The diamond industry is expected to grow in coming years on strong demand from China, India and the U.S., but there is a key hurdle ahead: millennials.
Speaking with CNBC's "Street Signs" last week, Charles Rosario, senior vice president of Lazare Diamonds, reflected on the role the millennial generation — broadly defined as those born between the 1980s and early 2000s— will play in his industry.
"They are not the diamond market today, but they are the future," he said.
But they already are putting some of their money into diamonds: De Beers' 2016 Diamond Insight report said that in 2015, the millennial generation spent nearly $26 billion on diamond jewelry in the U.S, China, Japan and India combined.
Millennials represent a significant opportunity for the diamond industry, but have different shopping behaviors, and product interests. That suggests that dedicated marketing efforts are needed to target those customers effectively.
Rosario mentioned that "millennials are tech-savvy, well educated, and live on social media." So, he said, the key strategy for marketing to millennials will be the "use of social media and the internet" by "understanding and following their tendencies, speaking their language and feeding them information that is aligned with their lifestyle."