel)