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since reaching its peak in 2013, the number of marriage registrations in the country has been decreasing almost every year, which shows that young people are less and less willing to get married.

☉data source: ministry of civil affairs

young people not wanting to get married will cause many industries that are strongly tied to marriage to decline, diamonds being one of them.

a representative of indian manufacturer laxmi diamonds said,chinese companies currently purchase only 10-15% of the natural diamonds they did in the past, also said that the chinese market is now "not interested" in purchasing natural diamond stocks.

diamond imports into the chinese market have dropped sharply, so it is no wonder that "unmarried young people are hitting the diamond industry hard" has become a hot topic today.

of course, there are other reasons why diamonds are not popular among young chinese people, besides the fact that young people are increasingly reluctant to get married.

diamonds are not only highly linked to love and marriage, but also have strong attributes of luxury goods. coincidentally, luxury goods are not selling well in china this year.

according to financial report data, in the first half of 2024, lvmh group's sales revenue in the asian market (excluding japan), led by china, fell by 10% year-on-year. many luxury brands also pointed out that consumption in the chinese market was weak this year.

after all, everyone wants to tighten their belts and spend less money on cheap substitutes. various cost-effective consumptions, such as workers' canteens and mass-market snack shops, will rise, and other high-end consumption will be reduced.

in addition, it is worth noting thatmarriage and love are still mainly participated by young people, who are a group with even less money.

according to the "2019 survey on assets and liabilities of urban households in china" released by the people's bank of china, the average total assets of households aged 56-64 in china in 2019 reached 3.554 million yuan, ranking first; the average total assets of households aged 65 and above reached 2.88 million yuan, which is also quite high. it can be seen that the total assets of middle-aged and elderly families are higher, and young people have less wealth.

☉data source: survey on assets and liabilities of urban households in china in 2019

for products with luxury attributes aimed at young people's marriage and love, diamonds are full of debuffs, so it is normal for them to be hit hard.

on the other hand, gold is related to marriage and love, but a person can also buy it to wear and collect. the surge in prices in recent years has also made gold an increasingly solid investment product, and young people are increasingly interested in buying gold. in 2023, young people aged between 25 and 34 will gradually become the main force of gold consumption, and the proportion of young people buying gold has increased from 16% to 59%.

in addition, young people are less and less willing to get married and are financially strapped, and this is true all over the world.

therefore, natural diamond sales have encountered trouble all over the world. according to the analysis of diamond analyst paul zimnisky, the natural diamond inventory held by global diamond midstream including rough and polished diamond wholesalers, traders and manufacturers has grown to about us$50 billion, up 11% year-on-year from us$45 billion at the end of 2023.

in the united states, in order to sell natural diamonds, various companies are competing to lower prices. brilliant earth, an american jewelry retailer, saidnatural diamond discounts in the second quarter of 2024 ranged from 10% to 30%, one of the most aggressive in recent years., and will continue until the third quarter of 2024.

faced with weak sales of natural diamonds worldwide, de beers chose to reduce production to maintain prices and significantly lowered its production guidance twice in 2024.

however, the production cuts did not save the declining sales of diamonds.

for young people, marriage is a restriction on freedom and too old-fashioned for them. past marketing, which combined natural diamonds with loyalty in marriage, made young people feel old-fashioned and tired, even a little ridiculous - which diamond can prevent extramarital affairs?

what the older generation considers serious is really absurd and ridiculous in the eyes of young people. this is the difference in the pricing mechanisms of different generations.

similar to diamonds is liquor. young people do not like the taste of liquor, and the various meanings attached to liquor are not accepted by young people. as we mentioned in "the elegy of liquor people?", the sales of liquor have been declining in recent years, and the inventory is high.

if diamonds want to become popular among young people again, they have to come up with new marketing tactics to make young people willing to buy them - but this generation of young people is not so easy to fool.