Millennials aren't as interested in buying diamonds as their Baby Boomer counterparts — and an increasingly agitated diamond industry is trying to win them over.
Slowing sales in recent years have led the diamond industry to look outside of the once-bulletproof engagement ring market to attract millennial customers. A new campaign from the Diamond Producers Association, its first in five years, encourages millennials to commemorate any "real" relationship, not just one that leads to the altar, with a diamond.
But a closer look shows that it's not that millennials have altogether stopped buying diamonds. They spent $26 billion on the stones in 2015 alone, more than any other single generation, according to the De Beers Annual Diamond Insight Report. Millennials are approaching both money and marriage differently, though, and it's affecting their spending habits.